Wyoming state surprises. There is a chance that local authorities will introduce provisions that will allow issuing of stencilled stock exchange certificates using blockchain technology.
On Wednesday, MP Jared Olsen (Republican) along with Senator Chris Rothfuss (Democrat) and six other Republican politicians jointly submitted the House Bill 0185 project entitled “Corporate stock-certificate tokens”. The new regulations allow the use of stenciled certificates in place of their paper versions.
HB0185, if adopted, will allow storytelling of share certificates that represent share ownership in electronic format. The network created in this way will provide simultaneous access to the documents of the corporation concerned and the person to whom the certificate token has been issued. Tokenized certificates will also be authorized through a type of electronic signatures – unique identification hashes belonging to two corporate directors or their representatives.
If the bill gets voted, it will implement the new law from 1 July 2019.
Wyoming state has already taken a number of other legislative initiatives regarding the use of blockchain technology. Last week, local authorities approved a bill there that could enable startups from the block network market to operate within the framework of the regulatory sandbox. At present, it is especially about the implementation of a system that could help in voting in political elections using a blockchain.
Previously, the state unanimously passed a draft law releasing some utility tokens from securities regulations.
Last month, the state-owned county of Teton signed a memorandum of understanding with Medici Land Governance – a subsidiary of Medici Ventures Overstock.com – to put a land registry in a scattered accounting book.