Wyoming looks to employ a leader in the field of stablecoins
Wyoming Seeks Expert for State-Backed Stablecoin Project
Wyoming, known for its crypto-friendly environment, has announced a job opening for an executive director of the Wyoming Stable Token Commission. This individual will oversee the country's first state-backed stablecoin project, a stablecoin pegged to the U.S. dollar and redeemable for fiat held in a state-owned account.
The ideal candidate should have connections and expertise in the blockchain industry, as well as familiarity with Wyoming's legislative processes. They will be responsible for conceptualizing and implementing a comprehensive business plan, research, product design, legal and regulatory analysis, marketing, investment strategy, risk management, reporting, and compliance with the law.
The candidate will manage risks including cyber threats, regulatory shifts, and market volatility. They will be based in Cheyenne or Laramie, and preference will be given to applications received before Aug. 4. The exact salary for the position is not specified, but it is reported to be $150,000 annually, $10,000 more than Gov. Mark Gordon makes.
Wyoming's crypto-friendliness is evident in its status as one of two states to have special charters for banks looking to act as crypto custodians. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) have introduced a bill to define regulatory requirements for stablecoin issuers and clarify regulatory purview between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The stablecoin project comes in response to the collapse of the Terra/Luna stablecoin ecosystem and a $2 trillion drop in the global crypto market, which have kept stablecoins on lawmakers' radar since the spring of 2022.
It is worth noting that Wyoming SPDIs can receive deposits and conduct activities incidental to the business of banking, but cannot make loans with customer deposits and must maintain liquid assets valued at 100% or more of their depository liabilities. SPDIs in Wyoming do not have to be insured by the Federal Deposit Insurance Corp., though they can choose to pursue it.
Kraken's crypto exchange is planning to launch a crypto bank as a special-purpose depository institution (SPDI) in Wyoming. Custodia, another Wyoming SPDI, has sued the Federal Reserve over its master account application process. The location of Custodia's headquarters is not specified in the article.
The Wyoming Stable Token Commission's executive director's position does not mention specific salary information beyond the reported $150,000 annually. The exact candidate designated by Wyoming to lead the first state-backed stablecoin project is not explicitly named in the provided search results.
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