Wyoming residents are feeling the impact of blockchain more than any other state. Despite being the vast expanse of land for rodeo and cattle ranches, technology is making a big impact in this state.
Wyoming may be seen as ‘old-fashioned,’ but it’s definitely not stuck in the past. In fact, many blockchain entrepreneurs are looking to the state because of its relatively lax laws.
Over the past two years, the Wyoming legislature has passed more than a dozen blockchain-related laws to establish a framework for digital assets. A number of crypto-related businesses are also planning to move here.
One rancher, John Widdowson, told CGTN America that the potential is there, even in his eyes.
“A book’s not really good if you just read one chapter here, one chapter there,” John Widdowson said. “It’s when you put all the chapters together, and so that’s what blockchain is going to do. It’s going to allow us to put all the different sectors of the cattle industry together.”
It was because of the state’s open regulatory environment that Veteran Wall Street investor Caitlin Long decided to establish the Wyoming Blockchain Coalition. It lobbies on behalf of blockchain companies and has won some legal battles in making the regulatory framework more accessible in the state. She attributes the success of blockchain Wyoming as a result of a personal ethic. “Well there’s an ethos in this community which is rugged individualism, personal responsibility,” she said.
Perhaps federal regulators can learn a thing or two from Wyoming’s approach to cryptocurrencies.
Do you agree that Wyoming could become one of the major crypto-hubs in the United States? Let us know your thoughts in the comments down below.
Image courtesy of CGTN America.