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From YouTube: Select Committee on Blockchain, Financial Tech. & Digital Innovation Tech., November 18-AM2
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A
Exclusive
control
now,
but
you
may
want
to
have
a
you-
may
have
a
dispute
in
the
future
around
who
has
lawful
control
in
the
future,
for
instance
your
wife
in
the
case
of
a
divorce,
or
there
could
be
you
know
something
after
death,
With
Children,
and
in
that
particular
case
you
don't
necessarily
have
exclusive
control
and
the
judicial
court
will
be
able
to.
Basically,
you
know,
leverage
their
knowledge
of
the
Wyoming
digital
laws
and
the
limitations
of
this
new
space.
To
basically
say,
hey,
wait
a
second!
A
You
know
this
asset
needs
to
be
transferred
to
the
new
party
rather
than
the
way.
It
is
right
now
in
which
it's
just
you
know
it's
it's
arbitrary,
so
again,
I
I
feel,
like
the
you
know,
to
the
Tran.
Being
careful
about
transfer
and
even
calling
it
transfer
is,
is
questionable,
I'd,
just
rather
see
it
be
canceled
voluntarily
and
of
course
the
court
should
be
able
to
say
wait
a
second.
You
know
you
put
this
under
Wyoming
law.
A
A
Another
area
I'm
really
uncomfortable
with
in
this
draft
legislation,
is
direct
registration
by
natural
persons,
as
this
is
public
data.
The
result
is
the
secretary
of
state
would
publish
the
the
personal
information
of
a
natural
person,
as
you
would
likely
only
be
registering
valuable
digital
assets.
There's
a
real
history
in
the
last
10
years
of
direct
thefts
against
individuals
holding
them.
Thus,
you
are
publishing
information
that
could
leave
lead
to
theft
or
ex
you
know,
extortion,
Etc
of
parties
that
that
are
natural
persons.
A
That
register
I'd
really
prefer
the
something
along
the
lines
of
the
Wyoming
registered
agent
model
that
is
used
for
corporations
over
direct
registration.
This
allows
for
the
agent
to
protect
the
personals
it
privacy
into
such
as
a
time
that
it
is
needed
by
the
courts
for
adjudication.
So
again,
it's
like,
let's
not
reveal
people's
names
and
all
that
kind
of
stuff.
A
Until
we
absolutely
have
to
I
also
believe
that
a
registered
agent
is
going
to
be
able
to
better
attest
to
the
exclusive
control
of
the
assets
and
to
the
uniqueness
of
the
identifier
of
the
asset,
because
the
a
steward
understands
that
their
role
is
as
a
steward
as
an
agent,
so
I
really
want
to
want
you
to
be
careful.
There
I
think
there's
other
problems
with
non-wyoming
persons,
in
particular.
A
Natural
persons
to
register,
as
their
private
information,
has
now
become
entangled
with
privacy
laws
in
other
states
or
even
other
nations.
I
really
would
like
to
see
Wyoming
avoid
this
into
your
own
privacy
laws
are
updated.
Similarly,
in
this
particular
legislation,
as
opposed
to
the
Dow
legislation,
the
requirement
I
would
like
to
avoid
the
a
requirement
for
public
identifiers.
It
should
be
possible
to
have
a
private
identifier
you're
as
the
agent,
a
testing
or
as
whoever
is
registering.
This
is
testing
that
you
can
in
court
prove
that
this
is
an
identifier.
A
I
am
also
concerned
with
the
possible
flood
of
registrations,
as
this
happened
with
DNS
registration
of
names,
which
just
kind
of
a
digital
asset
right
and
we've
seen.
You
know,
DNS
names
worth
millions
of
dollars,
and
we
also
saw
a
lot
of
problems
with
poaching
of
registration
assets,
attacks
against
digital.
You
know
DNS
holders
by
using
fraudulent
cancellations.
A
This
is
another
reason
why
I'd
like
to
see
this
limited
to
qualified
agent,
because
this
is
in
effect,
what
the
DNS
system
does.
In
fact,
there
was
just
an
auction
for
a
bunch
of
silly
top
level
domains
like
dot
click
and
Dot,
Black
Friday
and
all
those
things
as
opposed
to.com
or
whatever,
and
over
40
million
dollars
were
bid
by
the
registrars
to
be
able
to
offer
those
top
level
domains.
So
you
know
that's
an
example
of
a
digital
asset
that
has
you
know.
