The state of Wyoming has been dabbling in blockchain technology for quite some time now, and has recently passed two related bills. These two new crypto-related bills are are now to get signed into law by the Governor of the state Mark Gordon soon.
These two bills titled, the Special-Purpose Depository Institution (SPDI) Bill (HB074) and the Corporate Stock Token Bill (HB0185) are bills which will be favourable for the Wyoming crypto community as it enables the establishment of a clear regulatory framework for blockchain entrepreneurs and cryptocurrency investors.
The first bill, the SPDI bill is supposed to help blockchain entrepreneurs, who are at risk of their bank accounts getting shut down without warning. The other bill which is the corporate stock token bill facilitates corporations to issue tokenized stocks instead of paper stock certificates.
When asked as to why these bills are revolutionary and at the same time a major step forward for the entire crypto industry, Caitlin Long, the co-founder of the Wyoming Blockchain Coalition said,
“The special-purpose depository institution (SPDI) is especially important. It helps solve the blockchain sector’s problem of difficulty accessing basic US dollar-only bank accounts, which very few banks offer to start-ups. Many horror stories of start-ups shutting down because banks closed their accounts.US businesses that lose their bank accounts go out of business. For example, the IRS requires withholding taxes to be paid electronically via a bank account. It’s critical to the success of the blockchain sector that more than just a few banks serve the industry for basic checking/payroll/cash management accounts.”
She also clarifies that the SDPI bill creates a state-chartered, non-lending, 100% reserve depository institution for businesses only.
With this move, the state of Wyoming has established itself as a trendsetter in the US when it comes to the usage of blockchain technology and subsequently establishing clear guidelines and framework for the blockchain industry.