Over the last several years, Wyoming has made significant strides to establish itself as a leader in the blockchain and cryptocurrency arena. This landlocked state in the U.S. Mountain West has embraced a bold vision, positioning itself as a welcoming haven for blockchain companies and innovators through its crypto-friendly legislation. The pro-cryptocurrency stance of the previous administration has only reinforced Wyoming’s reputation as a model for economic development through digital innovation.
My Personal Connection to Wyoming
As someone who has chosen Wyoming as my home, I have witnessed firsthand the potential of this state. My family resides in Gillette, where we operate a thriving bison ranch in Wheatland and manage a state-of-the-art healthcare clinic, employing hundreds of dedicated individuals. My commitment to Wyoming runs deep, but recent events surrounding the state-backed stablecoin initiative have raised concerns about transparency and fairness in public procurement processes.
The Importance of Transparency in Blockchain Initiatives
If Wyoming aims to lead in blockchain technology—and any emerging field—then fairness and openness must be at the forefront of its procurement practices. With so much at stake, I am addressing these challenges directly by developing a framework that sets a high standard for local governance, which could serve as a benchmark for pro-crypto policies at the national level.
The Promise of the Wyoming Stablecoin Initiative
Two years ago, Wyoming announced its state-backed stablecoin initiative, designed to demonstrate how blockchain technology could transform the state’s financial landscape. My company, Input Output, which powers the Cardano blockchain, was proud to support this initiative. We actively engaged with the Wyoming Stablecoin Commission (WSC) and its Blockchain Selection Working Group (WG) throughout the Request for Proposal (RFP) process, focusing on compliance, issuance, and technological standards.
For over 18 months, we collaborated with both parties to ensure the stablecoin initiative would not only succeed for Wyoming but also serve as a global model for other jurisdictions looking to harness blockchain technology.
Examining the Procurement Process: A Missed Opportunity
Regrettably, the procurement process for the stablecoin initiative fell short of Wyoming’s ideals of transparency and innovation. Key issues, including a lack of openness, misaligned technical requirements, and evident bias, ultimately undermined the entire effort. Consequently, several prominent blockchain platforms, including Cardano, XRP, Bitcoin, Hashgraph, Algorand, and ICP, were unfairly disqualified.
From the outset, the selection process was shrouded in secrecy, depriving the public of an opportunity for input. The WSC and WG effectively developed criteria that favored established solutions like Ethereum or Solana, ignoring the merits of newer blockchain technologies.
It became increasingly clear that Ethereum was the favored choice for the commission, as indicated by statements from Governor Mark Gordon and WSC Executive Director Anthony Apollo. Apollo’s personal preference for Ethereum and Polygon, coupled with his background as a co-founder of ConsenSys, further highlighted the bias present in the selection process.
Compounding the issue, the technical criteria used to evaluate proposals lacked grounding in existing regulatory frameworks, which hindered the ability of platforms like Cardano to compete effectively. For instance, despite fulfilling four out of five project requirements, Cardano was disqualified for failing an asset “freeze and seize” test—one that is neither mandated by federal regulations nor Wyoming state law.
Former Deputy Secretary of State Karen L. Wheeler voiced similar concerns, stating that what began as a transparent and inclusive process devolved into a closed-door selection, denying vendors the chance to demonstrate their capabilities. This failure to foster fair competition represented a significant lost opportunity for Wyoming to reinforce its reputation as a blockchain leader.
Introducing the Wyoming Integrity Political Action Committee (PAC)
In light of these troubling procurement practices, I realized that the only way to instigate meaningful change was to take action. Therefore, I am launching the Wyoming Integrity PAC later this year. This initiative is not only aimed at correcting the missteps of the stablecoin project but also at establishing a foundation for ethical governance that can secure Wyoming’s future as a leader in emerging technologies, including quantum computing and artificial intelligence.
The Wyoming Integrity PAC will focus on three essential pillars:
1. **Transparency**: Advocating for open decision-making processes that invite public input and scrutiny.
2. **Fairness through Collaboration**: Ensuring that all innovators and businesses have equal opportunities to compete, regardless of their connections or background.
3. **Ethical Innovation**: Positioning Wyoming as a global model for governance that champions technological advancement while maintaining the highest standards of integrity.
These principles are not mere aspirations; they are vital for maintaining trust and investment in Wyoming’s blockchain community and beyond.
Envisioning a Future Built on Trust and Leadership
The Wyoming Integrity PAC aims to rectify previous mistakes and pave the way for a future where Wyoming can thrive in blockchain and other emerging fields. Our vision is to cultivate an environment where innovative ideas can flourish, and where trust becomes a foundational element of governance.
This initiative is also about the people—entrepreneurs, developers, and workers who breathe life into innovation, as well as the residents of Wyoming who deserve to see their state emerge as a leader in the digital economy.
I am committed to this long journey and will not relent. Wyoming’s aspiration to become a central hub for blockchain innovation is worth fighting for, both for the state and the broader industry. Together, we can create a fair, innovative, and opportunity-rich environment for all. Let’s ensure that the best ideas rise to the top, and may the most effective technologies prevail.
