Thread by @CaitlinLong_

1/ TWEETSTORM to answer ?s many asked abt #Wyoming's new #blockchain bills, including blockchain-friendly #bank bill. Bottom line: in addition to enacting 5 blockchain-friendly bills in 2018, 6 more bills have an elevated chance of becoming law bc they're now "committee bills"...

2/ ...& more bills are coming. Told ya' #Wyoming isn't done yet! Major opposition from the banking industry to the #bank bill & we weren't sure of outcome, but it v powerful committee endorsed it 13-1 & the only vote against it came from a banker. Next step=legislature in Jan...

3/ ...with momentum behind it (tho it's not law yet!). WY Banking Commissioner approached us after the 13-1 vote came in, to start rule-making work now. We're forming a group thru Digital Asset Trade Assoc (@asset_trade)--email [e-mail] if you'd like to join that...

4/ ...What prob is #Wyoming trying to solve? Horror stories of many legit #blockchain businesses losing #bank accts (incl a trade assn-@asset_trade-when it got started) + v limited # of banks specializing in AML/KYC compliance for this industry (thus few on/off ramps w/ fiat)...

5/ ...the new #bank would specialize in serving #blockchain industry. Too many details to share on twitter 😉 but you can read bill here wyoleg.gov/InterimCommitt…. Earliest the bank could open is late 2019. 3 serious players testified abt plans to open a bank if bill becomes law...

6/ ...how wld this #bank differ from a trad bank? Keys: it must keep 100% reserves, can't lend, only for lawful biz depositors & FDIC insur optional. Lots of evidence came out recently abt #FDIC's attacks on what it deems "hi-risk" industries (search for Operation Choke Point)...

7/ ...so the latter is an important option. Wise #Wyoming legislators weren't willing to wait for the feds to fix this prob, which also has snared other industries that are v impt to Wyoming. That said, the new banks would need to fully comply w/ all KYC/AML, etc. laws. No way...

8/ ...not possible to have a #bank that doesn't strictly comply w/ all KYC/AML laws (even tho I think they're unconstitutional forbes.com/sites/caitlinl….) They're the law of the land so 100% compliance is required. The bill has a "shall issue" provision, meaning all depositors...

9/ ...that meet those strict standards (must be a legal biz, must meet KYC/AML checks, etc) **shall** be issued a #bank acct as long as the bank has capital (see bill for details). Anticipating a ?, sorry, cannabis isn't legal in #Wyoming or federally so that wouldn't qualify...

10/ ...And as I told banks who opposed the bill, I sympathize w/ their situation--why would they put their #FDIC charter at risk to a "hi-risk" industry in which they don't specialize? Whether explicit or implicit, fear of losing charters has caused virtually the whole banking...

11/ ...industry to shun the #blockchain industry. So #Wyoming is solving a real prob, providing a real alternative & aiming to attract jobs & capital to the state. Win-win! Special thanks to everyone in this photo who came in person + all of you who wrote letters of testimony...

12/ ...Thanks to Rep @Tyler_Lindholm, Sen Ogden Driskill & Sen. Chris Rothfuss for quarterbacking + shout-out to Rep Jim Byrd (on that list=2 Reps+2 Dems!). This was Rep Byrd's last vote b4 his term ends--he's a tech guy & has been a huge help (here he is @wyohackathon w/ ...

13/ ...fellow Cheyenne native Dave Murry, who came home from Switzerland to help). Way to go out on a high, Rep Byrd! Can't thank you enuf for all your support! Folks, #Wyoming wants you to bring new jobs & capital to the state. We're not done yet! By the time we are, WY will...

14/ ...be the only US state that can give you clarity on how #blockchain assets are treated legally (trust me-that will be huge...stay tuned bc your lawyers will soon see what I mean). Zero corporate/personal income taxes, zero taxes on #cryptoassets + legal clarity = you'll...

15/ ...want to move or at least domicile your biz there! UW is building #blockchain program + #Wyoming Secretary of State will be integrated w/ a #blockchain by year-end 2019 too (if another of the 6 bills passes--& it, too, is a committee bill). Happy Sunday all, & let 'er buck!