A
A
I'd
also
like
to
be
clear
that
the
law
is
written,
does
not
have
the
Secretary
of
State,
confirm
exclusive
control
of
the
asset
or
that
the
name
of
the
asset
is
correct
or
its
identifier
is
unique,
I
mean
they
clearly
have
the
ability
to.
You
know
to
stop
things
if
things
look
weird
or
whatever,
but
that's
not
their
job
is
to
determine
the
truth
of
those,
because
these
Technologies
are
evolving
and
complicated.
A
A
A
B
A
A
There
are
some
items
in
this
legislation
that
implies
future
work
for
this
committee,
for
instance,
I'd
like
to
see
the
term
exclusive
control
and
unique
identifier
to
have
better
definitions.
There
are
some
good
definitions
in
the
2018
law
that
are
probably
good
enough
for
now,
but
we
have
emerging
Technologies
of
multi-sig
wallets,
there's
baskets
of
digital
assets,
so
maybe
you
don't
have
exclusive
control
over
all
of
them
or
maybe
in
the
future,
going
to
be
selling
off
fractional
pieces
pledge
tokens
things
of
that
nature.
A
A
C
A
I
will
I
will
send
this
all
to
you,
okay,
the
I,
so
I
think
there
may
need
to
be
some
updates.
I'd
really
like
to
see.
Maybe
something
that
is
a
you
know.
Digital
registered
agent
or
something
of
that
nature
could
be
used
with
useful
for
Dows
could
be
useful
for
other
things,
and
why
do
I
think
that
would
be
useful?
A
Is
they
really
need
to
be
knowledgeable
about
digital
assets
in
some
fashion,
and
so
you
know
by
them
a
testing
in
their
statement
to
the
Secretary
of
State,
that
they
have
knowledge
of
it.
They
understand
what
exclusive
control
is
they
understand,
what
identifiers
are
Etc
and
registering
information
for
process
and
that
they're
gonna
that
they
are?
You
know
that
they
consent
to
audit,
and
all
these
different
types
of
things,
I
think
is
just
really
important
in
the
longer
term.
I
don't
think
it's
necessarily
today.
A
I
think
you
can
just
use
the
registered
agent
law
and
I'd
almost
like
to
just
see
that
now
and
not
even
have
natural
persons
be
allowed
to
register.
If
you
really
want
people
that
are
non-wyoming
persons,
either
individual
or
corporations
to
do
to
register
digital
assets,
I
think
you
really
have
to
be
clear
about.
You
know
a
number
of
requirements
and
and
other
application
stuff
to
make
sure
that
you
can
accept
process
and
consent
to
audit
and
all
of
this,
but
I
think
it's
you
know.
D
B
D
E
D
A
I,
don't
allow
the
president
of
Nike
to
register
a
corporation
in
Wyoming
unless
he
has
someone
to
be
a
registered
agent.
Who
is
a
is
a
Wyoming
citizen
who
you
know
is
you
know
able
to
handle
process
and
things
that
nature?
So,
if
you're
already
kind
of
doing
this
with
llc's,
which
in
effect
is
a
kind
of
a
you
know
with
Dow
Act
is
now
kind
of
a
digital
asset.
Etc
I
feel
like
there
is
some
useful
limitations.
There
I
think
there's
some
useful
friction.
A
You
know
that
twenty
dollars
at
least
makes
it
a
little
bit
more
difficult
than
it
is
for
other
different
types
of
things.
We
need
Wyoming
to
be
able
to
offer
this
Clarity
I
think
it
is
a
privilege
to
be
able
to
to
have
this
Clarity,
and
so
we
really
want
to
be
careful
about
it
and
Steward
it
carefully
and
I.
Think
you
know,
registered
agents
are
one
way
to
make
sure
that
this
is
done
properly.
Also
from
a
digital
perspective.
A
Having
somebody
who
is
not
the
holder
make
an
attestation
that
yeah
I've,
you
know
this
party
has
demonstrated
to
me:
they
have
exclusive
control
and
I've
been
able
to.
You
know
identify
that
this
asset
does
actually
exist.
Having
that
independent,
you
know
kind
of
Steward
out,
there
is
really
useful
in
this
area.
That
is
so.
A
A
C
C
G
My
name
is
Pamela
Norton
I'm,
the
CEO
and
founder
of
title
chain.
