Wyoming aims to become the blockchain capital of the US
The least populous state, known for its cowboys is lobbying to become a blockchain hub in the country. 13 blockchain laws have been enacted over the last two years, with many others under way.
“The ethos of blockchain and the ethos of Wyoming are very similar”Caitlin Long, co-founder of the Wyoming Blockchain Coalition
While New York is favouring stricter laws, Wyoming Blockchain Coalition is a lobbying group responsible for pushing for the crypto-friendly bills. It sees opportunity to take advantage of the lack of federal law clarity to attract blockchain projects and companies to the state.
And evidently so. Dozens of cryptocurrency and blockchain startups have set up as limited liability corporations in the state.
“I’ve been around startups a long time and I don’t ever remember interacting with a tech startup that was based in Wyoming. But in the last two years just in crypto I’ve seen it multiple times.”Stephen McKeon, an economics professor at the University of Oregon
The move towards easing blockchain could also see Wyoming diversify from its unhealthy coal mining industry. However, there is one small glitch: federal policy takes precedence over state rules. This means Wyoming can attract blockchain projects for now, but it will be a short term gain if the country sees strict federal rules come into place.