Select committee opens debate on digital-asset taxonomy; members and witnesses flag federal alignment and technical complexity

Laramie, Wyo. — The Legislature’s Select Committee on Blockchain on Sept. 22 reviewed LSO bill draft 26LSO56 (digital-asset taxonomy) and heard technical testimony and public comment urging caution and further work before statute is changed.

LSO staff attorney H. Lise Hanson provided a high-level walkthrough of the draft, explaining that the bill groups digital-asset definitions under a single chapter and proposes subcategories (tokens, virtual currency, digital securities, stablecoins) with token subtypes such as asset-backed tokens, consumptive tokens, certificate tokens and governance tokens. Hanson noted the draft incorporates some definitions from federal materials (the Genius Act) but that the committee must decide how to treat the Wyoming Stable Token and whether Wyoming should define it as a payment stablecoin or otherwise.

Bridal Maher, who identified himself as an MIT Media Lab alumnus and participant in multiple Wyoming working groups, told the committee the policy problem stretches beyond wording: federal proposals (the Clarity Act and the Responsible Financial Innovation Act) take different approaches to classifying tokens and assessing whether a token or network is centralized or decentralized. Maher advised the committee to account for control and “maturity” of blockchains in any taxonomy, to separate questions of token classification from the technical issues of decentralization and governance, and to avoid leaving industry participants facing high registration or fee barriers. Maher recommended repealing older language that forces most nonsecurity tokens into a single “utility” bucket and replacing it with a taxonomy that reflects use, control and code-level governance.

Committee cochair and members said the draft was a starting point and that the committee does not expect to finalize the taxonomy immediately. Members asked staff to gather additional testimony and to consider federal developments before advancing a bill. Committee members said they plan additional hearings and feedback sessions, and they signaled that LSO would continue redrafting before the next legislative session.