Caitlin Long, the Wall Street veteran who spearheads the Wyoming Blockchain Coalition, took to Twitter to share some exciting news with cryptocurrency enthusiasts. The Wyoming Senate has just passed the ‘fintech sandbox’ bill that is expected to be a major catalyst for the growth of the Blockchain industry in the Cowboy State.
Two bills have gotten the green light
According to Long, two of the eight Blockchain-oriented bills got the green light from the local legislators. The latest bill was passed 27-3, enjoying almost unanimous support in the Senate. Sen. Ogden Driskill, R-Devils Tower, presided over the voting process.
The bill will shepherd the development of fintech businesses that focus on Blockchain, cryptocurrencies, and other fledgling technologies. Startups will be able to operate within a flexible regulatory sandbox before to test their products and services before applying for formal licensure.
As reported by U.Today, the Senate passed the very first bill, which was supposed to recognize cryptocurrencies as legal property, on Jan. 31. Thus, Wyoming became the very first state to make such a huge step towards Blockchain adoption.
Luring in Blockchain-powered startups
The eight bills are supposed to attract Blockchain and other fintech companies to the state. Long earlier claimed that eight prominent Blockchain companies have already shown interest in Wyoming. Such giants as Fidelity and Coinbase are now able to operate in the state without incurring legal issues.