- Wyoming is the only crypto hub found in the United States.
- Companies are still subjected to federal laws, when it comes to launching projects in the states.
With less than 600,000 people in Wyoming, the state has one of the lowest populations in the US. However, the many developments in the cryptocurrency industry locally have made it like a haven for these businesses. So far, there have been 13 separate laws that should help with the development of blockchain technology, introducing businesses from throughout the country.
Unfortunately, this victory comes with a little bit of a downside, as the state pushes quickly to secure their place as a mecca for crypto businesses. The founding member of the Wyoming Blockchain Coalition, Robert Jennings, remarked that many cryptocurrency holders with some kind of stake in the market have been bringing forth bills without any resistance from lawmakers that still don’t understand the technology being promoted. Jennings added,
“There is no dissent or questioning of the ramifications of making Wyoming a so-called ‘cryptocurrency haven.’”
Even though it is clear that Wyoming is setting the bar for other states that may be hesitant to get involved with cryptocurrency, the new laws are still not very significant. A Blockchain lawyer at Kobre & Kim, Benjamin Sauter, stated that the permissive laws make it hard for companies to reap the benefits. Furthermore, the firms are required to follow the federal securities laws already in place. With this small progress, the US Securities and Exchange Commission still hasn’t fully gotten on board with cryptocurrency.
Wyoming established itself as the first US state to decide to consider digital assets to be legal property. Caitlin Long, a veteran of Wall Street, is the current leader of the Wyoming Blockchain Coalition, and she recently stated that a new crypto-focused bill made it possible for state residents to secure 401k services involving cryptocurrency from Fidelity.
At this point, Wyoming seems to be a loner amongst states, since it is the only cryptocurrency hub in the U.S. Still, that doesn’t mean that there’s no one in positions of power in their corner. Warren Davidson (R-OH), a US Congressman, suggested tokenizing the US dollar in remarks made in September. Davidson is known for creating the Token Taxonomy Act.