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Why Is Wyoming Leading the Charge in Blockchain Legislation?

By George Khoury, Esq. | Last updated on

For many in the tech industry, and specifically the crypto and blockchain sectors, it's clear why Wyoming is now leading the charge in blockchain legislation.

Since the state's epic mistake of basically banning the sale of crypto in 2015, it has turned around and passed a whole bunch of laws trying to backtrack on that unfriendly first impression. Now the state has poised itself to be to blockchain and crypto as Delaware is to corporations.

It's All About Money

When it boils down to why the state legislature is devoting so much time and effort to passing laws that are friendly to the emerging industry, it's simple ... it's all about money. The state is trying to lure new businesses in this emerging industry to set up shop there.

Unfortunately, as some commentators have noted, Wyoming might have a problem when it comes to attracting tech companies that no amount of regulatory friendliness will overcome: a lack of workers in the sector. No matter how attractive a state or city makes it for companies to move there, if the company can't get enough qualified workers locally, then it simply won't matter.

However, for small companies, and startups, digitally basing operations out of Wyoming, while actually operating elsewhere might end up being a new normal, at least if Wyoming gets lucky. As right now, there isn't much else to attract the emerging industry to the formerly hostile state.

A Digital Sandbox

Perhaps one of the most attractive regulations Wyoming passed will provide blockchain startups a one to two-year grace period where the companies may be able to operate out of compliance with other state laws as things get figured out. This openness to disruption, while optimistic, could end up being catastrophic or revolutionary -- and it looks like the Equality State will soon find out as the suite of laws start to take effect in the coming months.

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