Bill would set Wyoming rules for ledger-based digital assets

The proposal would classify digital assets recorded on a shared ledger and set rules for how courts and agencies analyze them. The rules would cover digital assets and data recorded on or referenced by a distributed ledger, whether or not the information has legal effect. A ledger entry alone would not create a property interest, contract, or legal duty; those effects would depend on analysis under applicable law. If enacted, the act would take effect July 1, 2026.

The proposal would treat a qualifying keyholder’s digital asset or sealed token as having a legal location in Wyoming. The rule would apply when a keyholder with the required Wyoming connection signs or controls the digital asset or sealed token. At least one keyholder must meet a listed connection: a person domiciled in Wyoming, an entity formed or registered under Wyoming law, or a custodian with the specified state license or business location. A contract choosing Wyoming law alone would not qualify. If enacted, the act would take effect July 1, 2026.

The proposal would describe what governance tokens represent and when governance actions have legal effect. The rules would cover tokens linked to decisions about digital assets, sealed tokens, protocols, or organizations, including voting and delegation. The token’s governing documents or protocol would set its decision rules. A governance action would have legal effect only if it met the required participation threshold, called a quorum. If enacted, the act would take effect July 1, 2026.