Wyoming Weighs Whether SEC Should Care About Their Stablecoin Plans –

by

In a meeting on the 17th of April, the Wyoming Stable Token Commission (yes, such a thing exists) gently hinted at a potential, ever-so-slight adjustment of their terminology to keep their pet project—WYST stablecoin—clear of the prying eyes of the Securities and Exchange Commission (SEC). Now, isn’t that a headline you’ll never forget? 💰

Held in the sprawling corridors of Wyoming’s Capitol—remember, it’s the one with all the room and very few people—Commissioner Joel Revill pondered whether they could minimize the risk of their new baby, the WYST, accidentally becoming a “security.” Apparently, such a thing could happen if they don’t mind their P’s and Q’s with the SEC rules. Oh, the drama of it all. 😏

Anthony Apollo, the commission’s ever-so-dutiful Executive Director, chimed in, suggesting they might craft some carefully worded “vernacular” (a.k.a. jargon) to keep things “clarified.” All this, he assured, would be used as a “jumping off point” for a riveting commission discussion. Ah yes, the joy of bureaucratic wrangling. 🧐

The commission, as grand as it sounds, was birthed after Wyoming’s decision to become the trailblazer of state-issued stablecoins, pegged to the almighty dollar itself. The timeline? Initially promised to hit the streets by Q1 2025, but now? Maybe July. But who’s counting? Certainly not Governor Mark Gordon, who announced the delay with a shrug and a slight smile. 😅

Oh, And Let’s Wait For Congress To Catch Up

Meanwhile, as Wyoming twiddles its regulatory thumbs, the commission is patiently watching the federal government and its oh-so-necessary stablecoin legislation. In the spotlight: the GENIUS Act (yes, GENIUS, because why not name an act that makes you feel dumb for not understanding it?) and the STABLE Act—because we all need more stability in our lives, right? 🙄

Even though Wyoming’s population is a laughable 600,000 (practically a small town), crypto firms are flocking to it like moths to a flame. Custodia Bank, Caitlin Long’s digital asset haven, is headquartered in Cheyenne, adding some weight to Wyoming’s crypto-friendly claim. Oh, and did I mention that the very crypto-advocating Senator Cynthia Lummis represents Wyoming? The whole thing just screams “we’re in charge here”—and they are! 💸

Read More

2025-04-17 22:29