We
are
a
digital
on
chain:
digital
asset
technology
company
here
based
in
Wyoming
I'd
like
to
thank
Mr
chairman
and
the
committee
for
this
opportunity
to
provide
my
testimony
to
provide
Clarity
to
secure
digital
assets
with
property
rights
credentialed
by
the
secretary
of
the
state
of
Wyoming.
G
First
I'd
like
to
present
my
actionable
recommendations
for
consideration
to
the
house
Bill.
Thank
you
so
much
for
all
the
work
you've
done.
23
lso
070171,
the
Wyoming
digital
asset
act
to
the
committee.
Secondly,
I'd
like
to
recap
the
problem
based
upon
current
events
that
have
unfolded
this
year,
where
so
many
innocent
consumers,
investors,
developers
and
employees
are
impacted
by
the
centralized
crypto
schemes,
full
of
greed
and
Shameless
displays
of
scams
that
have
impacted
so
many
due
to
the
poor
risk
management,
a
complete
failure
of
corporate
controls
and
the
high
cost
of
legislative
inaction.
G
G
G
My
recommendations
today
include
the
designation
of
a
new
digital
asset
entity
issued
by
the
Wyoming
Secretary
of
State
to
be
added
to
the
draft
bill.
Wyoming
can
provide
an
immediate
sense
of
assurance
to
the
market
by
providing
Clarity
of
these
entities
that
control
title
to
these
new
digital
assets
by
recognizing
property.
G
My
recommendation
is
the
simulation
project
pilot
with
the
Wyoming
Secretary
of
State
that
will
Define
a
digital
asset
entity
as
a
purchaser.
I
am
requesting
some
additional
language
in
title:
34,
State,
Property,
Title,
conveyances,
Security
and
digital
asset
transactions
as
language
to
be
added
to
the
current
title.
34
as
it
stands
today,
also
some
additional
definitions
around
a
digital
asset
purchaser
entity
and
there's
five
different
types
of
digital
assets
that
can
reside
in
that
entity's,
wallet
or
wallets,
and
what
that
means
is
the
keys
again
to
the
controlling
usage
or
distribution
of
those
assets.
G
What
we
have
to
understand
is
that
there
is
a
new
business
entity
that
is
operating
today
and
there
is
no
state
in
the
United
States.
Currently
that
recognizes
a
pure
web
3
company
and
what
I
mean
by
that,
for
example,
is
renssa
games
is
here
they
are
digital
asset
gaming
company
here
in
Wyoming,
their
entire
business
model
is
using
digital
wallets
right,
that's
their
entire
business.
We
do
not
have
an
LLC
entity
or
Corporation.
They
are
formed
here,
but
I
do
believe.
G
There
are
businesses
that
they're
not
going
to
be
a
traditional
LLC
you're,
going
to
have
options
where
people
can
come
in
and
say,
I
want
to
set
up
an
LLC
I
also
will
be
holding
digital
assets,
but
you
will
also
have
a
new
entity
that
is
solely
just
a
digital
asset.
Llc,
just
as
a
dow
is
a
complete
web.
G
3
company,
a
traditional
and
decentralized
financial
world
will
only
improve
transparency
and
adoption
when
legislation
supports
a
blockchain
process
process
that
initiates
proof
of
entity,
existence,
proof
of
title
proof
of
audit
reserves
and
custody
to
ensure
legal
contract
and
compliance
and
remedies
that
recognize
digital
asset
title
holder
rights.
We
must
ensure
the
foundation
of
this
new
Financial
system
is
built
on
principles
of
privacy,
transparency,
trust,
security
with
absolute
ownership
control.
G
My
recommendations
are
and
I
understand.
There
are
Financial
concerns,
because
this
is
a
financial
impact,
but
what
title
chain
and
the
group
of
our
partners
and
companies
that
we
support
in
this
pilot
project
we
can
actually
mirror
the
existing
system
and
all
the
current
statutory
requirements
in
the
current
system,
working
alongside
with
the
secretary
of
state
in
that
there
is
no
impact
to
the
current
system
today
by
us,
Nearing
and
what
we
do
is
we
are
going
to
then
based
on
the
the
additions
to
this
law
that
we
are
proposing
to
enact.
G
We
can
simulate
exactly
how
a
new
digital
asset
entity
will
be
onboarded
in
the
state
of
Wyoming.
We
will
have
the
Wyoming
state
secretary
of
state
will
actually
have
a
node.
