Earlier this month, the Wyoming legislature became the latest state to modify their state laws to challenge the Federal Reserve’s monopoly on money.
Titled the Wyoming Legal Tender Act, the new law defines gold and silver specie as “legal tender,” meaning it will be recognized as a medium of exchange for the payment of debts and taxes in the state. Practically speaking, gold and silver specie will be treated as money, putting it on par with Federal Reserve notes in Wyoming.
The law defines specie as coins having gold or silver content, or refined bullion, coined, stamped or imprinted with its weight and purity.
HB103 also prohibits the state or local governments from levying any property, sales of capital gains taxes on gold or silver specie. Wyoming does not have an income tax. However, it does have a sales tax and it assesses this tax against precious metals bullion
The Senate passed HB103 with some technical amendments by a 25-5 vote. The House previously passed HB103 by a 44-14 vote. Last Wednesday, the bill became law without Gov. Matt Mead’s signature. It will go into effect July 1, 2018.
At the same time, Wyoming became the first state in the nation to explicitly recognize cryptocurrency as a new asset class.…