When you think about states that serve as technological and industrial hubs, only a handful of states come to mind. California and New York lead the pack, with other states like Washington, Texas, and Illinois following thanks to certain major cities that call them home. But Wyoming hopes to soon add itself to that list as it is making a bid to become the cryptocurrency capital of America.
Since the start of 2018, lawmakers in the state have been working hard to make Wyoming cryptocurrency friendly. In March, a sweeping bill was signed into law by Republican Governor Matt Mead. This bill changed the rules governing limited liability corporations so they would work better for blockchain companies, enshrined utility tokens as an asset class, and exempted cryptocurrency from state property taxes.
Wyoming lawmakers are trying to move quickly in attracting cryptocurrency businesses not just because the economy in the state is lagging, but because the state once missed out on a similar opportunity in the 1970s. Back in 1977, Wyoming was the first state to allow LLCs, and has it acted faster with legislation supporting them, it might have become the LLC hub of the United States. Instead, Delaware moved fast in passing the correct laws and currently takes in 40 times as much as Wyoming in registration and filing fees from LLCs.
And Wyoming isn’t interested in losing out this time around.
Since March, the state government has been flooded with registration applications from companies dealing in cryptocurrency and/or blockchain, with 2-3 companies registering each day. However, the exact number of these companies is not known.
“This is one of the most exciting things that I have seen in a decade as far as the possibilities,” said David Pope, an accountant and executive director of the Wyoming Blockchain Coalition. “The more traction and the more ground we can gain toward Delaware, the better for the state of Wyoming.”