Four members of the Wyoming Legislature have reportedly thrown their weights behind legislation enabling the state treasurer to come up with a new stablecoin.

Specifically, Wyoming state Senators Chris Rothfuss and Tara Nethercott with House Representatives Jared Olsen and Mike Yin collaboratively rolled out Senate File SF0106, dubbed the “Wyoming Stable Token Act”.

Should the proposal receive an official signature for enactment, it would reportedly grant authoritative power to the treasurer to introduce a U.S. dollar-pegged stablecoin that can be exchanged for fiat, stored in an account by the state.

The state treasurer – Curtis Meier at the time of publication – is reportedly going to hold consultations with the department’s Investment Funds Committee. 

He further possesses the freedom to recruit “accountants, auditors, consultants, and other experts” to issue the coins, as well as stipulate limitations and rules. State officials would have until Dec. 31 to issue the stablecoin, with the option of submitting a report by Nov. 1 if such an offering were determined to be “incompatible federal or state law.”

Caitlin Long, Head of Wyoming-based Avanti Financial – reportedly shared her remarks regarding the legislation, claiming it possesses good and bad sides, but was “definitely a conversation-starter” for legislators to deep-dive into stablecoins. 

In the past, Long has reportedly regarded stablecoins as “very important bridges between crypto and the U.S. dollar” in need of regulatory clarity.

“It’s a mind-bender. Akin to a muni bond that neither pays interest nor has a maturity date but is redeemable — except it isn’t exactly that bc, as a token, there would be big legal & structural/settlement differences.” Long additionally revealed in reference to the proposed stablecoin.