According to local media reports, the Wyoming Stable Token Commission held its first meeting this week. Notably, the commission is the first state body in the United States with the authority to issue stablecoins.
The meeting was attended by several personalities including Mark Gordon, governor of Wyoming, who’s been cautious through the process. He asked state officials to confirm the essential details regarding the process as to what the commission is trying to do with the stablecoin and if it will be a digital representation of the US Dollar.
He also said that the stablecoin must be issued following the “letter of the law.” Letter of the law is a commonly used phrase to describe the act of following what is actually written in the law, rather than according to the general principles of it. Further, Gordon said he was concerned that under federal law, the legality of a state-issued stablecoin is questionable. However, he added:
It is quite clear this is new and different. It’s also quite clear that our federal friends may not look as favorably on it as we would like.
David Pope, a CPA and a co-founder of the Wyoming Blockchain Coalition appreciated the governor, the state treasurer Curtis E. Meier, and the state auditor Kristi Racines for their work on this front. In his tweet, he wrote, “This is one that Wyoming has to get right.”
The aforementioned blockchain commission was created in March by the state legislature after Governor Gordon approved the Wyoming Stable Token Act without a signature.
While the individual states in the US have been largely divided on matters of crypto legislation, considering its recent move in support of digital asset adoption, Wyoming is seen as one of the most crypto-friendly states.
However, Wyoming is not the only state considering the idea of issuing a stablecoin. Last month, the Texas Senate Bill 2334, introduced by Senator Bryan Hughes, and House Bill 4903, introduced by Representative Mark Dorazio, collectively represent the first proposal for a state currency not backed by the dollar but by gold.
In August 2021, lawmakers proposed MiamiCoin (MIA), an alternative cryptocurrency that the city would store in a wallet and allow others to purchase. Nonetheless, Wyoming has established its place as one of the most crypto-advocating states in the country. In February, the state passed a new bill to prohibit courts from compelling individuals to disclose their digital asset private keys.
The bill, titled “Production of private keys; prohibition,” was passed after two years in the works, and will prevent private keys associated with digital assets, digital identity, and other rights from being forced out in any proceedings, civil, criminal, administrative, legislative, or otherwise.