Cryptocurrency enthusiasts around the world have doubtlessly been pleased to see that blockchain technology and popular tokens like Bitcoin and Ethereum have been slowly but surely gaining in popularity over the past few years. While there are plenty of reasons to be happy about the spread of cryptocurrencies, however, there are also reasons to be fearful – after all, the regulatory landscape that will govern cryptocurrency transactions for decades to come is still being formed, and new laws could radically reshape future investment decisions.
One new law in particular is gaining plenty of attention, for excellent reasons. Here’s how a new Wyoming privacy law will protect wallet keys and ensure a future for cryptocurrencies.
New laws are coming to Wyoming
Nothing is set in stone yet, but it’s beyond dispute that new laws are coming to Wyoming, and with them a whole slew of legal precedents may be established that could impact the cryptocurrency marketplace for years to come. One cryptocurrency analyst recently garnered international attention when appearing on the popular “What Bitcoin Did” podcast, wherein she detailed what legislators and other in-the-know sources have been telling he about forthcoming rules and regulations which are likely to be passed into law.
Caitlin Long, the president of the Wyoming Blockchain Association, claimed that there are two major laws coming down the legislative pipeline in the near-future that could radically bolster the legal protections and privileges afforded to both cryptoenthusiasts and the designers who create and refine the technology and services we all love so much. When appearing on the podcast, she claimed that soon it will be prohibited to force cryptocurrency investors to give legal authorities access to their wallet keys. Anybody who has a sizable crypto-investment can understand why this would be a much-needed protection, but not everyone may be up to date on the importance of wallet keys and their privacy.
Cryptocurrency wallets are hugely important because they offer access to one’s crypto-investments, and if you lose access to your wallet, it’s the crypto-equivalent of losing access to your bank account. Even that’s not an apt comparison, because there’s no real way to recover your crypto-assets short of having your wallet, whereas you may be able to prove your identity to a real-life bank in a serious pinch.
Important law blogs centered on cryptocurrency issues have yet to fully digest the forthcoming legislative changes, as have SEO companies such as YEAH! Local, mostly because they haven’t actually materialized yet, but they’ll doubtlessly soon be inundated with helpful scoops that elucidate the legal lay of the land when it comes to cryptocurrencies in Wyoming.
The legal battle isn’t over
It’s imperative to establish that while this new Wyoming privacy law will protect wallet keys the legislative and legal battle isn’t entirely over. It was once believed that police couldn’t force you to unlock your phone or other digital devices, for instance, but recent developments to border control policy in the United States have demonstrated that law enforcement officials can oft interpret and enforce laws as they please. Thus, any new legislation protecting crypto wallet keys will need to be backed up with legal rulings and social support before it can be entirely relied upon to keep your information secure from prying eyes, especially if they belong to law enforcement authorities.
Nevertheless, forthcoming legal developments in Wyoming are mostly good news for everyone involved. Not all the new laws will be centered on wallet keys, either; in her podcast appearance, Long also mentioned a still-developing law that will ensure crypto developers aren’t held accountable when their code is nefariously used by hackers or other ne’er-do-wells. As Wyoming legislators move forward to cement these proposed changes into actual law, cryptoenthusiasts everywhere can expect to enjoy a brighter regulatory future.