A bill has been submitted to the Wyoming State Legislature that would allow the state treasury to issue stablecoins pegged to the US dollar.
Last week, an initiative group of deputies introduced the Wyoming Stable Tokens (SF0106) bill to the Wyoming Legislature for consideration. If passed, the bill would allow the state treasury to issue dollar-pegged stablecoins.
Caitlin Long, CEO of Wyoming-listed Avanti Bank&Trust, believes the state’s stablecoins can legally act as “municipal bonds that don’t pay interest or have no maturity, but are still redeemable.” “. The state treasury is empowered to set limits and rules for the circulation of tokens, advisory support to the committee on investment funds, as well as the right to hire “accountants, auditors, consultants and other experts” to issue stablecoins.
No later than December 31, 2022, government officials must authorize the issuance of stablecoins or give a reasoned refusal if such proposal is determined to be “inconsistent with federal or state law.”
The administration of Wyoming has always been a little different from the rest of the United States due to a more loyal attitude towards the crypto industry and its participants. So, in August 2021, in the midst of the “exodus” of Chinese miners, Wyoming state legislators passed regulations to help attract miners and cryptocurrency companies to their jurisdiction. Moreover, Wyoming Senator Cynthia Lummis criticizes the position of the chairman of the US Federal Reserve and demands an early decision on the approval of crypto-currency companies incorporated in the state of Wyoming.
