[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6241198,"mediaKeyId","3307823-7ada305e752ee6ff548d71feabd1e494","parentId",3307823,"title","American CryptoFed and Secretary of State clash over whether a token issuance is a security; court action pending","audioSeconds",387,"startMs",6812591,"endMs",7200570,"viewUrl","/Search/View?dp=1&key=3307823-7ada305e752ee6ff548d71feabd1e494&start=6812&end=7200","thumbnailUrl","https://assets.pipeline.soar.com/3307823-7ada305e752ee6ff548d71feabd1e494/thumbnail_6812591.jpg","articleUrl","/articles/6241198/Wyoming/American-CryptoFed-and-Secretary-of-State-clash-over-whether-a-token-issuance-is-a-security-court-action-pending","mediaUrl","https://secure.pipeline.soar.com/6241198-81f9382d8145a1ef5ae9e71b7f41e114/orig.mp4?Expires=1770497180&Signature=PrTcZi8v8jUjtmf5VJFwt4JHTmqr1Q2L53iyBKkmi7fODo49lVjeiqc80X6ip6OSXwAW8n~bqaTUNvzDPzbscz0mwKt2h05XvHiJjIe8WV8uZDmOTvWIfySGgFsg~MXZt0NOVVIJf0-Egnuls1iQxOguVD-YFh89z3LEzecb9XuU9GjMv7SBZLlN1B74xARMk5u7OxwUhZmLxltCBxhcMyE6WypIu-zuBNXFNq-KD~q9HrTRgry0wJfMI6dqk1xQiM05vQpN~vk7jQNSbE8RjfZUCFDG2bViDUUlP7vFNu6I81hFBwbI5lBFK165ND8AjBTrv1ejs-sQkObu3ynMxg__&Key-Pair-Id=KUT5TJCACFTXG","author","Wyoming Legislature","date","2025-05-15T00:46:02.907Z","article","Organizers of American CryptoFed and the Wyoming Secretary of State presented sharply different accounts to the select committee about whether the group’s proposed “lock” token is a security under Wyoming law and whether the state properly provided regulatory clarity before seeking a court injunction.

Xiaoming Zhou, an organizer for American CryptoFed, told the committee the secretary’s office “insisted… the Secretary of State office does not require the Secretary of State office to answer our questions” and said letters and shifting enforcement raised constitutional due-process concerns. “They did not follow through and they switched,” Zhou said, describing the state’s posture as arbitrary and claiming the action created a chilling effect for the project.

Secretary of State Chuck Gray said his office repeatedly advised American CryptoFed that the group’s proposed distribution and associated LLC-style interests resembled securities under Wyoming law and that, after the group announced an imminent issuance, the state — through the attorney general’s office — petitioned a Wyoming court to enjoin the issuance. “We did not feel that we could [issue a no-action letter] because we believe that under Wyoming state law, they were a security,” Gray told the committee. He said the office first issued written and verbal concerns in 2023 and then filed a petition to enjoin issuance on Dec. 17, 2024.

Why it matters: The dispute raises questions about how state regulators should answer project inquiries, how state and federal securities frameworks intersect, and how fast-moving token projects should proceed when state-level guidance and enforcement are unresolved.

Points of law and contention: American CryptoFed pointed to federal litigation trends, including the SEC vs. Ripple decisions on secondary-market sales, as supportive of their position that some token distributions are not securities. The secretary emphasized Wyoming statute and the different test used under state law for certain LLC interests. The parties are engaged in active litigation, and both the attorney general’s office and the secretary’s office said they are pursuing state enforcement options.

Committee response: Lawmakers heard both sides but took no formal action apart from noting active litigation. Chairman Singh asked staff to track the matter; committee members said they wanted to preserve their ability to review statutory clarity on token definitions and entity interests if litigation produces guidance.

