Wyoming has steadily positioned itself as a Bitcoin and cryptocurrency-friendly state over the past decade, passing 30 bills since 2019 to support the digital asset industry, Wyoming Public Media reports.
As the state legislature enters the final stretch of the 2024 session, four key bills related to Bitcoin and crypto are still under discussion. Here’s an update on the status of those bills as of February 10th.
Rep. Jacob Wasserburger (R-Cheyenne) introduced HB 201, which would have allowed the state treasurer to invest up to 3% of state funds into Bitcoin. Wasserburger argued that this bill was an effort to keep Wyoming ahead of the curve as other states begin to embrace Bitcoin. He expressed a desire to act before the next administration and national momentum toward crypto. The goal was to help Wyoming hedge against inflation.
However, despite his advocacy, the bill was voted down. Patrick Fleming, Wyoming’s Chief Investment Officer, voiced concerns about the volatility of Bitcoin, pointing out that such drastic swings in value could negatively impact the state’s investment portfolio. Only Rep. Kevin Campbell (R-Glenrock) voted in favor. Wasserburger remains hopeful that with continued education on Bitcoin and its potential, future efforts may succeed.
Another key piece of legislation, HB 256, proposed the creation of a new select committee dedicated to blockchain and emerging technologies, to be established in 2025. Sponsored by Rep. Daniel Singh (R-Cheyenne), the bill failed to meet the Feb. 3rd introduction deadline, preventing it from being considered this session. While Wasserburger expressed interest in being part of the committee, the bill’s lack of progress means discussions on its formation will be deferred.
HB 264, introduced by Rep. Singh, sought to prevent Wyoming from accepting central bank digital currency (CBDC) payments. The bill would ensure that state agencies are prohibited from supporting CBDC infrastructure, reflecting Wyoming’s stance against controlled digital currencies issued by central institutions like the Federal Reserve. Singh emphasized that this move was intended to protect the state’s autonomy over its digital assets.
The bill gained traction within the House, passing its second reading without amendments and advancing to the third reading by February 3rd. It has since moved to the Senate, where it is awaiting introduction.
The final major bill, HB 308, proposed empowering the state attorney general to investigate potential federal overreach concerning blockchain or cryptocurrency. This bill was in line with Wasserburger and Singh’s efforts to maintain Wyoming’s independence in operating digital currencies without federal interference. Unfortunately, HB 308 was never considered for introduction in the House.
