Wyoming Stable Token Commission Meeting Overview
A meeting held by the Wyoming Stable Token Commission revealed plans to potentially refine their terminology in order to align more closely with upcoming guidelines from the Securities and Exchange Commission (SEC).
Concerns Over WYST Stablecoin Classification
During the session at the Wyoming Capitol on April 17, Commissioner Joel Revill raised concerns over the risk of the proposed WYST stablecoin being classified as a security under existing SEC regulations. These discussions follow SEC advisories stating that certain stablecoins identified as “covered” would not be considered securities and would, therefore, not be subjected to the usual reporting requirements.
Commission’s Strategic Initiatives
Executive Director Anthony Apollo noted the commission’s efforts to develop specific language for their stablecoin initiative, which would serve as a basis for further discussion. He mentioned that a more comprehensive evaluation of the SEC’s guidance is set for release in a forthcoming memo in May.
The commission’s formation followed Wyoming’s legislation aimed at creating a state-owned stablecoin linked to the US dollar, with the ability to convert to fiat currency. They have been actively considering matters related to the WYST.
Timeline and Federal Oversight
In August, Wyoming Governor Mark Gordon announced a timeline to introduce the stablecoin by the first quarter of 2025; however, this has since been revised to a potential launch date in July. The commission is closely observing federal efforts to shape a regulatory framework for stablecoin operations, including proposed legislation such as the GENIUS Act in the Senate and the STABLE Act in the House, both of which aim to provide clearer regulations for stablecoins.
Wyoming’s Cryptocurrency Landscape
Despite being the least populated state in the US, with around 600,000 residents, Wyoming has attracted several cryptocurrency businesses looking for a favorable regulatory climate. Notable among these is Custodia Bank, a digital asset bank founded by Caitlin Long, which operates out of Cheyenne. Additionally, US Senator Cynthia Lummis, a supporter of crypto-friendly legislation, represents Wyoming in Congress.
