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Wyoming Riding The Blockchain Buck

Baruch Moore
04 December, 2018
1 min read

In an overwhelming vote of 13-1, Wyoming legislatures have passed a bill that forces banks to provide financial services with blockchain-based assets. The bill had heavy opposition from the banking sector and has sent a loud clear signal that Wyoming wants to be the blockchain capital of America.

Initially, people were suspect of Wyoming’s welcoming spirit of blockchain when Coinbase was forced to leave earlier this year. However, the giant digital currency exchange returned to Wyoming with a new license. Coinbase was able to return after working with the Wyoming house of representatives and its blockchain task force. 

After Coinbase was lured back and the overwhelming pro-vote, Wyoming is shaping up to be a crypto haven. There are a number of pro-blockchain/cryptocurrency votes coming up in the house of representatives and, with this recent pro-vote, it seems that the rest will also pass.

According to the new bill, Wyoming will have a new type of financial institution, called "Special Purpose Depository Bank," which is designed to provide special services to blockchain entrepreneurship. Earlier this year, Wyoming legislators passed a bill classifying crypto tokens as a new asset in a class of its own, thus warranting a task force dedicated to cryptocurrencies.

Blockchain Crytocurrency crypto regulation