Wyoming legislators have approved a proposal that forbids the state’s courts from ordering residents to reveal the private keys to digital assets. This regulation will take effect from July 1 if the state’s governor, Mark Gordon, signs the proposal into law.
The proposed law covers private keys relating to digital assets, digital identities, or any other interests or rights the private key provides access to. Exceptions to the rule include cases where a public key is unavailable or cannot provide information about a digital asset, digital identity, or other rights. Also, individuals cannot be compelled to disclose a private key in any legal proceeding, whether civil, criminal, administrative, legislative, or other proceedings.
The legislation also clarifies that lawful authorities can still require individuals to create, sell, transfer, convey, or disclose digital assets, digital identities, or any other interest or right that the private key might grant access to. Additionally, individuals can still be forced to reveal details about digital assets, digital identities, or other rights or interests.
The proposed legislation, known as the “Production of Private Keys; Prohibition” bill, has been in development since September 2019. The legislation falls under Chapter 29 of Title 34 Digital Assets, a subdivision of Title 34 Property, Conveyances, and Security Transactions.
Before now, in 2019, the Wyoming House of Representatives approved a bill recognizing digital assets as property. This bill allowed banks to serve as cryptocurrency custodians if they adhere to all internal control, accounting, and other standards.
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