The United States State of Montana passes a new bill titled “Generally revise laws relating to cryptocurrency,” that will recognize utility tokens and exempt them from state securities.
Signed by the Governor of Montana Steve Bullock on May 8, House Bill 584, defines a utility token as a digital unit that is created and recorded over a blockchain. The token can be exchanged without a third party and gives owners access to a good or service delivered by the issuer “without vesting the holder with any ownership interest or equity interest in the issuer.”
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