Source: Cointelegraph Original: "{title}"

The Wyoming Stablecoin Committee is the agency authorized to issue stablecoins in the state of Wyoming, and the committee has indicated that it may clarify its language to better comply with potential guidelines from the Securities and Exchange Commission (SEC).

During a meeting held on April 17 at the Wyoming State Capitol expansion, Commissioner Joel Revill suggested that the agency could reduce the risk of the proposed WYST stablecoin being classified as a security under SEC rules. The commissioners, along with Executive Director Anthony Apollo, mentioned in discussions that the SEC has released guidelines indicating that certain "regulated stablecoins" are considered "non-securities" and are largely exempt from reporting requirements.

"We want to create our own terminology around these issues for clarification, and then use that as a starting point for the committee's discussions," Apollo said, adding that while the committee has already discussed the SEC's guidelines internally, it plans to formally address the issue in a memorandum in May.

The committee was established following the passage of legislation in Wyoming aimed at issuing state-backed stablecoins that are pegged to the U.S. dollar and redeemable for fiat currency. The committee has been exploring issues related to WYST. Wyoming Governor Mark Gordon stated in August that the government initially planned to launch the stablecoin in the first quarter of 2025, but later revised the timeline to potentially launch in July.

Seeking Guidance from Congress

The committee stated that it will closely monitor federal efforts to establish a regulatory framework for stablecoins. Proposed legislation in the Senate includes the "Guidance and Establishment of the U.S. Stablecoin Innovation Act" (GENIUS Act), while legislation in the House includes the "Stablecoin Transparency and Accountability Act" (STABLE Act).

Despite being the least populous state in the U.S., with about 600,000 residents, Wyoming has become a home for some crypto companies seeking a regulatory-friendly jurisdiction. The digital asset bank Custodia Bank, founded by Caitlin Long, is headquartered in Cheyenne. U.S. Senator Cynthia Lummis, a frequent supporter of crypto-friendly policies, is a senator from Wyoming.

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