CHEYENNE, Wyo.—Lawmakers on the Select Committee on Blockchain have revised a bill vetoed by Gov. Mark Gordon during 2022 that would create a Wyoming stable token.
“Stablecoins, or tokens, attempt to create a cryptocurrency that has a stable price — something that has so far proven elusive. By backing its token with actual assets, Wyoming hopes to avoid the problems that have plagued other efforts. If successful, it would be the first state with a cryptocurrency coin of its own,” the Cowboy State Daily reported.
Gordon said at the time the bill was vetoed that it had many “good ideas,” but that he was concerned about the state’s reputation if the effort should fail, Cowboy State Daily noted.
“He also disagreed with oversight being put in a single agency or department. He believes it should be a concerted effort of the executive branch,” Cowboy State Daily added.
Gordon had recommended further study of the matter during the interim, to see if all these issues could be addressed.
Calls for a Commission
Sen. Chris Rothfuss (D- Laramie) told lawmakers on the Senate Minerals, Business and Economic Development Committee that the revised “Wyoming Stable Token Act,” Senate File 127, would establish a commission to oversee the program, which would include the governor or his designee, as well as the auditor and treasurer, or their designees, Cowboy State Daily said.
Those three would then select four subject matter experts to serve on the commission as well, making it a seven-member body, similar in structure to other Wyoming Commissions, like the Wyoming Energy Authority, according to the report.
“This is the aspect that is really intended to help satisfy some of the concerns that were raised by the governor,” Rothfuss said.
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