Should Americans be able to use decentralized digital currencies as an alternative to traditional forms of money, such as the US Treasury $20 bill? Ask many Wyomingites and you’ll likely hear a resounding “yes!”
We like our independence, we like the free market, and as investors and consumers we like choice. These are key benefits of new features built around blockchain, an immutable digital ledger technology that can help with challenges like security, protection, business contracts, and yes, innovations in financial services like cryptocurrencies.
Cryptocurrencies allow money to move quickly and freely between individuals and businesses. And while this may be a new concept to some – it’s a welcome attitude here in Wyoming. This makes “crypto” a welcome addition to the Cowboy State.
Wyoming has one of the nation’s most comprehensive, advanced blockchain regulatory structures, and it is our willingness to confront the issues raised by the new technology that positions us to benefit most from its development.
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Cryptocurrencies may not be at their peak elsewhere, but they are here. Our heads of state were farsighted and put in place a ground-breaking legal framework. We boast a highly effective Blockchain Taskforce that has partnered with lawmakers in crafting laws to establish how digital assets are defined and processed, enable smart contracts, allow crypto-specific banks to set up shop, and empower traditional banks to house cryptocurrency assets for Wyomingites and others.
The certainty that such forward-looking policies provide has given Wyoming a strong draw on cryptocurrency companies, crowding out more traditional tech and financial hubs. We are attracting crypto exchange companies and payment protocol providers to the Cowboy State. To date, approximately 500 decentralized autonomous organizations – a type of member-owned limited liability company (LLC) built on blockchain – have been established and 17,000 businesses with “crypto” in their name have been registered.
Also, having the right structures in place will position us with the talent and infrastructure to lead in the larger blockchain space. Blockchain platforms Cardano and Tacen, for example, have already chosen to call Wyoming home, a trend we can expect to continue.
For some Wyoming residents, talk of blockchain may seem far removed from their daily lives, but the positive effects will reach us all. We are attracting high-paying jobs for people like software developers and media specialists, who can help us fight ‘brain drain’ and offer opportunities for our young and talented people.
It would be great if the federal government could catch up and pass legislation like Wyoming’s to define the cryptocurrency and blockchain playing field across state lines. If anyone can bring that sense of enthusiasm to Capitol Hill on this issue, it will be our own Senator Cynthia Lummis. Known as the “Crypto Queen” of Congress because she was the first in that body to focus on cryptocurrencies, she understands the details and can help guide her colleagues toward solutions that will promote growth in the blockchain industry while protecting consumers.
A diverse economy is a more robust economy, able to withstand any instability in global markets and provide opportunities for current and future generations. Fortunately, our state leaders are wise to how cryptocurrencies and blockchain can contribute to these goals and have stepped forward to make Wyoming the best place in the world for these companies.
Tyler Lindholm is the state director for Americans for Prosperity in Wyoming. Former Wyoming House Majority Whip, Lindholm served in the Wyoming House of Representatives for six years.
