Wyoming eyes recruitment of a Chief for Stablecoins
Wyoming Stablecoin Commission Seeks Executive Director
The State of Wyoming has posted a job for an executive director of the Wyoming Stable Token Commission. The application deadline for the position is set for August 4.
The successful candidate will oversee the country's first state stablecoin project, which aims to define regulatory requirements for stablecoin issuers and clarify regulatory purview between the Commodity Futures Trading Commission and the Securities and Exchange Commission, as proposed by Senator Cynthia Lummis.
The executive director's responsibilities will include conceptualizing and implementing a business plan, legal and regulatory analysis, marketing, investment strategy, and ensuring proper reporting and compliance with the law. The role also involves managing risks, including cyber threats, regulatory shifts, and market volatility.
Wyoming Special Purpose Depository Institutions (SPDIs) can receive deposits and conduct activities incidental to the business of banking. However, they cannot make loans with customer deposits and must maintain liquid assets valued at 100% or more of their depository liabilities. SPDIs are not required to be insured by the Federal Deposit Insurance Corp., although they can choose to pursue it.
One of the notable SPDIs in Wyoming is Kraken's crypto exchange, which is on track to launch a crypto bank as an SPDI in the state. Another example is Custodia, a Wyoming SPDI, which has filed a lawsuit against the Federal Reserve over the central bank's master account application process.
The stablecoin that the Wyoming Stable Token Commission will oversee will be pegged to the U.S. dollar and redeemable for fiat held in a state-owned account. The Commission also has the authority to grant licensing rights for certain activities related to stablecoins.
Ideal candidates for the position should have connections and expertise in the blockchain industry, as well as familiarity with Wyoming's legislative processes. The executive director's annual salary is $150,000, which is $10,000 higher than Gov. Mark Gordon's salary.
Gov. Gordon has expressed reservations about the potential impact of the program on Wyoming's reputation as a thoughtful and strong leader in digital assets. The stablecoin project has been on lawmakers' radar since the collapse of the Terra/Luna stablecoin ecosystem in the spring of 2022, causing $2 trillion in value to drop out of the global crypto market. The state stablecoin bill was initially vetoed by Gov. Gordon over planning concerns, but was eventually passed after addressing some of his worries.
The search results did not provide information about the name of the candidate for the position of Executive Director of the Wyoming Stable Token Commission or the date of their official appointment.
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