Legislators talk about the future of finance

Updated: Feb. 24, 2023 at 6:37 PM CST
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CHEYENNE, Wyo. (Wyoming News Now) - On Friday, the Wyoming Stable Token Act is a bill that would create a virtual digital currency redeemable for one U.S. dollar, held in trust by the state of Wyoming.

The bill will also create a commission to authorize the Wyoming Stable Token.

”It’s a really good opportunity for the state of Wyoming and very exciting for us to be once again the first and the leader of digital asset space,” said Sen. Chris Rothfuss, S.D. 9.

Next, If you’ve used PayPal or Venmo, you’ve used an application program interface or API.

The Open Banking bill would allow API transactions with cryptocurrencies and crypto banks.

Lawmakers say this would help the future growth of business in Wyoming.

”We want to be innovative, right we want to attract folks who want to invest in our state and who want to open up companies in our state, and this is another piece of legislation that does exactly that. It sends a message that we want innovators here,” said Rep. Cyrus Western, H.D. 51.

This bill would also require companies to comply with applicable state and federal laws and the protection and use of customer data.

It would also require the commissioner to adopt rules regulating the collection, use and disclosure of customer data in open banking.

Lawmakers say this could be the future of finance.

”Five years ago, we passed the same type of legislation when it came to crypto banks. Five years later, we’ve got hundreds of jobs in the state, and so it’s something that has been really beneficial, so we think that same kind of thing has the same potential here in Wyoming,” said Western.

Lawmakers will reconvene next week for the final week of the 67th legislative session.