The project in question is called “Wyoming Stable Token Act (SF0106)”, and if it is approved, the state treasurer will have until December 31 to launch the stablecoin, or failing that, present a report on November 1 detailing why said initiative has not been carried out.
Wyoming state senators introduced a new bill this week, proposing the creation of a US dollar-pegged stablecoin that can be used by local residents and merchants.
Plans for Wyoming to launch its own stablecoin
The project in question is called “Wyoming Stablecoin Act (SF0106)” and was introduced by state senators Chris Rothfuss and Tara Nethercott, in collaboration with lawmakers Mike Yin and Jared Olsen. This framework is expected to allow the state treasurer, Curtis Meier Jr, to create the coin in question backed by a trust.
This new bill seeks to further deepen the open nature that the state of Wyoming has in relation to the ecosystem of digital currencies. Let us bear in mind that in mid-2021 the Secretary of State legally approved the first decentralized autonomous organization (DAO) both locally and nationally, and subsequently approved Commerce Financial, another crypto bank to operate in your jurisdiction.
However, the US Securities and Exchange Commission (SEC) has conflicted with these appointments revoked some of the permits granted by the Wyoming Secretary of State to certain institutions.
A pretty daring bet
Currently the best-known stablecoins in the crypto market enjoy great adoption, although the US government and regulatory agencies have had their reservations with some of the most notable exponents in the sector.
An example of this is the same Tether (USDT), stablecoin associated with the exchange Bitfinex, which has been the subject of many accusations regarding the opacity of its operations and the shady handling of its finances.
While in theory, a state-issued stablecoin can enjoy much more legitimacy than exponents like Tether, it remains to be seen whether organisms such as the SEQ wave CFTC would agree to such an initiative. The truth is that if the state approves the bill, the treasurer will have until December 31 to issue said asset, or failing that, submit a report to the respective committee no later than November 1 of this year justifying the reasons why it has not been done.
Angel Di Matteo version / DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.