J. Wolfe Lawrence J. Wolfe, P.C. Cheyenne, Wyoming
are a couple observations about the February article on
Blockchain (BC) by Matt Kaufman. Yes, it is an interesting
technology and certainly the Legislature has done backfires
to pass laws to establish Wyoming's position as a BC
Mr. Kaufman's own admissions, the actual implementation
and effects of these laws is yet to be determined. The
breathless rush for primacy may come at a significant cost to
the state in regulatory oversight or outright fraud. T e
article makes no mention of the recent report in the Wall
Street Journal that cryptocurrency thefts of around $1.8
billion have been identified, with the crooks and the money
vanishing into the dark web.
Gordan said recently that the Governor of Puerto Rico
expressed envy at Wyoming’s new laws. If that were the
Governor of California or Texas I might be impressed, but
bankrupt Puerto Rico? It is doubtful we want to compete with
them for this business.
it would not be so bad to let other states, those a little
closer to technological centers with a more sophisticated
grasp of the regulatory implications, adopt and test the
laws. And as the ENDOW report recognized, Wyoming’s tax
laws don’t allow for the capture of tax benefit ts to
the state or local governments of any BC businesses locating
here. What is the benefit to Wyoming from this endeavor?
Blockchain supporters would do well to explain in concrete
terms to lawyers: (1) what they have accomplished to date;
(2) how much more legislation will be required and what it
will do, and (3) where they want to end up in terms a
regulatory structure, how permissive it...