Wyoming's Legislature Continues to Embrace New Digital Asset Technologies

By Eric Geringswald | CSC

The 2023 Wyoming legislative session saw the state continuing to embrace new technology related to blockchain and digital assets. Legislators updated laws governing decentralized autonomous organizations (DAOs) and enacted a new registered digital assets article. Changes include the following:

Decentralized autonomous organizations (DAOS)

The definition of “publicly available identifier” has been updated to an address that's available publicly, identifies a smart contract, and may include a uniform resource locator, contract address, or other similar reference. A DAO's articles of organization need to be amended when the publicly available identifier changes.

Digital assets

• Effective December 1, 2023, the jurisdiction of the Wyoming Chancery Court is extended to include disputes concerning registered digital assets.

• Also effective December 1, 2023, the lawful owner of a digital asset (or the owner's agent) may register the asset with the Wyoming Secretary of State if the applicant is a resident of Wyoming or is incorporated or organized in the state. Registered digital assets will be considered to be located in Wyoming for state legal purposes and for purposes of applicable federal laws not in conflict with this provision.

• Digital asset registrations are valid for five years and may be renewed.

• The Secretary of State is charged with keeping a record of all registered digital assets for public examination.

• Anyone who files or registers a digital asset by false or fraudulent means is liable for all damages related to the filing or registration to be recovered by or on behalf of the injured party in any court of competent jurisdiction.

Wyoming Chancery Court

• Wyoming's Chancery Court has jurisdiction to hear and decide actions for equitable or declaratory relief and for actions for amounts exceeding $50,000 in disputes concerning registered digital assets.

The 2023 edition of Wyoming Laws Governing Business Entities Annotated captures these and other changes taking place during the 2023 Wyoming legislative session..

The 2023 edition features the full text of Title 17—Corporations, Partnerships, and Associations, and other selected sections related to business entity law. Also included are the Uniform Rules and Rules for Civil Procedure for Wyoming’s newly formed Chancery Court, as well as the Wyoming State Chancery Court Electronic Filing Administrative Policies and Procedures Manual.

The latest case notes from state and federal courts interpreting the law have been added, and readers will also find an up-to-date Fee Schedule showing the Secretary of State’s required filing fees for business services as well as fees for the Chancery Court.

Readers also get online access to more than 60 Wyoming forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types via the LexisNexis^® Store download center. A listing of forms and contact information for Wyoming is included in the form’s appendix.

As with CSC's other statutory desk books, Wyoming Laws Governing Business Entities Annotated is available as a softbound book or as an eBook, compatible with dedicated eReader devices, computers, tablets, and smartphones that use eReader software or applications. It is also available on the LexisNexis^® Digital Library.

To learn more about the 2023 Edition of Wyoming Laws Governing Business Entities Annotated, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.