Cryptocurrency is coming to Wyoming, and Senator Cynthia Lummis wants residents to be prepared.
Tyler Lindholm, State Policy Director for US Senator Lummis, will be giving a presentation on cryptocurrency on June 2 at the Afton Civic Center from 11:30 a.m. to 1 p.m. Lindholm said the goal of the presentation is to give Wyoming residents a basic understanding of the industry.
“If you did want to take that opportunity for yourself, you can go into it knowing that you’ve got your feet on firm ground and you know what you’re doing,” Lindholm said. “Having that outreach at the state level is critical for the Senator, and it’s something that she’s really concentrated on.”
Cryptocurrency, or crypto as it is commonly called, is a form of currency that also functions like a digital asset. It can be used to purchase things or be invested similar to the stock market. Crypto is still a new industry, and markets can be volatile. One of the most common cryptocurrencies is Bitcoin, but there are thousands of cryptocurrencies across the globe.
“Think of it much like any other investment vehicle, even something as simple as commodities like cows or land,” Linholm said. “A place that you can put some of your traditional finance or traditional money aside for a rainy day situation.”
Wyoming has emerged as a leader in the nation when it comes to crypto. Governor Mark Gordon signed a bill in 2019 that made Wyoming a friendly place for crypto businesses to operate. Because the product exists completely digitally, cryptocurrency companies require large amounts of power to operate. The 2019 bill added regulations to energy consumption that opened the door for the crypto industry to base operations in Wyoming.
Senator Lummis has been working on bipartisan legislation also aimed at regulating the crypto industry. Her bill, co-sponsored by Democratic Sen. Kirsten Gillibrand of New York, is expected to be released in June and come before Congress for a vote as early as next year.
“The reason Senator Lummis is interested in this is because the state of Wyoming took a very big stance several years ago, and Senator Lummis rides for the brand,” said Lindholm. “We’ve seen a lot of companies move into the state of Wyoming because of their stance on this. And we’ve been successful in recruiting a lot of companies to it just based on this one aspect.”
Lindholm, a Sundance native, has been talking about crypto with Wyoming residents across the state. The June meeting in Star Valley is just one stop on his statewide tour.
“If you’ve already got an idea about what it is and you just want to come and hang out and even help out, whether you’re for or against it, please come on out,” Lindholm said.