Ending: The legal dispute will likely produce precedents or guidance the committee will monitor; the committee declined to act while court proceedings continue.","mediaType","Video","parentTitle","Select Committee on Blockchain, Financial Tech. & Digital Innovation Tech., May 14, 2025-PM","oneSentenceSummary","Organizers of American CryptoFed told the select committee the state's actions chilled their project; the Secretary of State said the office repeatedly warned the group the token looked like a security and sought a court injunction after the group announced an intended issuance.","taxTitle","Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, Select Committees & Task Force, Committees, Legislative, Wyoming","taxId",29269,"location","Wyoming","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6241203,"Lawyers, advocates ask committee to clarify DUNA rules as first projects move to implementation",1051,13336930,14388040,"/Search/View?dp=1&key=3307823-7ada305e752ee6ff548d71feabd1e494&start=13336&end=14388","https://assets.pipeline.soar.com/3307823-7ada305e752ee6ff548d71feabd1e494/thumbnail_13336930.jpg","/articles/6241203/Wyoming/Lawyers-advocates-ask-committee-to-clarify-DUNA-rules-as-first-projects-move-to-implementation","https://secure.pipeline.soar.com/6241203-a1a05ea9cf99c4929e358edd3978c6b0/orig.mp4?Expires=1770497180&Signature=mwLLqw2w1gefq8uIrANrt4H59PVOiH4H3umGre~ObsiPl1bgbNT4Wd6T0FZeMwhJz0U859cDxRZyqJM1IP-fuyKi2aRKMCeAhXVP40fMVKwj1oz0gO2u1Lg-3ka4HxeE3tBI6AeUZIb52oUQXqotmFGbNo81ERqlUEYxR6hLtBrG9vZ1ULpygZPtqBoDDA7SpTNAQ9zCceg0AbTRCVAvWJstbCRsC~BpRqNHVCQ7PC9R2~jUWhVYwwFXYObbEulzTfQjmSd3y8mAYWn55E3mKMXrcItKK8LWx~8S0SgBSkxELE6vpB8ECHOP4Cr2dvs5uybjndChGJFYnNWTWpQyGg__&Key-Pair-Id=KUT5TJCACFTXG","Legal advisers and project leads told the select committee that Wyoming’s new DUNA statute is usable but needs small statutory clarifications to help founders and service providers move projects from concept to operation.

Matt Kaufman, a working-group participant who has helped draft DUNA language, told the committee that conversion and onboarding questions are the most frequent issues in practice. “My sense is that we saw … some assumptions that a new DUNA could start as an UNA and then pivot,” Kaufman said, and he recommended the committee consider explicit conversion language so organizations know how to bootstrap membership and governance.

Why it matters: A clear and predictable entity pathway helps projects form, open bank accounts, secure insurance and interact with vendors. Unclear rules can deter projects or push them offshore.

What advocates said: David Kerr, a practitioner who worked on the DUNA rollout, asked the committee for a short list of focused fixes rather than a full rewrite. He circulated a comprehensive list of suggested technical corrections and told lawmakers he would narrow it to “the most important” items if the committee wanted a concise revision package.

Public commenters and blockchain practitioners also urged the committee to consider how DUNAs should appear to financial institutions and commercial registered agents so that banks, insurers and counterparties can perform compliance checks without requiring founders to reveal unnecessary personal data.

Council action: Committee members agreed to form a small working group (members and staff to be named) to refine statutory language and propose a short set of amendments for consideration at the committee’s next meeting.

Ending: The working group will draft targeted clarifying language on conversion, registered-agent expectations and a small set of technical fixes; committee staff will circulate proposed language prior to the next meeting.","Working-group members and projects implementing Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA) statute urged the committee to clarify conversion rules, registration and practical onboarding steps for founders and service providers.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6241208,"Secretary of State: 20 active digital asset registrations; committee advances expedited filings bill amid staffing dispute",3440,4560185,8001074,"/Search/View?dp=1&key=3307823-7ada305e752ee6ff548d71feabd1e494&start=4560&end=8001","https://assets.pipeline.soar.com/3307823-7ada305e752ee6ff548d71feabd1e494/thumbnail_4560185.jpg","/articles/6241208/Wyoming/Secretary-of-State-20-active-digital-asset-registrations-committee-advances-expedited-filings-bill-amid-staffing-dispute","https://secure.pipeline.soar.com/6241208-3bb8df105ff7a255852940024eb1e43b/orig.mp4?Expires=1770497180&Signature=oZpxJJut3xfr3fV16fBJlvysEFJfcef0MlL~Dbs3BtDTsgDufkebsWAJrMq~QeWldfys2K2BD7JDAYWirZq9YLDtQXVcaYeuDKsMvatMYBxYvcx8GbCvxli5w1eWfGGyVmwMAXhohPHmpVMuKJW0wWjvoFmaAQ7Ai0sMzBEgmHmnglGUgXzaSYx72iQItPwrFlVAARDfa6Ew0vwLVDG~iRV9fcaus8i5yuyOu0cjG8sGIUacnZrBILrCsgxZMU2YoCH8iN15ABpX03AHiUHzhAraBccmshX8G7All3sbxZl8B0IPaeCq2WbdR7UGhW21dntC1i9UOBs0u0D2j~XnLQ__&Key-Pair-Id=KUT5TJCACFTXG","The Wyoming Secretary of State told the select committee that the office has received 20 active digital-asset registrations since implementing rules under Senate Enrolled Act 95 (2023), and warned the committee that a bill to expedite certain business filings will increase administrative workload.

