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1/ NEWS out of #Wyoming ahead of #ConsensusInvest, previewed by Chris Land, gen. counsel of WY Banking Division at #FordhamLaw #blockchain regulation conf today:(1) solution to #BitLicense prob for #crypto cos=open a NY branch of a WY SPDI; (2) Wyoming just released custody rules
2/ Chris explained today that #Wyoming #SPDI, which is a state-chartered bank, is a passport into ~42 US states w/o need for addl state license. In the other states, such as NY, it may need to open a branch. Federal law protects parity of national banks & state-chartered banks...
3/ ...of other states, so if a state exempts a national bank from a regulation, then other state-chartered banks are exempt from it too. Thus...drum roll...since NY law exempts national banks from the #BitLicense, #Wyoming's #SPDI almost certainly exempt too (NOT LEGAL ADVICE!)
4/ Have questions about this? Call the #Wyoming Banking Division! They've been fielding 4-5 calls/wk for months on this...ppl in the #crypto industry are figuring out the power of an #SPDI charter. He'll reveal more about this tomorrow at #ConsensusInvest. Plus...
5/ ...Chris will reveal details abt #Wyoming's newly-released digital-asset custody rules, available here:…. The rules apply to #Wyoming #SPDIs that opt into complying w/ these higher rqmts, which mirror those of SEC Custody Rule (#QualifiedCustodian)...
6/ ...The newly-released custody rules fit tightly w/ other parts of #Wyoming law, so be careful--best to talk to WY Banking Division if you have questions. I'll be back w/ a summary of the rules soon (they include 1st-ever regulatory rqmts for digital asset custodians in many...
7/ ...areas, incl. forks, airdrops, staking, customer notice rqmts, etc). Four #crypto CTOs reviewed them, as did multiple COOs & dozens of attys--I won't "out" them here, but must give a special thank-you to @TraceMayer for his valuable input into the custody rules. Stay tuned!
@TraceMayer 8/ ...GREAT EVENT today at @FordhamNYC--well-done @DonnaRedel & @thejoycelai plus @AndreaTinianow & others who helped pull together the premier #blockchain regulatory event many special people all in one place! Well done!🤠
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