Despite the fact that the American federal government is slamming the crypto industry, Wyoming stands out for its embrace of the novel technology. This state, dubbed the “Wild West of crypto,” has recently passed 24 blockchain-friendly bills. The most recent bill approved by the state will now allow for “quick approval for new crypto banks.”
Because of this foresight, the state has been able to attract miners and other crypto businesses to set up shop there. Avanti and Kraken were among the first crypto banks to receive state charters, paving the way for other companies to set up shop in the state. However, Avanti CEO and Wall Street veteran Caitlin Long’s role in bringing these bills to life cannot be overstated.
The Wyoming native stated in the report that the latest bill has further legitimized the crypto industry in the eyes of legislators, fostering a more crypto-friendly legal environment in the country. She stated,
“[Wyoming’s bill] simply clarified that this industry is legal and exists in a recognized manner.”
Long did, however, highlight the flaws in other states’ and the federal government’s crypto regulatory frameworks. She stated that, in comparison to other states, Wyoming does not tax personal cryptocurrency income. Furthermore, in order to attract miners of various cryptocurrencies, the state provided cheap energy resources and fast internet connections.
The Chinese Bitcoin mining crackdown proved to be a profitable event for Wyoming, as many miners relocated to the state. Cynthia Lummis, a Republican US Senator from Wyoming, had even invited Bitcoin miners to her state in a tweet. She was also among the senators who proposed cryptocurrency amendments to the infrastructure bill. She was quoted in the report as saying:
“As a result of cryptocurrency, the state of Wyoming is generating more revenue and creating more tech jobs. It could be [Washington] DC’s sandbox in action.”
She went on to explain how the continued delays in crypto reforms cause many startups to “burn through capital” in order to obtain permission to conduct business. According to the report, senior executives at leading crypto banks Avanti and Kraken believe that other states will follow suit in terms of positive crypto regulation.
Because regulatory delays stifle economic growth, many states in the United States, including Texas, Nebraska, North Dakota, and Illinois, have already begun to pass crypto-friendly legislation. Furthermore, Wyoming and Texas have already established themselves as frontrunners in the race to attract the most miners to their states. After all, it appears that the crypto wild west is coming to life.