Caitlin Long is a former member of the Wyoming Blockchain Taskforce who has done tremendous work being a trailblazer for good crypto regulation. Over the past few years Wyoming has turned into a crypto haven, and Caitlin explains why.
Out of the 13 blockchain laws Wyoming has enacted over the past 2 years, one of the most exciting developments is the "Special Purpose Depository Institution" - a 100% reserve bank, that would not require FDIC insurance, would have their own FED Master account, and would allow crypto companies to handle their own wire transfers and not have to rely on other institutions who frequently deny the crypto industry services. More reliable banking relations is a huge win for crypto. But these institutions would also become State Chartered Banks, and there are federal laws that prohibit discrimination against State Chartered Banks in other states. This could potentially override the need for a Bitlicense in order to conduct business in NY for the example.
We will have to see how all of this plays out once people start applying for these licenses, but Wyoming definitely seems to be doing some awesome things for crypto.
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