Crypto-cowboys: Wyoming Legislature Aims to Position State as Country’s Blockchain Capital

Hover over the majority of the states on our interactive map and you’ll see that in 2019, introducing blockchain legislation has become quite popular.  Most state initiatives, however, have focused on creating task forces, authorizing studies, or appropriating money for working groups (we’re looking at you, New York). But apparently such trifles are not the cowboy way.

The Wyoming legislature recently passed three substantive blockchain bills that if enacted would create significant change. Those bills are:

House Bill 74 – Special Purpose Depository Institutions – Likely the most significant of the bunch, HB 74 authorizes the creation of “special purpose depository institutions” (“SPDIs”). Unlike traditional banks, SPDIs will not need to be FDIC insured, thus removing federal approval and oversight as an obstacle. Wyoming legislators hope the new SPDIs will provide blockchain companies with the financial services they need free from the whims of federal initiatives like Operation Choke Point.

House Bill 185 – Corporate Stock-Certificate Tokens – HB 185 would authorize corporations to issue certificate tokens in lieu of stock certificates.

House Bill 70 – Commercial Filing System – HB 70 would authorize the development of  a blockchain system for filing all documents, reports, data or other information required by law to be filed with the Secretary of State. This bill follows a recent trend in similar state legislation. It is not clear why a decentralized ledger is required (or even preferred) for the filing of documents with the state, but Wyoming is not alone in considering such initiatives.

The consensus is that Governor Gordon will sign all three bills. When that—or anything else noteworthy happens—we’ll let you know. If you haven’t signed up to receive blockchain updates, click here.