Wyoming Laws & Regs Proposals
Wyoming Laws & Regulations
Tuesday 5L
Convener: Christopher Allen
Notes-taker(s): Paul Dietrich
Tags for the session - technology discussed/ideas considered:
Wyoming, state laws, federal law, laws, legal, regulation, legislative, blockchain, privacy, identity
Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:
recap on Wyoming identity history
passed 5 major bills in 2018
HP101 — changes the way the corporation works.
LLCs which were invented in Wyoming
stockholders no longer have to be represented by a name.
All they need is a public key.\
All you need to give notice to shareholders is a public network address (DiD like)
Wyoming also defied the rules for a token offering. Still not legal as federal laws trump state laws.
2019 —
1000s of new companies domiciled in Wyoming.
legalized some legal rules for corporation to appear on blockchain.
corporate governance can be done with blockchain.
this is still managed by a registered agent
Wyoming rule that there is a 2 year perfection on bitcoin,
Chris tried to get orgbook like tools for companies within Wyoming. That is, something like
orgbook for corporations. That didn’t happen for historical reasons.
Determined that in 2020 they could establish limited state bank
Democratic chair rom Wyoming asked Chris to vote on what could we do about
identity and privacy that might fit in and align with values and mission in
state of Wyoming.
Ideas to propose:
KYC — propose that Wyoming have a band rely on a 3rd party for KYC with indemnification within
limits. Unfortunately, federal law trumps this due to FDIC since that requires everyone do their own
KYC.
Make it that under civil court, the specific performance of turning over keys should be prohibited. Instead the party
should transfer the bitcoin (or other digital asset) directly. The reason is that they key may also control
other things like DID, other wallets, FIDO etc. The private key is a digital asset that is not meant to be
shared to traded.
Biometric laws — Illinois has a requirement that all biometric information be collected only
with there permissions of the users. (e.g. using a photo to do identification). etc.
Considered this for Wyoming, it might be too late.
Should Wyoming do something with GDPR or California privacy. May be too soon and see
if they get better.
If they do, its important to consider the penalties in CA and GDPR.
Discussion of specifying requirements for open source for children etc.
Require that for state procurement that everything has to be vendor neutral, standards based.
This is not Chris’s portion of the recommendations.
An argument around rights not property. Property is extrinsic and alienable, but personal
information is not. What can be said to form a libertarian argument around protecting data.
Idea to have Wyoming accept state tax payment in bitcoin. This was explored the first
year but there were complications with the way the state keeps its bank account which fell
under federal rule.
An idea forbidding sale of data but only allow licensing of data. The discussion also
lead to establishing self-determination. How to extend the right to control their physical
person to the right to control their digital person (data).
Further conversations at christophera@lifewithalacrity.com