We
actually
issue
them
a
wallet
right,
they're
credentialed
there
are
credentialers
and
there
are
verifiers.
We
will
have
a
Wyoming
based
Trust
Company.
We
will
demonstrate
the
speedies,
certainly
the
the
digital
asset
Banks
here
in
Wyoming,
we
will
have
a
certified
public
auditor
that
will
be
a
credentialer.
We
can
have
a
registered
agent
as
a
credentialer.
G
We
can
have
the
court
as
a
credentialer
on
the
network
and
we
can
also
demonstrate
how
potential
mediation
could
be
a
node
on
the
network
versus
any
of
these
cases
filling
up
the
docket
for
the
chancellor
report.
We
also
partner
up
with
the
global
legal
identifier,
Foundation,
that's
based
in
Switzerland.
G
They
issue
a
20-digit
international
code,
so
any
entity
that
wants
to
set
up
here
in
Wyoming
a
digital
asset,
LLC
LP,
Master,
LP
or
seriesville
llc's-
can
get
credentialed
with
that
20
digit
code
to
actually
secure
those
assets
in
Wyoming
they
will
be
stored,
decent
actually
stored
in
Wyoming
there's
two
hype.
What
Wyoming
has
two
hyper
scale
companies
here,
where
more
than
enough
data
can
be
stored
securely
in
Wyoming.
G
G
This
is
the
future
where
people
will
be
verifying
their
their
credentials
via
a
smartphone
to
do
signatures
in
an
authorized
way,
and
we
can
also
on
the
Node,
do
some
pilot
testing
for
the
Wyoming
stablecoin
again
showcasing
how
assets
that
are
being
deployed
to
the
state
can
be
managed.
The
real
use
cases
that
we
recommend
doing
is
the
truck
coin
swap
runs
the
games
VM
XL
and
Wyoming
hyperscale,
as
well
as
the
speedies
custodia
and
bank-wise.
We
also
have
some
Innovative.
G
You
know,
IP
that
we
will
be
also
securing
in
the
area
of
resilient
creep.
Clean
Water
Systems,
as
well
as
renewable
energy,
by
moving
those
those
IP
assets,
were
in
essence
creating
Wyoming
becomes
the
New
Ireland.
So
if
you
look
at
the
the
process
of
what
Ireland
did
in
building
and
bringing
a
lot
of
high-tech
companies
to
that
country,
I
believe
we
can
create
that
same
opportunity
with
this
to
this
night.
This
type
of
new
digital
asset
class
I
know.
That
was
a
lot.
Thank
you
for
the
time.
G
I
appreciate
it,
but
I
I
think
just
kind
of
going
back
to
timeline,
budget
and
so
forth,
and
we're
obviously
looking
for
sponsors
to
help
sponsor
us
to
deploy
this
simulation.
We
are
also
launching
an
event
that
we
would
like
to
be
able
to
simulate
to
to
the
world
that
we're
bringing
here
to
Wyoming.
It's
called
the
capital
convergence
on
May
2nd
through
the
4th.
D
Representative
Mr,
chairman
I,
understand
we're
running
a
little
behind
schedule,
but
I
do
want
to
just
clarify
what
you're
advocating
for
it
sounds
like
you're
advocating
for
the
creation
of
a
new
kind
of
legal
entity.
That's
not
an
LLC,
that's
not
a
Dao,
but
there
would
be
a
digital
asset
entity.
Is
that
correct?
No.
G
I
apologize,
that's
not
correct.
We
were
going
to
take
the
current
statutory.
Everything
is
the
same
for
an
LLC
LP,
but
that
entity
will
be
solely
a
digital
asset
entity,
so
it
could
be
a
digital
asset,
LLC,
a
digital
asset
LP,
so
we're
taking
the
current
language
that
exists
on
the
books,
but
we
are
just
demonstrating
how
those
entities
are
solely
really
in
essence,
they're.
Just
solely
software
companies
right.
Their
entire
business
model
is
either
using
value,
that's
cryptocurrency
type
of
monies,
but
they're
not
in
the
Fiat
world.
If
that
makes
sense.
D
G
H
H
H
H
So
thank
you
for
being
here
and
presenting
and
well
before
you
leave,
though,
if
we
do
move
forward
on
this
Wyoming
digital
asset
registry
creation,
Act.
Is
there
anything
that
that
you
see
particularly
pluses
minuses
things
that
we
might
want
to
change?
That
would
help
to
facilitate
some
of
your
interests.
