Wyoming lawmakers pass bill to prevent forced disclosure of private keys

Wyoming lawmakers have passed a bill that will prohibit courts in the state from forcing someone to disclose their digital asset private keys, with one minor exception.

The bill was passed through the Wyoming House of Representative in the state’s 67th general session of 2023 on Feb. 15.

The law will officially come into effect on Jul. 1, 2023.

The new law – W.S. 34-29-107 – titled “Production of private keys; prohibition.” Source: The State of Wyoming Legislature.

“No person shall be compelled to produce a private key or make a private key known to any other person in any civil, criminal, administrative, legislative or other proceeding[s]” in the state of Wyoming, the incoming law reads.

The law includes any private keys associated with digital assets, one’s digital identity or any other interests or rights to which the private key provides.

The minor exception comes where a public key is unavailable or unable to disclose details of the digital asset, digital identity or other interest or right.

However, the act also states that the new law will not bar one from being compelled “to produce, sell, transfer, convey or disclose a digital asset, digital identity or other interest or right” which a private key could provide access to.

It also doesn’t prevent one from being compelled to “disclose information about the digital asset, digital identity or other interest or right.”

The new law – W.S. 34-29-107 – will be titled “Production of private keys; prohibition.”

The private keys legislation comes under Chapter 29 – Digital Assets which is a subset of Title 34 – Property, Conveyances and Security Transactions.

Related: Death and self-custody: How to pass on your crypto when you die

The passing of the bill comes as the private key law has been in the works since as early as September 2019.

Wyoming has long been touted as one of the most crypto-friendly states in the U.S.

It was the first state in the U.S. to declare a decentralized autonomous organization (DAO) as a Limited Liability Company (LLC) in July, 2021 and has previously considered a state-issued stablecoin in February, 2022 – however it appears that those endeavors haven’t progressed too much since then.

All Dutch and English crypto news!

Coinbase CTO bets Bitcoin to $1M in 90 days, but I’m not sure even he believes it

Key Takeaways Former Coinbase CTO Balaji Srinivasan bet an anonymous Twitter account $1 million that Bitcoin would trade at $1 million or greater in 90 days Srinivasan...

Immutable X partners with Polygon Labs: IMX is down by 12%

Key takeaways Polygon Labs has partnered with Immutable X to launch the Immutable zkEVM. IMX is down by 12% today despite the strategic partnership announced between Polygon...

Solana price forms a rising wedge amid weak on-chain metrics

Solana crypto price has been in a recovery mode recently. Its DeFi total value locked (TVL) has dropped sharply. Solana NFT transactions have been in a downward...

MetaMask partners MoonPay to enable direct crypto purchases in Nigeria

MetaMask and MoonPay have partnered to enable more Nigerians to buy crypto directly via instant bank transfers. About 12.4 million Nigerians own crypto, with the country...

Beste exchanges

Koop je crypto bij Bitvavo