Even if the American federal government is raining hard on the crypto industry, one state stood out for its acceptance of the novel technology, namely Wyoming. This state, dubbed the Wild West of cryptocurrency, has recently passed 24 blockchain-friendly laws. Now, according to a report by CNBC, the latest state-approved bill will enable “rapid approval for new crypto banks”.
Because of this proactivity, the state has managed to get miners and other crypto companies to settle there. Avanti and Kraken were one of the first crypto banks to receive charters in the state, paving the way for other firms to start similar businesses there. However, the contribution of Avanti CEO and Wall Street veteran Caitlin Long in executing these bills cannot be overshadowed.
In the CNBC report, the Wyoming native stated that the latest bill has further legitimized the crypto industry before lawmakers, thus promoting a more crypto-friendly legal environment in the country. She said,
“[Wyoming’s bill] has just made it clear that this industry is legitimate and exists in a recognized way. “
Nonetheless, the shortcomings that exist in the crypto regulatory structure of other states and at the federal level were also highlighted by Long. She mentioned that Wyoming did not levy taxes on personal crypto income compared to other states. In addition, the state provided cheap energy resources and fast internet connections to attract miners of various cryptocurrencies to the state.
The Chinese bitcoin mining crackdown turned out to be a lucrative event for Wyoming as many miners decided to move their base to the state. The Republican US Senator from Wyoming, Cynthia Lummis, even invited Bitcoin miners to her state in a tweet. She was also part of the senators proposing crypto changes to the infrastructure law. In the CNBC report, she was quoted as saying:
“The State [of Wyoming] brings more sales and tech jobs thanks to crypto. It could be a sandbox in use for [Washington] DC. “
She went on to explain how persistent delays in crypto reforms are causing many startups to “blow the capital” to get permission to conduct their businesses. However, the report states that senior management at leading crypto banks Avanti and Kraken believe other states will follow suit on positive crypto regulation.
With regulatory delays not conducive to economic growth, many U.S. states such as Texas, Nebraska, North Dakota, and Illinois have already started enacting their own crypto-friendly laws. In addition, Wyoming and Texas are already leading the way in the race for the most miners in their states. It looks like the crypto wild west is still alive.