Wyoming state legislators passed a law prohibiting state courts from compelling anyone to reveal the private keys of their digital assets, with one minor exception.
check was passed by the Wyoming House of Representatives at the 67th State General Session 2023 on February 15.
The law will officially come into force on July 1, 2023.
“No one shall be compelled to provide a secret key or disclose a secret key to any other person in any civil, criminal, administrative, legislative or other legal proceeding.[s]in Wyoming, the new law says.
The law includes any private keys associated with digital assets, digital identity, or any other interest or right that a private key grants.
BIG DEAL – today #Wyoming the legislature passed a law prohibiting the forced disclosure of private keys (with some exceptions), by a veto-proof majority! CONGRATULATIONS @rotfuss @JaredSOlsen @itsmikeyin and special thanks @ChristopherA. Next stop @governorgordonhttps://t.co/qu0OoWMzKO
— Caitlin Long ⚡️ (@CaitlinLong_) February 16, 2023
A minor exception occurs when the public key is not available or cannot reveal details about a digital asset, digital identity, or other interest or right.
However, the law also states that the new law does not prohibit compelling a person to “produce, sell, transfer, transfer, or disclose a digital asset, digital identity, or other interest or right” to which a private key can grant access.
It also does not prevent a person from being compelled to “disclose information about a digital asset, digital identity, or other interest or right.”
The new law, WS 34-29-107, will be titled “Production of Private Keys; ban”.
Private key legislation falls under Chapter 29, Digital Assets, which is part of Chapter 34, Property, Vehicles, and Collateralized Transactions.
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The adoption of the bill is due to the fact that the law on private keys has been in development since September 2019.
Wyoming has long been considered one of the most cryptocurrency-friendly states in the US.
It was the first state in the US to declare a Decentralized Autonomous Organization (DAO) as a Limited Liability Company (LLC) in July 2021, and had previously considered issuing a government stablecoin in February 2022, however, it appears these efforts have not progressed too far. a lot since then.
Credit : cointelegraph.com
