- Wyoming has enacted 35 laws on cryptocurrency in the past two years.
- Over 3000 companies are domiciled in Wyoming.
- Wyoming and Tennessee are the only states with a law on DAO Regulations.
Wyoming was previously known for Coal mining. The least populous state in the U.S. was usually in the news about updates on the coal decline rate in the state. It is a small state with more cattle than people.
However, in two years, Wyoming began to lead blockchain regulation in the United States of America. But the process of crypto adoption was not a seamless one at first. When the bill to regulate crypto in Wyoming was brought up in 2016, it was rejected. According to Wyofile, the House, Minerals, Business, and Economic Development prevented the bill from being passed.
In 2018, Tyler Rindholm, the representative who raised the previous crypto bill, pushed more bills. Some of the bills he campaigned for, which were eventually passed, include a bill to exempt cryptocurrency tokens from property tax, using crypto tokens to exchange goods and services but not as securities. The bill on cryptocurrency tokens not being securities under Wyoming law is one of the most progressive bills ever in the crypto sphere. The bill negates the stance of the SEC, which view most crypto tokens as securities.
Wyoming’s rendezvous with crypto regulations did not end in 2018. It further advanced with numerous young industry representatives educating and supporting the young lawmakers. Amongst these vibrant industry representatives was Caitlin Long, a native of Wyoming, Harvard Graduate, and the CEO of Custodia Bank.
Caitlin Long worked at Credit Suisse and Wall Street before volunteering as an industry representative for the enactment of blockchain laws. The lawmakers who passed the blockchain-enabling laws had the support of finance and blockchain experts like Caitlin Long.
According to Wyofile’s report, the bills usually met zero resistance. Some people opined that the absence of resistance to these bills was due to few legislators having sound knowledge of the bills. But Caitlin Long stated that the legislators met with the players, which made them realize that they are not enabling laws that would aid criminal activities but business opportunities.
How Wyoming has maintained its position as a leading Blockchain-friendly state
While Wyoming has passed several progressive bills into law, other states in the United States and worldwide are jumping on the train. Tennessee passed a Decentralized Autonomous Organization Regulations bill into law a few months in the same year Wyoming did.
But Wyoming continues to deliver more necessary regulations that may not be evident to the current generation but will be an advanced and purposeful groundwork for the future.
Crypto Investors and blockchain companies always look for crypto-friendly states to domicile in. The search for states and countries where the crypto regulations are friendly is always on. This is why Wyoming sparks hope for crypto investors and blockchain companies. Wyoming has become a haven for blockchain companies to operate and provide quality services to their community. Coindesk reported that there are about 3000 companies domiciled in Wyoming.
Rich investors who acquired wealth by investing in Bitcoin early support the blockchain-friendly state. Top crypto players like Kraken and IOHK are also big supporters of the state.
