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
railway fx/Shutterstock modified by Blockworks
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.
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.
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