G
E
H
I
Mr
chairman
David
Pope
I'm,
a
CPA
and
I,
am
testifying
as
an
individual
and
I
am
licensed
here
in
Wyoming
and
in
Colorado
and
Mr
chairman
Mr,
Stith
or
representative
Stith
I
would
advocate
for
a
registered
a
different
type
of
registered
token
entity.
But
that's
not
what
I'm
here
to
talk
about
right
now.
I
I
think
what
we
have
to
address
here
is
that
we
would
want
that
same
sort
of
regulatory
framework
for
a
registered
agent,
that
is
the
registered
agent
for
more
than
10
digital
assets
as
well.
So
we
would
have
in
order
to
keep
the
registered
agent
language
in
there,
I
think
we
would
have
to
amend
1728-101
to
state
that
more
than
10
entities,
digital
assets
or
combination
thereof,
I.
I
Think
that's
a
simple
change
that,
if,
if
you
require
registered
agents
to
be
involved,
you
would
need
that
language
as
well
and
in
as
a
to
summarize
the
the
whole
registered
agent
to
discussion.
I
would
say
if
you're
going
to
have
a
digital
asset,
a
digital
asset
is
far
different
from
a
trademark,
in
that
it,
a
trademark
has
basically
form
and
content,
whereas
a
digital
asset
has
formed
content
and
rights
associated
with
it.
I
Therefore,
if
those
rights
are
going
to
be
adjudicated
in
Wyoming,
you
need
a
an
agent
for
service
and
process
in
Wyoming,
so
that
I
mean
that's
my
entire
argument.
For
for
having
a
registered
agent
be
at
least
enabled
if
an
individual
owner
or
an
entity
owner
wants
their
information
and
the
information
that
they
own
these
assets
broadcast
to
the
world
through
the
Secretary
of
State's
office.
That's
up
to
them,
and
then
you
can
go
directly
to
the
owner
for
service
and
process.
I
But
if,
if
they
want
privacy
as
well,
then
they
need
a
registered
agent
function
within
Wyoming
and
the
the
registered
agent
needs
to
be
required
to
have
all
of
the
same
information
that
you
describe
in
here
plus
be
under
the
regulatory
framework
of
the
Secretary
of
State's
office.
And
that's
really.
H
So
this
is
just
what
you
and
I
were
trying
to
get
at.
Where
we
see,
we
see
a
lot
of
different
issues
related
to
registered
agent
and
objectives
that
it
would
accomplish
and
challenges
that
it
creates
our
llc's.
Our
corporations
already
have
registered
agents,
and
what
about
the
possibility
of
having
this
Avail
itself
to?
In
other
words,
you
can
register
if
you
are
a
Wyoming
resident,
whether
that's
a
Wyoming
resident
person
or
a
Wyoming
resident
business.
H
Those
are
the
only
eligible
entities
for
registration.
It
doesn't
hold
anybody
back
because
it
just
means
that,
if
you're
out
of
state,
what
do
you
have
to
do?
You
have
to
register
a
corporate
structure
LLC
then
the
LLC
becomes
the
owner.
It's
going
to
have
a
registered
agent
due
process
comes
into
play
as
far
as
how
you
get
to
the
individual.
H
If
you
have
a
process
of
service,
whatever
the
case
may
be,
and
if
you're
a
Wyoming
resident,
we
should
be
able
to
find
you
too
just
an
idea
trying
to
capture
I,
don't
want
what
we
heard
from
the
Secretary
of
State's
office
is.
If
we
start
going
down
the
path
of
registered
agent,
we
have
a
lot
more
work
to
do
this.
Bill
is
not
ready
if
we
cross
off
registered
agent.
H
This
bill's
ready
so
I
want
to
cross
off
registries,
but
we
we
do
leave
open
some
of
the
concerns
that
Mr
Allen
and
you
have
raised
and-
and
we
can
revisit
it
later
too,
certainly,
but
any
thoughts
on
that
idea
and
I
don't
know
whether
that's
the
way
we
go
but
I'm
just
trying
to
find
a
solution.
That's
Resident,
Evil.
I
Certainly
creating
an
eligible
ownership
person
would
may
be
easier
in
this.
You
would
have
to
Define
that
in
the
within
the
bill,
but
you
could
a
a
Wyoming
person
of
of
really
any
sort
would
be
I
mean
that
that
would
be
easy.