Chuck Gray, Wyoming Secretary of State, testified with his business-division director that “we have received a total of 20 registrations,” and that the office’s regulations allow a single registration to cover a family of digital assets. Colin Crossman, director of the business division, told the committee that registrations arrived as an initial bolus and now “are trickling in” at roughly one per month.

Why it matters: The registrations formalize property claims for digital assets under Wyoming law. At the same time, the secretary’s office said growth in ordinary business filings already strains staff capacity; the office is asking for added positions to administer any new expedited service.

Key details: Gray said the office processed 675,000 filings in fiscal 2024 (up from 590,000 in fiscal 2023) and recorded fiscal year 2024 revenue of about $50.4 million (up from $42.3 million in fiscal 2023). The office estimates that expediting filings requires dedicated human intervention; staff asked the committee to secure one additional full-time employee (FTE) to implement the expedited-filings function and said the broader FY2025 supplemental request included three positions.

Committee action: The committee moved to sponsor and advance a working draft, 26 LSO 11, that would authorize the Secretary of State to offer expedited processing for some business filings. Representative Feiler moved for committee sponsorship and Representative Yaden seconded; the committee adopted the working draft and then approved the measure in a roll-call voice vote on the engrossed language. The roll call recorded 6 ayes and 2 excused members.

Debate over staffing: Members of the committee and the secretary’s office debated how staffing should be provided. The secretary urged that the office must have at least one dedicated FTE to administer expedited filings; some committee members said the staffing request belongs to the budget process and not to the select committee’s sponsorship decision. The committee ultimately approved the policy draft while the staffing question remained unresolved for the session’s budget process.

Ending: The secretary said the office will continue to work with the joint corporations and appropriations committees in the interim to resolve staffing; the committee will follow up as needed and will monitor the implementation timeline if the bill advances through session.","Wyoming's Secretary of State reported 20 active digital-asset registrations and described heavy growth in business filings. The committee voted to sponsor an expedited-filings bill; the office requested additional staff to administer new duties.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6241214,"Wyoming stable token team outlines pilot partners, launch timeline and required report to legislature",874,30340,905115,"/Search/View?dp=1&key=3307823-7ada305e752ee6ff548d71feabd1e494&start=30&end=905","https://assets.pipeline.soar.com/3307823-7ada305e752ee6ff548d71feabd1e494/thumbnail_30340.jpg","/articles/6241214/Wyoming/Wyoming-stable-token-team-outlines-pilot-partners-launch-timeline-and-required-report-to-legislature","https://secure.pipeline.soar.com/6241214-f30cb7527077805669e4a4891ba7a82f/orig.mp4?Expires=1770497180&Signature=NaB6YfMZ4iu1dIdhwCBGrrjkHTCFO2SIGITakS7Q8MMT3GlS5wLmdezxwsQ8c5Hp24INCYO-ZUVT~cLdz0JXGw4PBLu5CjGPe~O~4r183Prt3GcG0UVsW3mgXMJxQCRD7sFmtTrNqt7jY3mO-shhZV83LL~UbAspjH851oUqu6bGXUmJjaBTu8XdKwOIWiVd6HAxCV~iP31FR6we7ILULEbEQ4AWq9NjndZRt3SORyeKsn0zZ1ufPmjI0Kfz~hyvi65S~mU~BKKNTunf3j41xnPT0zAXaERF~i6b4rVsSDPb4gCNQdX7jjLuekUlgPGGaYB2wPO50yFo12Ms7GFG-g__&Key-Pair-Id=KUT5TJCACFTXG","The director of the Wyoming Stable Token Commission told the Select Committee on Blockchain on Tuesday that the commission is lining up a pilot program with Wyoming-domiciled blockchain platforms and expects to file a required report before launching a fully reserved Wyoming stable token.

