Wyoming is poised to be the next Bitcoin state thanks to its friendly and clear regulation, abundance of energy resources, and thriving innovation ecosystem. We spoke with Caitlin Long, Avanti CEO, and Senator Cynthia Lummis who both live in Wyoming to find out what is behind the state’s rapid-track on Bitcoin innovation.
Wyoming is making efforts to be a hub for bitcoin companies, by passing friendly legislations and clarifying those already in place. 26 blockchain-related bills have been passed in Wyoming, including a new charter for bitcoin banks. These bills were also approved quickly by regulatory agencies.
Avanti founder and CEO Caitlin Lang stated that Wyoming created a welcoming legal climate, which clarified that the cryptocurrency industry is legal and exists in a recognized way. “In other states, most of the industry is in a legal and regulation grey area.”
Wyoming does not have a personal income tax, which may have prompted people to search for new places to call home. Wyoming offers a lot of energy resources that are cheap and plentiful, which is crucial for those who want to move their bitcoin mining operations to Wyoming after China cracked down on it. Cheyenne, Wyoming’s capital has been transformed into a data center hub and offers high speeds and uptime.
According to Sen. Cynthia Lummis, the state is now generating more revenue and creating more jobs in tech. However, she hopes that Wyoming’s success will inspire the federal government to take greater steps.
Sen. Cynthia Lummis stated that there has been a long delay in obtaining [regulatory] actions. “We are trying to encourage [federal government] to move this along so these businesses are not burning through capital trying to get charters…they can actually start to conduct business.”
Wyoming’s positive attitude towards innovation is part its history. Wyoming has a history of pioneering new laws. It was the first state in America to allow women to vote, and it also had Limited Liability Companies (LLCs). We hope that Wyoming’s positive regulatory actions towards Bitcoin will inspire other states and the federal governments to embrace this innovation.