Four lawmakers from the crypto-friendly state of Wyoming have proposed legislation that will make it possible for a state-issued stablecoin.
State Treasury to Issue Stablecoin Under Wyoming’s Proposed Law
Senator Chris Rothfuss, Tara Nethercott, and House Representatives Jared Olsen and Mike Yin are the lawmakers who proposed the Wyoming stablecoin bill. The proposed legislature wants the treasurer to issue stablecoin pegged to the U.S. dollar this year. The bill is named the Wyoming Stable Token act (SF0106) and would be redeemable to fiat through a bank account under the state’s control.
The bill stipulates that the state officials have until December 31 this year to issue the stablecoin. If the Wyoming proposed law is deemed inconsistent with the federal or state law, then the same officials should communicate this by November 1.
The state treasurer, who the bill wants to issue the stablecoin, is Curtis Meyer. He will have to consult with the State Department’s Investment Funds Committee on issuing the stablecoin if the bill comes to pass.
The same state treasurer will provide the guidelines on the use and the limitation of using the Wyoming state-issued stablecoin. Additionally, the office would be mandated to hire staff to see them through the project.
Caitlyn Long Gives Her Two Cents on Wyoming’s Stablecoin Bill
CEO of Avanti Financial Caitlyn Long, also based in Wyoming, gave her thoughts on the bill. According to Long, if approved, the Wyoming stablecoin bill could have both positive and negative aspects. Nonetheless, Long believes that the proposed legislation is good for lawmakers looking into Stables, which she thinks is a bridge between the U.S. dollar and digital currencies.
Caitlin Long also described the legislation as a mind-bender. The fact that the Wyoming state-issued stablecoin would be a municipal bond that neither pays interest nor has a maturity date was thought-provoking.
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