Wyoming Seeks Head of ‘Stable Token’ Commission to Launch State Stablecoin

• Wyoming is looking to hire an executive director for its Stable Token Commission. The successful candidate will be paid a $150,000 annual salary and must have experience in the blockchain industry.
• The commission will be responsible for creating a proper legislative framework for the stablecoin project and deciding the overall number of tokens to be issued.
• Wyoming is considered crypto-friendly, with Governor Mark Gordon signing a bill protecting digital asset owners’ privacy and Attorney General Bridget Hill intervening in the case between Custodia Bank and the Federal Reserve.

Wyoming Seeks Executive Director For Stable Token Commission

The United States state of Wyoming is beginning its work on its stablecoin, officially called the “stable token” project, by opening a job position for the head of the stable token commission. The executive will lead a team responsible for making a proper legislative framework for the project. The position was opened on the federal government’s website for civil jobs on July 20th with pay of $150,000 annually.

Responsibilities Of The Commission

The Wyoming Stable Token Act was introduced in February 2022, becoming law in March 2023. According to this act, the stable token commission is responsible for deciding:
• The overall number of tokens to be issued
• Requirements for redemption
• Selecting financial institutions to manage tokens

Digital Currency Initiatives In Other US States

In April 2023, a similar initiative was proposed in Texas where lawmakers introduced bills creating a state-based digital currency backed by gold. Meanwhile several U.S. lawmakers have argued against introducing a central bank digital currency from the federal government’s perspective.

Wyoming’s Crypto Friendly Jurisdiction

Wyoming is considered crypto-friendly due to Governor Mark Gordon signing into law legislation preventing forced disclosure of private keys as well as Attorney General Bridget Hill intervening in Custodia Bank’s case against Federal Reserve banks seeking to defend crypto firms qualifying as state-chartered banks .

Conclusion

It appears that Wyoming is taking steps towards establishing their own stablecoin while also promoting cryptocurrency adoption through friendly laws and regulations aimed at protecting users rights and privacy when it comes to digital assets like Bitcoin or Ethereum .