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Wyoming lawmakers introduced legislation allowing state issue its own stablecoin

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Feb, 21 2022

Feb, 21 2022

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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.

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Indrani bose

CBW - External Analyst


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