The nation’s least-populous state hopes the special financial institution for holding cryptocurrency will draw a steady stream of digital assets.
Wyoming might not be first in mind when it comes to cutting-edge financial technology, but the state is forging ahead with plans to attract a small fortune in cryptocurrency assets from companies eager to sidestep federal oversight.
Long compared Wyoming’s efforts to get around financial regulatory obstacles to what South Dakota did in the 1980s, when credit card companies were looking for a way out of interstate banking prohibitions. There are limitations. Long said cannabis banking won’t be a permissible use of the state’s special purpose depository institutions, as all activities must comply with state and federal law. The bank is also explicitly prohibited from making loans.
But Alfred said those in the cryptocurrency industry remain cautious: “Let’s see if there are any legal challenges, let’s see how the federal government reacts to this, let’s see how other states react to this, before we sort of declare victory." But that type of entity isn’t explicitly recognized as a bank in every state or under all federal laws.
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