Hi John, @jlegassic
This is a great news for crypto community as well as state of Wyoming and I wish other states as well as Federal government will follow their example.
I was waiting for this since the bill passed House of Representatives recently.
Unfortunately I feel that US is behind some of the countries to adopt blockchain technology from legal point of view.
For example, if somebody buys Ethereum (let’s say on Coinbase) and then transfers it to their wallet, they would have to pay income taxes on price difference. This clearly shows that whoever came up with this regulation, doesn’t yet understand this technology.
- Crypto shouldn’t be taxed in a first place. (But that is just my opinion)
- But even if they decided that when you buy crypto currency and then sell it later at a higher price it should be considered as income, in example above person didn’t even sell it. They still own it. So in this case it is “unrealized income” (again this is just my opinion and I am not legal or financial expert)
Also, as with any other regulations, it would be harder for US to adopt it as quickly as some other countries since every state will have to come up with / adopt their own regulations, and then there is Federal Government.
Here is some information on Nebraska progress: