Wyoming defines cryptocurrencies as a new asset class, Binance announces plans for new public blockchain, top 5 cryptocurrency price changes, and more!
Wyoming Defines Cryptocurrencies as a New Asset Class
Wyoming’s state legislature has passed five bills into law that enable the adoption of cryptocurrency and blockchain technology. According to Forbes, one of those bills, House Bill 70, declares cryptocurrencies as a new asset class. This makes Wyoming “the first elected body in the world to define a utility token as a new type of asset class different from a security or commodity,” according to Caitlin Long, the co-founder of the Wyoming Blockchain Coalition.
Binance Announces Plans to Decentralize with New Public Blockchain
Binance has announced plans for a public blockchain to facilitate the creation of a new decentralized exchange. According to CoinDesk, the new public blockchain, called Binance Chain, would inherit or utilize Binance Coin (BNB), which is currently an ERC20 token that runs on the ethereum network — although it is “unclear if there will be some kind of token swap for users who hold the exchange’s ERC-20-based token.”
Coinbase Releases Updated Cryptocurrency Tax Reporting Tool
In a blog post, Coinbase announced the release of its updated tax tool to help cryptocurrency owners meet IRS requirements. The tool allows users to create a complete view of your trading activity to determine their cost basis, calculate your gains and losses, and file their taxes. Coinbase reminds users that it does not give tax advice and to consult a tax professional for more specific questions.
Stream Postpones Project Development and Airdrop to Research U.S. Regulations
Stream, a video streaming platform planning an ICO, has suggested moving its operations outside of the U.S. to avoid its uncertain legal environment. According to CoinDesk, Stream is suspending the release of its whitepaper that would have outlined its token distribution and airdrop. Stream’s team is currently researching how, if at all, would U.S. regulators permit its tokens to be used.