Letter to the Editor, 0419 WYBJ, Vol. 42 No. 3. 9

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Letter to the Editor

Vol. 42 No. 3 Pg. 9

Wyoming Bar Journal

April, 2019

Lawrence

J. Wolfe Lawrence J. Wolfe, P.C. Cheyenne, Wyoming

Dear

Editor,

Here

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

friendly state.

But, by

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.

Gov.

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.

Perhaps

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?

The

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...

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