The director, Anthony Apollo, executive director of the Wyoming Stable Token Commission, told the committee: “we are registering Wyoming domiciled entities that operate existing blockchain enabled platforms to figure out how we could potentially add a Wyoming stable token into that integration to achieve some kind of desired goal.” He cited one use case, an agriculture data platform called Cattleproof, and said the stable token could eliminate long payment float: “you could take a 14 day float to a 14 second transaction and probably for a fee that's lower than 14¢ as well.”

Why it matters: The commission is attempting to show concrete business cases that could convert the token from a regulatory construct into a practical payment tool for Wyoming businesses and residents. Demonstrations that save time or money would bolster political support and speed adoption.

Most important facts first: Apollo walked lawmakers through pilot candidates, including Cattleproof (a USDA-verified platform that stores feed-lot and vaccination data on IPFS and operates a marketplace), YourGuide LLC (a community-bank-linked lending platform), Hashfire DLT (a blockchain contracting and payments automation tool), and a public bid reported by Rassner Media to incorporate a Wyoming stable token into transactions on TikTok. He said the commission will publicly present at least one pilot use case to show the token’s real-world utility.

Commissioner David Pope, one of four appointed commissioners to the Stable Token Commission, urged the committee to design the token to remain “in the ecosystem” longer so it becomes “investable capital.” “The longer the stable token… is in circulation, the better it is for Wyoming,” Pope said during his presentation about retaining reserves and possible “yield-bearing” token designs.

Supporting details and debate: Lawmakers questioned practical rollout issues. Representative Feiler asked whether community banks and credit unions would be involved and whether the token could be collateralized in lending. Apollo said custody and lending would likely be handled by institutions that accept custody of the underlying reserves rather than by community banks rehypothecating reserves. Representative Yin asked whether platforms such as Venmo, PayPal or Google had been contacted; Apollo said the commission “has talked to a great number of them” and is exploring both wallet-based and API-based distribution.

Banking access and “Speedy Bank”: Lawmakers and witnesses discussed local banks’ reluctance to process crypto-linked transactions. Apollo and other commissioners said one response is native, chartered institutions with digital-asset custody capabilities (referred to in testimony as “Speedy Bank”) that can move between fiat and token rails. Commissioner testimony noted prior regulatory guidance from federal agencies (2022–23 supervisory guidance) had reduced banks’ appetite for crypto work but that some guidance has been withdrawn and recent state law changes (noted in testimony as 2025 session bill SF0143 permitting credit unions to take public deposits) have reopened conversations with community banks and credit unions.

Next steps and formal actions: Apollo told the committee he must submit a report “to the select committee as well as the joint minerals committee… before we launch the fully reserved Wyoming stable token.” The committee discussed a possible launch tied to early July dates and a July 10 meeting; Cochair Aziz Barathas and others suggested accepting the required report at a July committee meeting if it is complete.

Committee policy outcome: Without objection the committee agreed to pursue multiple legislative tracks to support the commission’s work — a digital asset taxonomy bill, targeted amendments to the Wyoming Stable Token Act to implement requested operational changes, and a new asset-backed-token bill to authorize alternative-backed tokens — and asked staff to draft a letter for the commission on terms-of-service and governance language the state should consider when interacting with the token ecosystem.

Ending note: Commissioners and staff emphasized pilots and bank engagement as immediate priorities; lawmakers and commissioners also flagged the statutory report, timelines for launch and follow-on legislation as the committee’s near-term agenda.","The Stable Token Commission described pilot integrations with Wyoming-based blockchain platforms, pushed for vendor and tax receipt pilots, and told the select committee it must file a report before a full launch. Lawmakers agreed to pursue related legislation and other next steps.","actionData","errors"]

Article not found

American CryptoFed and Secretary of State clash over whether a token issuance is a security; court action pending

Lawyers, advocates ask committee to clarify DUNA rules as first projects move to implementation

Secretary of State: 20 active digital asset registrations; committee advances expedited filings bill amid staffing dispute

Wyoming stable token team outlines pilot partners, launch timeline and required report to legislature