Montana has removed instrumental tokens from the definition of securities

One more American state became more friendly to cryptocurrencies - in Montana the bill which deduces instrumental tokens from under definition of securities is accepted.

The bill entitled "General revision of the laws relating to cryptocurrencies" was presented by Democrat Shane Morigeau. The document says that instrumental token transactions are permitted because the token is "predominantly consumer".

The bill also states that a company that has issued an instrument token must implement its function within 180 days of sale or transfer. At the same time, the buyer is prohibited from reselling or transferring tokens to third parties until the goal of "providing or receiving goods, services or content, including access to goods, services or content.

It is worth noting that federal laws prevail in other states, so for companies registered in Montana, tokens are limited. However, the adoption of the bill shows that the United States is becoming a cryptocurrency-friendly country.

In April, a bill was submitted to the US Congress, which removes cryptocurrencies from the definition of securities.