The bill establishes a comprehensive legal framework for the classification and regulation of digital assets, specifically focusing on "distributed ledger digital assets" and "sealed tokens" in Wyoming. It introduces new definitions and concepts, such as "sealed keyholder lex situs" and "governance tokens," while emphasizing the need for a multi-aspect analysis that considers property rights, jurisdictional nexus, and other legal dimensions. The legislation clarifies that digital assets recorded on distributed ledgers are excluded from certain existing statutes, except where the new title supplements existing provisions related to securities, currency, and utility tokens. This framework aims to provide legal clarity and predictability for digital asset transactions, positioning Wyoming as a leading jurisdiction for distributed ledger technologies.

Additionally, the bill outlines the criteria for establishing jurisdiction over digital assets through cryptographic signatures and forensic analysis, setting evidentiary standards for their legal recognition. It details the characteristics and legal implications of governance tokens, including the rights and responsibilities they confer, while ensuring that existing federal laws apply to those that qualify as securities. The act is set to take effect on July 1, 2026, and aims to facilitate the use and regulation of digital assets within the state, accommodating the unique characteristics of distributed ledger technology.