It
would
be
easier
than
requiring
a
registered
agent
and
indirectly
it
would
require
an
A
registered
agent,
a
relationship
because
it
would
have
to
be
an
entity
with
a
an
address
here.
C
F
Well,
try
not
to
get
in
trouble.
My
name
is
Brendan
Marr
I'm,
an
MIT
media
laboratory,
alumnus
I'm
on
the
the
working
groups
for
digital
identity
and
and
this
bill
here,
I'll
get
to
the
point
when
we,
when
we
were
looking
at
the
registered
digital
asset
Bill.
The
background
is
that
we
wanted
to
most
importantly,
ease
the
burden
on
the
Secretary
of
State
and
the
registered
agents.
I
I
think
the
most
important
thing
I
wholeheartedly
support
this
bill.
F
F
This
legislation,
up
with
the
legislation
that
we're
invariably
going
to
have
to
pass
in
the
future
regarding
other
types
of
registered
digital
assets,
around
identity
in
the
future
and
contracts.
At
some
point,
we're
going
to
need
a
specific,
registered
digital
identity
legislation
act
on
specifically
registering
contracts,
because,
at
the
end
of
the
day,
nfts
are
a
bundle
of
Rights,
but
we
we
need
to
have
a
a
way
of
you
know,
specifically
resolving
the
issues
pertaining
to
that
and
and
in
terms
of
Revenue.
That's
you
know
we
talked
about.
F
F
F
C
H
Mr
chairman,
the
concept
that
I'll
amend
towards
is
removing
the
registered
agent
language
all
of
it
and
making
it
so
that
only
a
Wyoming
person
can
Wyoming
resident.
Excuse
me,
yeah,
Wyoming
resident,
basically
I
want
to
I
want
to
in
a
natural
person
or
a
corporation.
So
don't
we
call
that
a
whammy
person
statute.
F
C
H
Okay,
yeah,
so
that's
and
I
before
we
start
amending
towards
that.
Let's
maybe
discuss
that
and
see
if
everyone's
okay
with
that
concept,
again
it's
to
try
and
represent.
There
are
some
good
interests
in
all
right.
What
we
would
want
to
be
able
to
contact
this
entity
would
want
to
have
access
to
information
about
them
and
if
it's
not
somehow
tied
to
Wyoming,
then
we've
got
this
registration
on
file
and
we
have
no
way
to
follow
up
with
anybody
associated
with
it.
So
how
do
we
provide
that
interaction?
H
Well,
we
do
it
right
now
with
corporations
through
our
registration,
our
registered
agent
process,
so
we
have
Wyoming
Dharma
sales
corporations,
LLCs
Etc,
that
have
registered
agents
already.
We
have
a
process
in
place.
We
can
piggyback
off
of
that
process
and
it
accomplishes
all
the
objectives
of
non-wyoming
resident
entities
doing
registrations,
so
we
have
a
vehicle
there
and
then,
if
it
is
a
natural
Wyoming
person,
then
they're
a
citizen
way
I
mean
we
can
find
them.
I
think
that
covers
everything
representative
Mr.
D
H
D
H
E
D
Seth
and
Mr
chairman
I'd
be
against
division,
two,
no
way,
just
because
I
I
think
that
if
we
say
to
Nike
and
Coca-Cola
that
they
can't
register
a
digital
asset
in
Wyoming,
unless
they
also
form
a
separate,
LLC,
I
think
the
result
of
that
will
be.
They
just
won't.
Do
it
and
and
we'll
have
many
this,
this
legislation
will
be
far
less
you.
D
D
C
D
Which
LLC
is
probably
a
Delaware
LLC
yeah,
so
I
I,
just
don't
think
we
need
to
have
that
additional
burden,
regulatory
burden
on
them.
To
me,
it's
simpler
just
to
let
any
person
who's
actually
owns
and
a
digital
asset
to
register
them
in
Wyoming.
If
that
person
so
chooses,
regardless
of
where
they
are
in
the
world.
Senator
roethlis
Mr.
H
Chairman
I
think
it
works
when
it
works
and
then
doesn't
when
it
doesn't
and
that's
the
concern
your
example
of
Nike,
where
they
provide
sufficient
detail
to
call
them
that's
great,
but
now
you've
got
Joe
Smith
in
Mozambique,
sending
his
registration
and
no
well
all
right.
We
can
do
Nigeria
if
you'd
like,
and
you
have
no
there's
no
callback
potential.
