Wyoming is Becoming a Growing Crypto Haven | Live Bitcoin News

Wyoming, despite its lack of a population, has been on a mission to become one of the most – if not the most – crypto-friendly regions known to man, and thus far, it’s succeeding.

Wyoming Still Loves Crypto

Over the past seven years, Wyoming has passed more than 30 crypto-based laws designed to regulate the industry, grow innovation, and make things safer. Steve Lupien – director of the Center for Blockchain and Digital Innovation at the University of Wyoming – explained in a recent interview:

We’re seeing a lot of companies that are moving to Wyoming. Last time I checked, there were over 3,000 companies that domiciled in Wyoming, and there are probably more now.

A lot of these companies are bringing either crypto or tech-oriented jobs. Lupien has seen a lot of his students graduate and leave Wyoming over the years. It’s estimated that about 70 percent of the graduates of the University of Wyoming leave their home state for “greener pastures,” though he thinks that’s going to change very quickly in the coming months and years given all the big tech-related alterations that are happening within the region’s borders.

Lupien said that the new statistics should be giving a lot of his future students hope that they may not have to leave to find work if they don’t want to. He said:

It gives my university graduates an opportunity to work in the digital asset space and not have to leave the state. [Several] of my graduates are now working for Wyoming companies or [have] started Wyoming companies.

One of the big crypto-friendly laws to be passed in the state involves one where crypto is placed on par with cash, so when one needs to file bankruptcy, for example, like the cash in their wallets, they don’t have to forfeit digital assets, meaning whatever bitcoin, Ethereum, or altcoin units they have in their pockets will stay there.

However, while things may look positive and clear on the horizon, Wyoming is experiencing a few problems here and there, a big one coming in the form of Custodia. The digital financial firm was denied access to Federal Reserve banking services not too long ago, and thus the enterprise has a cloud hovering over its operations.

The Bank Can Still Win

But while this may be scary at first, Lupien is confident Custodia will get its way, and all will be resolved in the end. He said:

When Custodia prevails, Wyoming will be ground zero for digital assets banking because there are four Wyoming SPDIs standing by ready to operate as soon as the Fed relents, [and] the court will make them.

In addition to all this, the state is headed by the most crypto-friendly senator in congressional history, and her name is Cynthia Lummis.

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• Source: https://www.livebitcoinnews.com/wyoming-is-becoming-a-growing-crypto-haven/