Wyoming is looking to hire someone to oversee the country’s first state stablecoin project, according to a job posting last week.
The executive director of the Wyoming Stable Token Commission will be “responsible for carrying out the mission” of the panel, which was established in March to create a stablecoin pegged to the U.S. dollar and redeemable for fiat held in a state-owned account.
Notably, the new hire would make $150,000 annually, which is $10,000 higher than Gov. Mark Gordon makes.
Ideal candidates, according to the job posting, will bring existing connections and expertise in the blockchain industry, as well as a familiarity with Wyoming's legislative processes.
Responsibilities will include the conceptualization and implementation of a comprehensive business plan for the stablecoin program, including research, product design, legal and regulatory analysis, marketing and investment strategy, according to the posting. The executive director will be responsible for ensuring proper reporting and compliance with the law, and will manage risks including cyber threats, regulatory shifts, and market volatility.
Gordon initially vetoed the state stablecoin bill over planning concerns, including its lack of a clear business plan, but eventually let it pass without his signature after the state legislature addressed some of his worries.
“Nevertheless, I continue to harbor some reservation about the potential impact this program may have on Wyoming’s hard fought reputation as thoughtful and strong leader in the world of digital assets,” Gordon wrote when the bill became law in March.
“The Stable Token Commission should, at a minimum, have a solid plan in mind before proceeding to issue tokens,” he wrote. “Recent history should be a guide for what can befall a poorly thought through build-it-and-they-will-come scheme.”
Stablecoins have been on lawmakers’ radar since the spring of 2022, when the the Terra/Luna stablecoin ecosystem collapsed and caused $2 trillion in value to drop out of the global crypto market. The House Financial Services Committee published two draft bills on stablecoin regulation in April and May, and has since had at least one hearing on the bills.
Wyoming is known for its crypto-friendliness, and is one of two states to have special charters for banks looking to act as crypto custodians.
Marco Santori, Kraken’s chief legal officer, said in March that the exchange was on track to launch its own crypto bank as a special-purpose depository institution in the state.
Custodia, a bank that has garnered headlines for suing the Federal Reserve over what it sees as a double standard in the central bank’s master account application process, is a Wyoming SPDI.
And Cynthia Lummis, one of the state’s Republican senators, has positioned herself at the forefront of crypto legislation, introducing (alongside Sen. Kirsten Gillibrand, D-NY) a bill that would define regulatory requirements for stablecoin issuers and taxes on crypto transactions, and clarify regulatory purview between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Wyoming SPDIs can receive deposits and conduct activities incidental to the business of banking, according to the Wyoming Division of Banking, but can’t make loans with customer deposits and must maintain liquid assets valued at 100% or more of their depository liabilities. Therefore, SPDIs don’t have to be insured by the Federal Deposit Insurance Corp., though they can choose to pursue it.
The Wyoming Stable Token Commission’s executive director will be based in Cheyenne, the state capital, or Laramie. Preference will be given to applications received before Aug. 4.