certify
Home arrow Article arrow Article Detail

Wyoming lawmakers introduced legislation allowing state issue its own stablecoin

Profile Image

Indrani bose Follow

INDIA

Feb, 21 2022

Feb, 21 2022

likes 0 | comments 0

Article Image

On Thursday Wyoming lawmakers introduced Senate File SF0106 titled the “Wyoming Stable Token Act”. Signing this legislation will allow the state to issue its own stable coin that would be pegged to the U.S. dollar. Token holders could redeem their tokens for fiat dollars held in an account by the state.

The bill was sponsored by four members of the Wyoming Legislature consisting of Wyoming state senators Chris Rothfuss and Tara Nethercott along with House representatives Mike Yin and Jared Olsen. Treasurer Curtis Meier would consult with the department's Investment Funds Committee and have the authority to hire "accountants, auditors, consultants, and other experts" to issue the coins, with certain limitations and rules. If such an offering is passed with federal or state law, the state treasurer would have until Dec. 31 to launch the stablecoin, with an option to submit a report by Nov. 1 to the select committee on capital financing and investments detailing why it is not currently feasible. Wyoming Stable Token Act has been sent to the Joint Minerals, Business, and Economic Development Committee as of Feb. 17.

Wyoming Avanti Bank & Trust Financial has its headquartered in Wyoming. Its founder and CEO Caitlin Long said the bill though consists of pros and cons is “definitely a conversation-starter” for lawmakers experimenting on stable coins. As per Long, stablecoins are “very important bridges between crypto and the U.S. dollar” in need of regulatory clarity. on Thursday Long tweeted where she described stablecoin as a “mind-bender and confirms she isn’t entirely sure of the stablecoin’s purpose.

About stablecoin:

Crypto tokens linked to fiat currency-often the U.S. dollar-are known as stablecoins. Usually, stable coins maintain the same approximate value regardless of market activity and can be used as a store of value or to weather market volatility, as well as a means to transfer funds between crypto-assets. Popular stablecoins are centralized tokens like Tether (USDT) and USDC, as well as decentralized options like DAI and Terra’s UST. Stablecoins can also be used within DeFi protocols, that allow assets to be lent, borrowed, or traded without third-party intermediaries.


likes 0 Likes | comments 0 Comments

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.