Blockchain Betrayal: Wyoming’s Future Hangs in the Balance
As I sit in my bison ranch in Wheatland, Wyoming, surrounded by the majestic beauty of the American West, I am reminded of the state’s bold vision to become a blockchain pioneer. But, my friends, the reality is far from the promise.
Over the past few years, Wyoming has been touted as the most welcoming state in the U.S. for blockchain companies and innovators. The pro-crypto stance of the Trump administration has solidified its status as a model for how jurisdictions can build their economies. But, behind the scenes, a different story unfolds.
As a proud resident of Wyoming, I have witnessed firsthand the state’s commitment to blockchain innovation. My family’s state-of-the-art healthcare clinic in Gillette is a testament to the state’s forward-thinking approach. But, I am now concerned about the direction the state is taking.
The state-backed stablecoin initiative, announced two years ago, was intended to showcase how blockchain could revolutionize the state’s finances and set an example for other states and nations to follow. My company, Input Output, was proud to support this effort and actively fostered an open and democratic approach with the Wyoming Stablecoin Commission (WSC) and its Blockchain Selection Working Group (WG).
However, the stablecoin procurement process did not reflect Wyoming’s principles of openness and innovation. A lack of transparency, technical requirements that did not align with established frameworks, and blatant bias undermined the entire procurement effort, resulting in the unfair disqualification of Cardano, XRP, Bitcoin, Hashgraph, Algorand, and ICP.
As I watched the Wyoming Stablecoin Commission’s meetings, I was dismayed by the lack of transparency and the favoritism shown to Ethereum. Governor Mark Gordon and Anthony Apollo, Executive Director at WSC, heavily implied that Ethereum would get priority over other blockchain platforms in the bid. It is worth noting that Apollo is strongly tied to Ethereum as he was the Co-Founder of ConsenSys, the software development firm supporting the growth of the Ethereum ecosystem.
The technical criteria requirements in the evaluation methodology had no established basis in existing regulatory frameworks and further hampered Cardano and other blockchain vendors’ efforts to compete for the contract. For example, despite passing four out of five requirements for the Wyoming Stablecoin project, Cardano was disqualified because it failed the asset “freeze and seize” test.
However, neither federal regulations nor Wyoming State law mandates the functionality to “freeze and seize tokens.” Even with that said, Cardano, through its smart contract framework, native token, or even its on-chain functionality, can still do this – a fact WG admitted themselves to in an external email to Cardano – yet still failed to consider.
As I reflect on the events surrounding the stablecoin initiative, I am reminded of the words of Karen L. Wheeler, Wyoming’s former Deputy Secretary of State: “For a year, public meeting materials explicitly stated that the RFP process would be open to all. However, what began as a process of transparency and inclusivity took a troubling turn – shifting to a closed-door selection controlled by a subcommittee.”
The entire procurement process left me with a bad taste, and I realized I needed to address these failings in state-sponsored blockchain procurement processes directly. To that end, I have decided to launch the Wyoming Integrity Political Action Committee (PAC) later this year.
This initiative aims to do more than rectify the missteps of the stablecoin project – it’s about building a foundation for ethical governance that secures Wyoming’s bright future as a leader in all emerging technologies, from quantum computing to artificial intelligence.
The Wyoming Integrity PAC will focus on three key pillars:
1. Transparency: Advocating for open decision-making processes that involve public input and scrutiny.
2. Fairness through open collaboration: Ensuring that all innovators and businesses have an equal opportunity to compete and contribute, regardless of their connections or affiliations
3. Ethical innovation: Establishing Wyoming as a global example of governance that supports technological progress while upholding the highest standards of integrity.
The Wyoming Integrity PAC will be focused on addressing past mistakes and shaping a future where Wyoming can excel in blockchain and other emerging technologies. Our goal is to create an environment where great ideas can thrive, innovators feel welcomed, and trust is a cornerstone of governance.
I am committed to this long journey and will not give up. Wyoming’s aspiration to become a central hub for blockchain is worth fighting for, both for the state and the wider industry. We can build a state that promotes fairness, innovation, and opportunity for everyone. Let’s level the playing field, allow the best ideas to emerge, and may the best technology prevail.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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2025-02-03 20:19