What
do
you
do
if
there's
a
service
of
process?
H
This
is
something
we've
struggled
with
for
the
entire
time.
We've
had
corporations
and
we
built
our
registered
agent.
I
mean
it
which
still
has
flaws
right.
It's
an
imperfect
system,
but
at
least
we
spent,
however
many
decades
Building
A
system
that
has
some
checks
and
and
reviews
and-
and
you
know,
there's
a
process
there
to
provide
some
integrity
and
some
confidence
and
I'm
the
the
motion
to
try
and
use
that
process
is
just
so
that
we
have
the
consumer
protection
there.
H
I
don't
disagree
that
I
would
like
to
have
a
system
that
just
allows
Nike
to
push
a
button
and
register
because
we'll
find
them,
and
maybe
there's
another
if
there's
an
alternative
solution
that
achieves
your
interests.
I,
like
your
interest,
they're
better
than
mine
right
I
want
yours,
but
I
don't
see
how
to
get
it
and
have
any
consumer
protection
in
place
is
long
Hannah.
J
Thank
you,
Mr
chairman,
just
if
we
step
back
and
look
at
first
principles
about
what
Wyoming
is
doing
in
this
industry,
we're
trying
to
create
an
enabling
regulatory
environment
for
the
good
guys,
while
keeping
out
the
criminals
and
fraudsters
which
is
again
Senator
lomas's
statement
was
so
spot
on.
If,
if
our
approach
to
the
regulation
had
been
in
place
nationally
boy,
a
lot
of
really
bad
things
would
have
been
prevented
right
and
so
the
concept
here
is
that
we're
not
trying
to
create
a
platform.
J
We,
the
state
of
Wyoming,
trying
to
create
a
platform
for
just
anybody
to
come
in,
because
we're
trying
to
Green
Light
the
lit
part
of
the
market
right,
and
so
the
pers.
The
the
concept
here,
if
we
think
about
first
principles,
is
that
we're
the
the
the
systems
of
the
state
of
Wyoming
are
giving
some
in
premature
and
therefore
the
people
who
are
willing
to
register
right.
J
It's
the
concept
of
the
Dows
right
if
you're
willing
to
register-
and
you
come
in
here-
and
you
tell
us
who
your
your
your
control
person-
is
your
person
who's
who's
responsible
for
taking
service
of
process.
Then
you
can
get
registered
here
and
so
that
I
think
that
first
principle
is
hopefully
helpful
to
to
guide
I,
know
I'm
a
non-voting
member
of
the
committee,
but
yeah
thanks.
E
E
Thank
you,
Mr
chairman
I
I
would
want
to
build
on
those
prior
comments
and
reference.
What
we've
done
with
the
I'm
oversimplifying
here,
but
with
the
treatment
of
digital
assets
under
the
prior
statutes
that
have
been
passed,
which
is
that
digital
assets
are
treated
under
Wyoming
law.
If
the
owner
of
the
digital
asset
is
a
Wyoming
resident,
a
Wyoming
LLC
or
the
asset
is
held
in
custody
by
a
Wyoming
custodian
I,
don't
think
it
would
be
inconsistent
to
kind
of
draw
a
parallel
here
where
you're
either
a
Wyoming
resident.
E
D
H
Miss
chairman,
to
follow
up
on
that
and
there's
nothing
that'll,
stop
us
from
trying
to
think
of
better
ways
to
do
it.
You
know
between
now
and
the
end
of
the
session,
if
we
can
come
up
with
a
way
to
capture
your
interests
well
and
still
provide
the
protection
so
that
my
my
man,
okay,
David,
do
you
understand
the
motion
and
feel
free
to
work
with
the
language,
but
it's
the
concept
that
you'd
be
a
a
Wyoming
person,
a
Wyoming
resident
which
includes
corporations
and
natural
persons.
C
C
H
Dollars
yeah
the
fifty
thousand
dollars
with
the
men
that
I
was
looking
for.
There
is
it's
on
page
13.,
okay
lines:
five
through
seven
strike,
the
monetary
threshold
set
forth
in
the
subsection
shall
not
apply
to
actions
brought
under
this
paragraph.
All
that
does
is
then
reinstate
that
the
Chancery
Court
has
a
fifty
thousand
dollar
threshold.
That's
my
motion
is
to
strike
that
sentence
on
lines.
Five
through
seven,
okay,.
