Wyoming Is Challenging The Fed, Can It Become America’s “Crypto Valley”?

By Tyler Durden

Authored by Tho Bishop via The Mises Institute,

The DC Swamp continues to fester, but there is still interesting work being done at the State level. Particularly interesting is what we’ve seen so far this year in Wyoming.

Earlier this month, the Wyoming legislature became the latest state to modify their state laws to challenge the Federal Reserve’s monopoly on money.

As Mike Maharrey wrote for the Tenth Amendment Center:

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 …read more

Source:: ZeroHedge