Wyoming has spent a little less than a decade turning into a state of bitcoin and crypto. Since 2019, the Legislative Assembly has adopted 30 bills supporting the digital asset industry. This year, the session has only seen four major bills tabled concerning these digital assets. As the legislature approaches major deadlineHere is where these bills are on Monday, February 10.
HB 201 State Funs-Investment in Bitcoin
HB 201 was presented by the representative Jacob Wasserburger (R-Cheyenne) and sent to the committee of the House of Minerals, Business and Development. The bill would have given the Treasurer of the State the possibility of investing up to 3% of public funds in Bitcoin. Representative Wasserburger said he had presented the bill in order to continue to advance Wyoming while other states were starting to embrace bitcoin.
“This is what I was really trying to do was doing it before the new administration (Trump) did it and before the rest of the country begins to adopt it,” said Wasserburger.
The Wasserburger representative hoped to invest in Bitcoin could help the state to follow inflation over time. Patrick Fleming, the director of investments of the State Treasury, also spoke during the time of the bill in a committee. He said that Wyoming was already exceeding inflation and that it was “firmly supporter of crypto”, but Bitcoin is simply too risky of an investment for him to make the state of Wyoming.
“Over the past 10 years, Bitcoin has been one of the best investments on the market. It was just a moon. But when you look at the volatility of it, for example in 2021, it was down 77%, these are the types of things that we do not want in our wallet, “said Flemming.
The bill was finally elected, with only the representative Kevin Campbell (R-Glenrock) still voting. Wasserburger said that he and his colleague, representative Daniel Singh (R-Cheyenne) can convince legislators to support similar efforts in the future by correctly explaining the complex world of Bitcoin and Crypto. “I have the faith and the hope that we can obtain our state in the right direction with (Bitcoin), a big problem is only the obstacle to education. But me and Daniel Singh, both being convinced that we can explain to people what we do, “said Wasseburger.
HB 256 – Committee selected on blockchain and emerging technologies
“There is therefore a discussion on the development of a blockchain committee,” said Wasserburger outside the Chamber of the Chamber, adding that it could even be taken into account for the Committee.
While Wasserburger was delighted to be more closely involved with Bitcoin developments, he will have to wait. HB 256 Who would have created a new limited committee on the blockchain for 2025 failed. Sponsored by Singh, the bill received an invoice number and provided for the introduction to the House, but was not provided before the deadline for introduction of February 3.
HB 264 – Central Bank Digital Currences – Prohibitions
Another bill presented by Singh was HB 264. This bill aimed to prevent the creation of a digital currency from the Central Bank (CBDC). Such a currency would be issued by a central institution similar to the way an American currency is issued by the Federal Reserve. Other countries have instituted such a currency such as the Jam-dexA digital currency issued by the Bank of Jamaica.
“He (the bill) prohibits state agencies from accepting the payments of the CBDC and shows that no dollar taxpayers is spent to implement or support the CBDC infrastructure and send a clear message At Congress that Wyoming rejects the idea of essentially controlled digital currency, “Singh told Singh at Wyoming The credit committee of the Chamber.
Representative John Bear (R-Gillette) supported Singh’s bill saying that it was good for the state to flex its rights in the 9th and 10th amendments. Once subject to a vote, all the members present to the Committee voted in favor of advancing the bill, with the exception of the representative Trey Sherwood (D-Laramie).
The bill adopted the second reading in the House without amendments and the third reading on February 3. The bill is now in the Senate, pending the introduction.
HB 308 – Act of cryptographic borders
The last major bill relating to the crypto was another bill provided by Singh. HB 308 would have allowed the attorney general of the State to “investigate the specified federal surpassing involving blockchain or cryptocurrency”. The bill complies with Singh and Wasserburger the objective of strengthening the capacity of the State to operate digital currencies without federal intervention. However, this bill has never been considered by the Chamber for the introduction.
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