Wyoming Gov Wants Stablecoin Commission to Follow the ‘Letter of the Law’

This meeting is the first step toward stablecoin creation in the state since the passage of the Wyoming Stable Token Act in March

article-image

railway fx/Shutterstock modified by Blockworks

share

The Wyoming Stable Token Commission held its first meeting on Monday, Wyoming Public Radio reported. The commission is the first state body in the United States with the authority to issue stablecoins.

Gov. Mark Gordon, who’s been cautious through the process, was present at the meeting. He asked state officials to confirm that what the commission is trying to do — create a digital representation of the US dollar — follows the “letter of the law.” The governor said he was concerned that under federal law, the legality of a state-issued stablecoin is murky.

“It is quite clear this is new and different,” Gordon said at the meeting. “It’s also quite clear that our federal friends may not look as favorably on it as we would like.”

David Pope, a CPA and a co-founder of the the Wyoming Blockchain Coalition, thanked the governor, the state treasurer Curtis E. Meier, and the state auditor Kristi Racines for their work on this front. 

“This is one that Wyoming has to get right,” Pope tweeted. 

Loading Tweet..

The commission was created in March by the state legislature, after Gordon OK’d the Wyoming Stable Token Act without a signature. 

With a litany of recent moves signaling support for digital asset adoption, Wyoming is seen as one of the most crypto friendly states. 

In April, Wyoming joined a lawsuit the digital asset focused Custodia Bank filed against the Federal Reserve. Custodia argued in 2020 that the Fed unfairly delayed its application for a so-called master account. With such an account, Custodia would have access to the central bank’s payments system and discount window — a tool that allows depository institutions to manage liquidity risks. The Fed later rejected Custodia’s application in January 2023. 

The commission’s meeting was said to be a packed room “full of cryptocurrency industry representatives,” though Blockworks wasn’t able to verify any individuals in attendance by publication time.


Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.


Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.


Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


Tags

upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Cosmos Hub: ATOM Economic Zone

Research

Replicated Security, the Hub’s Validation-as-a-Service offering that went live in March, is the first step in bringing value accrual to ATOM stakers.

/

article-image

OP holders might not be feeling very optimistic with the rollup’s token unlock schedule now in effect

article-image

Two lords are pushing for the government to ensure that the Bank of England could not implement “Britcoin” without legislative backing

article-image

This is the second fee switch proposal that failed to pass a community vote

article-image

This partnership comes as Nike released its first NFT collection, Our Force 1, this month

article-image

The weaknesses of large language models like ChatGPT are “too great to use reliably for security,” OpenZeppelin’s machine learning lead says

article-image

Giddy will now enable users to spend their yield on real-world goods and services