The state of Montana has just passed a bill that put a smile on every local cryptocurrency trader. The bill will exempt cryptocurrencies from the securities law and will outline the use of utility tokens on a much clearer margin.
The bill was signed earlier this month, by the governor of Montana, Steve Bullock, which was only the beginning of the hope for a more crypto-friendly USA, but at this point, it’s only a state-based update.
The bill is quite self-explanatory, and is called the “Generally revise laws relating to cryptocurrency”. The bill was then backed by a local Democrat state representative. The law passed due to a prompt explanation by those who were lobbying it, by saying that every crypto needs to be exempt from the law, as long as its purpose is consumption oriented.
Next up – rest of the U.S.?
One thing to consider here is that if a law is passed on a federal level that contradicts Montana’s new addition, it is likely to supersede it. But since, there is no indication from the Central Government of any such amendment, it’s realistic to believe that the new bill will last quite a while.
Some experts believe that Montana will act as a perfect testing state for this law. If it were to succeed, the central government may even consider nationalizing the new bill.
But at this point, all we can do is see how the law is applied to the Montana reality, and hope that it all works out in the end.