None of the chartered applicants have received a certificate of authority to operate yet, however.
Wyoming's world-first law on DAOs is the start of recognizing these legal entities worldwide, says a lawyer specializing in such arrangements.
“We have to do a great deal more” to clarify the U.S. cryptocurrency regulatory framework, Wyoming's Cynthia Lummis said.
If signed by the governor, the legislation would create a state charter for crypto banks.
The guidelines would have a direct bearing on Wyoming special purpose depository institutions that want access to Fed payments, said U.S. Sen. Cynthia Lummis.
Wyoming DAO LLCs have to be domiciled in the state, which could be a point of confusion for denizens of the decentralized web.
Pro-blockchain lawmakers in the state have made cryptocurrency inclusion a natural feature of their legislative agenda.
The digital bank will put the extra cash toward meeting Wyoming regulators’ pre-launch capital requirements.
The bill now proceeds to a vote in the Wyoming House of Representatives.
Under the act, the state would implement a new filing system to "use blockchain technology as the the technological framework for the system," by the end of 2021.
The SEC’s recent statement about qualified custodians shows the federal agency is still puzzling out important questions for the crypto space.
An innovative region far from the center of financial power is taking meaningful steps towards reforming finance from the edges.
Keeping Wyoming's lead in crypto banking is a priority of the state's top elected official, Gov. Mark Gordon.
The Wyoming Division of Banking will receive training and two software licenses from blockchain intelligence firm Chainalysis.
On Wednesday, the Wyoming Banking Board voted to approve Kraken’s bank charter application. Kraken is the first SPDI bank in Wyoming.