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Wyoming Passes Bill to Protect Digital Assets with Private Keys

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It is reported that the House of Representatives of Wyoming, the United States, passed a bill that would prohibit the courts of that state from forcing someone…

Wyoming Passes Bill to Protect Digital Assets with Private Keys

It is reported that the House of Representatives of Wyoming, the United States, passed a bill that would prohibit the courts of that state from forcing someone to disclose their private key of digital assets. In any civil, criminal, administrative, legislative or other proceedings, no one should be forced to show the private key or inform any other person of the private key, except if the public key is not available or cannot disclose the details of digital assets, digital identities or other interests or rights. The bill will enter into force on July 1, 2023.

The new law of Wyoming will prohibit the court from compulsory disclosure of private keys from July 1

Interpretation of the news:


The House of Representatives of Wyoming, USA recently passed a bill that aims to protect the digital assets of individuals by prohibiting the court from forcing them to disclose their private keys. The bill is a significant step to enhance legal protection for digital assets in the state.

With digital assets like cryptocurrencies gaining mainstream acceptance, there is a growing threat of cyber-attacks, hacking, and theft. The security of digital assets depends on the protection of private keys, which are unique codes that provide access to the assets. The bill passed by Wyoming’s House of Representatives acknowledges the role of private keys in securing digital assets and aims to prevent their exposure in court.

The bill provides comprehensive protection for digital assets, including cryptocurrencies, digital identities, and other interests or rights. It prohibits the disclosure of the private key in any proceedings, whether civil, criminal, administrative or legislative, unless the public key is unavailable or cannot describe the details of the digital assets.

The bill will come into effect on July 1, 2023, giving individuals in Wyoming an ample amount of time to secure their digital assets with private keys. The legal protection offered by the bill will help boost investor confidence and encourage increased levels of investment in digital assets in Wyoming.

The passing of the bill marks a significant milestone for the digital asset community in Wyoming as it provides a regulatory framework for the protection of assets stored in digital form, which was lacking before. It is indicative of the increasing recognition of the importance of protecting digital assets and private keys and will hopefully set a precedent for other states to follow suit.

In summary, the bill passed by Wyoming’s House of Representatives represents a significant step towards protecting digital assets, and it is vital in enhancing legal protection for individuals who store their assets in digital form. The state is setting a precedent for other states to follow and is playing its part in ensuring the security of digital assets in the USA.

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