C
D
C
C
Reasonable
question
I
think
it's
pretty
reasonable
because
it
we're
talking
about
a
digital
asset.
If
somebody
really
wanted
to
be
in
the
Chancery
Court
they
would
just
they
would
just
make
the
claim
that
I
mean
they're,
they're
self-evaluating,
the
value
of,
and
you
know,
that's
not
going
to
be
litigated
where
you're
gonna
have
to
prove
that
it's
worth
necessarily,
it
could
be
litigated,
I
suppose,
but
I
don't
think.
That's
our
small
small
claims
level.
H
H
I
I
think
he,
the
attestation
of
a
cancellation
and
re-registration,
is
the
right
way
to
do
it,
because
we
don't
have
any
mechanism
for
a
continuous
attestation
of
truth
that
it
hasn't
been
registered
somewhere
else.
It's
only
that
moment
where
you
make
an
attestation,
and
so
the
transfer,
I
I
think
conceptually
fails.
So
there's
two
ways
to
do
it.
One
would
be
we'd
have
to
have
some
sort
of
a
monitored
attestation.
H
That
continuously
means
it's
true
that
you
have
the
digital
asset,
you're
the
owner
and
you've
got
it
registered
in
the
state
of
Wyoming,
or
that
your
attestation
only
has
to
be
true
at
that
moment.
So,
based
on
that
analysis
and
Mr
Allen's
argument,
I
tend
to
agree
that
our
best
approach
is
to
fully
delete
3429,
206
I,
don't
think,
there's
anything
there
that
we
need,
because
you
have
the
opportunity
to
renew
or
the
opportunity
to
terminate
and
the
opportunity
to
register.
So
a
transfer
is
only
a
convenience
right.
H
D
In
the
in
the
trademark
context,
we
allow
for
the
assignment
of
the
trademark,
and
typically
that
happens
in
connection
with
a
separate
transaction
where
someone's,
actually
you
know
providing
value
for
that
assignment,
so
I
thought
the
current
language
was
more
similar
to
how
trademarks
are
handled.
So
why
doesn't?
Why
doesn't
this
work
I
mean?
What's
the
problem
that
we
solve
by
deleting
this.
H
Mr,
chairman
and
I'm,
not
we
can
get
Deputy
wheeler
back
up
here
as
well,
but
when
you
register
a
trademark
with
the
state
of
Wyoming,
it's
okay
to
have
a
trademark
registered
elsewhere,
you
can
register
in
multiple
States
the
trademark,
and
you
basically
have
that
you're
when
you're
within
jurisdiction,
you've
got
rights
to
it.
With
this,
you
have
an
attestation
that
you
don't
have
it
registered
anywhere
else
and
we
have
no
provision
to
police
that,
and
it
might
even
change
right.
H
H
We
don't
have
any
provision
for
enforcing
it,
and
that's
okay,
as
long
as
the
only
thing
that
you
have
in
place
is
that
that
attestation
was
true
at
the
time
and
if
somebody
comes
up
with
a
newer
attestation
to
battle
it
in
court
and
say
that's
okay
too
right,
it
works
itself
out,
but
the
transfer
doesn't
have
a
new
attestation
and
it
seems
to
imply
the
continuity
of
ownership
that
I
actually
am
the
owner.
None
of
that's
checked,
so
I
do
see
the
problem.
This
was
what
Christopher
Allen
Mr
Allen
raised.
H
Was
that
concerned
that,
for
this
a
termination
or
even
a
new
registration
with
attestation
is
what
needs
to
be
done
and
I
mean
you
could
have
a
single
form,
which
is
called
a
transfer
form,
which
is
a
termination
and
new
attestation.
That's
fine,
too
I
mean
that's
effectively
the
same
thing,
but
this
isn't
structured
to
provide
a
continuous
attestation
of
ownership.
H
C
H
C
C
C
B
C
C
Work
on
that
everyone
really
job
committee-
that
was
a
big,
that's
a
big
lift
bill.
Yeah!
That's
thank
you
everyone!
So
we
we
did.
We
did
move
through
it
pretty
quickly
and
I
apologize
for
that,
but
I
feel
really
comfortable
with
where
we're
at,
and
we
know
that
we'll
always
have
the
opportunity
to
revisit
and
then
definitely
work
it
through
the
session
as
we're
working
it.
With
that
I'd
like
to
break
for
lunch,
we'll
come
back
at
12
35,
try,
Jimmy
John's,
they're
freaky
fast.