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Cryptocurrency's Wild West is in Wyoming


Gina Chon
3 minute read
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
WASHINGTON, July 7 (Reuters Breakingviews) - U.S. cryptocurrency businesses are riding out to the Wild West of Wyoming. The cowboy state has revamped financial rules to attract bitcoin startups, putting it ahead of the Federal Reserve and other D.C. regulators. But the measures for bitcoin banks are untested, making it the venue for crypto’s first big rodeo.
Wyoming is trying to diversify beyond old school industries like coal, oil, and gas. In 2019, it came up with a charter for banks that deal mainly in digital assets called a special purpose depository institution. So far the state has approved three applications, including one to bitcoin trading platform Kraken Bank and another last month to Wyoming Deposit & Transfer. ....

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