Wyoming may take a major step toward making cryptocurrency more secure

Cryptocurrency laws and acceptance in the U.S. vary from state to state. Some states are open to the industry and provide ample infrastructure to facilitate its development, while others are less receptive and have even taken steps to drive crypto companies away.
It’s safe to say that Wyoming is one of the former. In its move to favor the space, the state looks set to take some policy steps that will benefit cryptocurrency holders and developers.
New Law Protects Cryptocurrency Holders
Last week, Caitlin Long, president of the Wyoming Blockchain Association, appeared on the “What’s Bitcoin Doing” podcast hosted by Peter McCormack. During the show, she hinted at two new state laws that she believes will make it easier for cryptocurrency holders and developers in the state.
During the podcast, she reviewed some of the legislation that has been passed and gave her thoughts on some of the planned ones. Regarding the latter, the cryptocurrency enthusiast pointed to two laws that will help protect private key privacy in the state.
Long revealed the first law, which states that “no person in the State of Wyoming can be compelled to reveal their private key in any criminal, civil, administrative, legislative, or other trial or proceeding.”
She said the second law would strengthen protections for open source developers and ensure they can’t be criminally prosecuted for any code they write that is misused. She further explained that if the law is passed, no blockchain or cryptocurrency developer can be prosecuted or held accountable for writing code or for someone else misusing their code.
In essence, the second provision would allow developers to operate freely without fear of criminal prosecution or investigation based on their work.
Anything can happen
The laws themselves would also provide a basis for future investigations into cryptocurrency-related crimes. Only those who used the assets for illegal conduct would be prosecuted, narrowing enforcement to the criminal conduct itself.
However, the first law may be more difficult to pass into law. Without access to the private keys of cryptocurrency users, certain legislative measures may be hindered, especially if there is already hard evidence linking the user to a crime. The chances of legislators passing it into law are quite slim.
However, if there’s one thing we’ve learned, it’s that nothing is impossible between Wyoming and cryptocurrencies. The state has made some significant strides in supporting the blockchain and cryptocurrency space, most notably a bill that would recognize cryptocurrencies as currency in the state.
According to the state legislature’s website, the bill, passed on Jan. 30, classifies crypto assets into three categories: digital consumer assets, virtual currencies, and digital securities. Assets that fall into these categories will be defined as intangible personal property, essentially treating virtual currencies the same as legal tender.