Wyoming is a state in the west region of the US. It is the 10th largest in the country by area and is home to tourism, agriculture and mining. It has also adapted to new technology like a charm and has now been embracing cryptocurrencies and blockchain. They have laws that favour the growth of the crypto industry. In fact, these laws are so great that Senator Cynthia Lummis thinks that the rest of the US should embrace crypto, just like Wyoming.
Wyoming embracing crypto
The crypto-friendly laws of the state have pushed adoption to a good degree there. It has been attracting companies that are into crypto and start operations there. Big companies like Ripple Labs, Kraken, Cardano, among other firms, have entered the state. The path that Wyoming has chosen won’t be easy, but it will open them to endless possibilities of innovation and growth. One of the democrats from the state said that they want to bring new technologies to the state. Wyoming already has a lot of coal and gas, and they don’t want it to be the future.
Wyoming’s attempt to embrace crypto also shows that it is possible for states to start the revolution even though the laws are biased on the other side. They have also allowed the operations of decentralized organizations, which will be yet another revolution within itself. Some states are already becoming crypto-friendly, and the number will most likely increase in the future. But as of now, Wyoming has become the most crypto-friendly state in the US.
This is great news
Laws that are making Wyoming a crypto-friendly state is pushing adoption to another level. It has made the use of smart contracts a legal and obvious thing. They have also made sure that firms have direct ownership of their assets through a custodian bank. Wyoming is also planning to launch a whole new banking charter for banks involved in cryptocurrencies. All in all, the state is poised to become the forefront of the crypto revolution in the US. And now it makes clear sense why Cynthia Lummis wants the rest of the US should embrace crypto just like this state.
What are your thoughts on Wyoming’s crypto-friendly law? And do you think other US states will also follow this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.