The Wyoming Lawmakers passed the bill in the Wyoming House of Representatives on February 15, relating to the prohibition of the state from forcing individuals to disclose their digital asset private keys. If passed by Wyoming Governor, Mark Gordon, the law will come into effect from July 1, 2023, onwards,
The definition of Private Keys comes under Chapter 29 where Digital Assets are a subset of Title 34 – Property, Conveyances, and Security Transactions.
As per the clauses of the bill, “No person can be forced to produce the private key to any other person in any civil, criminal, administrative, legislative or other such proceedings in Wyoming. Alongside, the bill also talks about the private keys associated with digital assets, one ‘s interests, or the digital identity that provides the private key. However, it includes minor exceptions.
The new law (if passed) will be termed, “Prohibition: Production of Private Keys.”Even the bill that got passed recently has been in the process since the beginning of September 2019 as this state (Wyoming) has been the most crypto–friendly state in the United States (US).
In July 2021, Wyoming became the first state in the USA to categorize Decentralized Autonomous Organization (DAO) as a Limited Liability Company (LLC). Alongside, Wyoming also considered a state-issued Stablecoin in February 2022. However, there has not been much progress on the same but it depicts the positive outlook of the state towards digital assets.
