If Wyoming Governor Mark Gordon signs the bill, from July 1 individuals in Wyoming will be protected from being forced to divulge their private keys, with one limited exception.
With a small exception, Wyoming lawmakers passed a law that prohibits state courts from forcing anyone to release private keys to digital assets.
The bill passed the Wyoming House of Representatives
1-13 on February 15, a day after it passed the Wyoming Senate 31-0.
If Wyoming Governor Mark Gordon approves the bill, the law will go into effect on July 1.
“No person may send a private key or provide a private key to any other person in any civil, criminal, administrative, legislative or another proceeding in the State of Wyoming, the eventual law states.
The Act covers all private keys associated with digital assets, digital identities, or other benefits or rights associated with the private key.
A small exception applies in situations where the public key is not available or cannot disclose information about a digital asset, digital identity, or other interests or rights.
At the same time, the law also states that the new law does not prevent “the production, sale, transfer, transport or publication of digital property, digital identity or other interest or right” to which the private key would give access.
It also does not prevent “disclosure of information about a digital property, digital identity or other interests or rights.”
New Law – W.S. 3
-29-107 – Authorized, “Manufacture of Private Keys; Prohibition.”
Private Key legislation falls under Chapter 29 – Digital Assets – which is part of Title 3
– Assets, Transfers, and Safeguards.
The approval of the draft will come as the private key law has been in effect since September 2019.
Wyoming has long been touted as one of the most crypto-friendly states in the United States.
It was the first state in the United States to declare a Decentralized Autonomous Organization (DAO) as a Limited Liability Company (LLC) in July 2021, and it is. it was previously considered a nationally issued stablecoin in February 2022, but those efforts don’t seem to have made much progress since then.
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