Wyoming may soon become the first state in the U.S. to provide clear banking permissions for cryptocurrencies and digital assets.
A bipartisan group of state legislators introduced SF0125 to the government on Friday, which, if passed, would classify digital assets as property within existing laws. It would also establish “an opt-in framework for banks to provide custodial services for digital asset property as directed custodians,” determine standards for such services, clarify how Wyoming courts might classify digital assets and more.
Caitlin Long, co-founder of the Wyoming Blockchain Coalition, told CoinDesk that the bill is a major step forward for the state, and could prove a boon for crypto startups and users alike.
“A lot of companies are setting up as New York trust companies … the [Wyoming proposal] is a much better license than a New York Trust license because it’s [aimed at banks] and it’s in a state that has clarified the legal status of digital assets. Those two things are equally important,” she said. “There isn’t another state that’s providing that clarity.”