Wyoming advances sandbox bill to foster blockchain and fintech innovation

Wyoming State Capitol Building in Cheyenne, WY (Shutterstock)

The Wyoming House Committee on Minerals, Business and Economic Development has unanimously approved the “Financial Technology Sandbox” bill, CoinDesk reported.

Caitlin Long, co-founder of the Wyoming Blockchain Coalition, said in a tweet:

aaaannnddd ANOTHER ONE! #Wyoming #fintech sandbox bill passed House committee 9-0!! Way to go @Tyler_Lindholm! Thanks to the small army of people who came to Cheyenne today! Vote on #bank bill deferred to next Friday, so stay tuned for updates on that big one! @asset_trade pic.twitter.com/w8e0iJHkX8
— Caitlin Long ???? (@CaitlinLong_) January 11, 2019

The bill states that the state of Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators, and underscores the need for a regulatory sandbox for these innovators to develop the next generation of financial technology products and services.

If passed, the bill will create a program which will allow a person to “make an innovative financial product or service available to consumers during a sandbox period through a waiver of existing statutory and rule requirements, or portions thereof, by the commissioner or secretary.”

Long noted that the bill has passed “the most important” step and expects the entire process to be completed before the legislative session ends in March.

Vote on another blockchain-friendly bill, the special-purpose depository bank bill, is expected to take place on January 18. In addition, House Bill 70 was introduced last week that seeks to authorize “the secretary of state to develop and implement a blockchain commercial filing system.”