021-19 Wyo. Code R. §§ 19-2 - Definitions
(a) As used in this chapter:
(i) "Bailment" means a legal circumstance
when a customer has entrusted possession or control of a digital asset to a
bank for a specific purpose, pursuant to an express agreement that the purpose
shall be faithfully executed and that possession or control of the digital
asset will be returned when the specific purpose is accomplished or when the
customer requests return of the asset, consistent with
W.S.
34-29-104. This term means a change in
possession or control but not a change of title, and may be carried into effect
through the exercise of fiduciary and trust powers or on a purely contractual
basis;
(ii) "Control" means as
defined in W.S.
W.S.
34-29-103(e);
(iii) "Custody" or "custodial services" means
as defined in
W.S.
34-29-104(p)(iii) and other
applicable federal laws, including those federal laws governing commodities as
necessary, and means the possession or control and safekeeping of customer
currency and digital assets. This term includes fund administration, the
execution of customer instructions and custodial services customary in the
banking industry, provided that the Commissioner may rely on guidance from
foreign, federal or state agencies to determine customary custodial services.
Custody consisting of non-discretionary asset safekeeping activities is
generally non-fiduciary and an activity incidental to the business of banking.
This term may include the exercise of fiduciary and trust powers to the extent
the bank is exercising discretion in managing customer assets as well as
providing safekeeping;
(iv)
"Fungible" means a characteristic of a digital asset which makes the asset
commercially interchangeable with digital assets of the same kind;
(v) "Independent public accountant" means a
public accountant that meets the standards described in
17 C.F.R.
210.2-01, as incorporated herein by reference
on July 1, 2019;
(vi)
"Multi-signature arrangement" means as specified in
W.S.
34-29-103(e)(ii);
(vii) "Nonfungible" means a characteristic of
a digital asset which makes the asset unique and not commercially
interchangeable with digital assets of the same kind for monetary, commercial
or other intrinsic reasons;
(viii)
"Omnibus account" means a commingled account in which a bank that provides
custodial services does not strictly segregate digital assets for each customer
or beneficial owner, consistent with
W.S.
34-29-104(d)(ii);
(ix) "Private key" means as defined in W.S.
W.S.
34-29-103(e)(iii);
(x) "Reasonable efforts" means providing
written notice to a customer, but shall not require customer acknowledgement or
consent;
(xi) "Rehypothecation"
means the simultaneous reuse or repledging of a digital asset that is already
in use or has already been pledged as collateral to another person;
(xii) "Source code version" means the version
of the software that enforces block validation rules that enable consensus and
define a digital asset;
(xiii)
"Possession" means as defined in
W.S.
34-29-103(e);
(xiv) "Fiduciary and trust powers" means the
discretionary authority customarily exercised by state and national banks in
either a fiduciary or trust relationship.
(b) The term "blockchain" shall encompass any
other form of distributed ledger appropriate for the context in which the term
is used. Any reference in these rules to a technological process, system or
other form of technology shall also include any other process or technology
which is a substantially similar analogue, as determined by the Commissioner.
For example, a "blockchain" is a form of "distributed ledger." The Commissioner
shall adhere to the purposes and standards of this Chapter in analyzing any
substantially similar analogue.
(c)
The term "person" shall include a digital asset wallet possessed or controlled
by a person for the purposes of any applicable commercial law, if agreed to by
a bank and a customer.
(d) In
classifying a digital asset within the categories of
W.S.
34-29-101 for the purposes of this Chapter,
the Commissioner shall use a predominant characteristics test and examine the
substance of the asset over its form, consistent with federal law.
Notes
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