Wyoming Governor Mark Gordon on Wednesday distanced himself from a recent unsuccessful attempt by state legislators to create a Bitcoin reserve, stating that his focus lies on more feasible cryptocurrency projects.
“Wyoming has adopted a thoughtful approach to this matter,” Gordon shared with Decrypt during the DC Blockchain Summit. “Bitcoin has exhibited immense volatility.”
“It’s certainly been a learning experience,” he remarked, referring to the legislators’ handling of ambitious projects like the Bitcoin reserve.
In January, Wyoming joined other states evaluating the idea of utilizing public funds to acquire substantial amounts of Bitcoin as strategic investments. However, a bill on this topic failed to pass out of committee in the predominantly Republican state last month.
Gordon believes that recent political and market dynamics have shifted significantly in favor of the crypto sector, a trend he endorses.
Nevertheless, he cautioned that the current bullish trend has led some to chase after a multi-trillion-dollar opportunity, rather than prioritizing the development of sensible blockchain solutions.
“The changing environment is promising—it creates numerous opportunities,” the governor remarked. “However, how do we ensure what we implement is effective? Rather than simply saying, ‘Let’s dive in headfirst.’”
In this spirit, Gordon reiterated his commitment on Wednesday to introducing a state-supported stablecoin in Wyoming.
Earlier at the DC Blockchain Summit, he indicated that the token, WYST, currently in testing, might be ready for launch by July.
According to Gordon, WYST represents the type of crypto initiative Wyoming should concentrate on, given the distinct advantages it offers its citizens: flexibility and security, along with interest generated on the token’s Treasury reserves to support the state’s school system.
“We are eager to ensure our product is functional and transparent,” Gordon stated. “This way, people can trust it, making it useful, and from there, we can build further.”
Recently, when President Donald Trump ordered the establishment of a federal Strategic Bitcoin Reserve via executive order, the announcement was welcomed by both the crypto community and Republican factions.
However, in recent weeks, several staunchly Republican states have firmly rejected initiatives to create state-level Bitcoin reserves.
A potentially significant distinction between the federal and state initiatives is that some form of Trump’s national Bitcoin reserve already exists due to billions of dollars in Bitcoin seized by the federal government over the years.
Conversely, state proposals would necessitate the acquisition of new Bitcoin with taxpayer money—a much bolder proposition.
Earlier this month, Sen. Cynthia Lummis (R-WY) put forth a bill for the U.S. government to acquire approximately $80 billion in additional Bitcoin to augment its reserves. The proposal has not yet received explicit support from the White House.
Edited by Sebastian Sinclair
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