Wyoming is setting its sights on launching its own state-issued stablecoin, pegged to the U.S. dollar, by 2025. This ambitious step is part of Governor Mark Gordon's strategy to make Wyoming a leader in digital currency. The stablecoin will be backed by U.S. Treasury bills and repurchase agreements, ensuring a secure foundation.
A Critique of Federal Policy
At the recent Wyoming Blockchain Symposium, Governor Gordon didn’t shy away from criticising the federal government's handling of the 2007-2008 financial crisis. He argued that the “too big to fail” philosophy contradicts Wyoming’s values of risk-taking and growth. Gordon believes that the state’s proactive stance on blockchain positions it as a pioneer in digital asset regulation.
"There was a time before 2008 when capitalism was really important and that meant failure could happen. Somewhere around the 2008 time frame, we made a decision that too big to fail is something that the government was going to stand behind."
First Mover Advantage
By launching the stablecoin, Gordon aims to give Wyoming a competitive edge. He views this move as crucial for the state's economic development and its reputation as a hub for innovation in the blockchain space.
Federal Reserve in the Crosshairs
Gordon also criticised the Federal Reserve, likening it to a hindrance to innovation. He pointed to the failures of past central banks in U.S. history, drawing parallels to the current system. For Gordon, Wyoming’s digital initiatives are a necessary response to what he perceives as stagnation at the federal level.
Challenges Ahead
While the state pushes forward, potential conflicts with the Federal Reserve and private stablecoin issuers loom. Opinions are divided on whether Wyoming’s state-issued token could compete with central bank offerings. This remains a point of contention as the state continues its journey into the digital currency arena.
AI in Politics: A Futuristic Idea
In a separate development, Cheyenne mayoral candidate Victor Miller is proposing to hand over his duties to an AI bot if elected. However, his vision faced a setback when OpenAI blocked his attempt to use its technology for the project, citing policy restrictions against political campaigning. Despite this, Miller remains committed to his unusual plan.
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