In recent years, Wyoming, a coastal without a coastline in US Mountain West, embarked on a trip to become a blockchain pioneer.
With a bold vision of creating an attractive cryptocurrency and blockchain ecosystem, the friendly state laws positioned Wyoming as the most welcoming state of the United States for blockchain companies and innovators. With the Pro-Crypto position of the Trump administration, the State has solidified its status as a model on how the courts can build their savings.
Wyoming’s objective to be a beacon of cryptographic innovation is one of the reasons why I chose to make my house. My family lives in Gillette and Wyoming has become the center of my professional life. I love this place, from my flourishing bison ranch to Wheatland to the advanced health clinic of our family in Gillette, alongside hundreds of employees.
Although my commitment to Wyoming is deeply deep, I am now concerned about the management that the State takes. Recent events surrounding the Stablecoin initiative supported by the State have raised serious questions about transparency and responsibility in the public procurement processes. If Wyoming wants to lead in the blockchain – or any emerging technology – equity and openness must be at the heart of its selection processes. With so much play, I approach this problem with a framework by building a framework that establishes a standard for local leadership and serves as a model for pro-scripto policies at the national level.
The promise of the Stablecoin of Wyoming initiative
The Stablecoin initiative supported by the State, announced two years ago, aimed to show how blockchain could revolutionize state finances and give example to other states and nations to follow. My company, Output, the engine of the Blockchain Cardano, was proud to support this effort and actively favored an open and democratic approach with the Wyoming Stablecoin Commission (WSC) and its Blockchain (WG) working working working working group, which supervised the entire RFP Process for sellers.
More than 18 months, we have worked with both parties, contributing to discussions on compliance, emission, redemption processes and technological standards. The objective was clear: to ensure that the Stablecoin initiative of Wyoming would succeed – not only for the State but as a model for the rest of the world.
Biased
Unfortunately, the Stablecoin supply process did not reflect the principles of openness and innovation of Wyoming. Several aspects, including a lack of transparency, technical requirements that did not align with the established executives and flagrant biases, have undermined the entire supply effort, resulting in the unfair disqualification of Cardano, XRP, Bitcoin , Hashgraph, Algorand and ICP.
From the start, the decision -making process was carried out behind closed doors, without the possibility of public contribution. Without external influence, WSC and WG have essentially developed criteria that favored existing solutions, such as Ethereum or Solana, without considering the merits of new players on the market.
Given the above, it was not surprising that the Stablecoin commission of Wyoming has always had Ethereum as number one choice, making the entire supply process without consequences. Videos (you can watch Here and here) show the governor of Wyoming, Mark Gordon and Anthony Apollo, executive director of WSC, which strongly implies that Ethereum would have the priority on other blockchain platforms in the offer.
At a meeting of the stable token commission, Apollo explicitly declared that his personal preference is Ethereum and Polygon. Meanwhile, the treasurer of the Curt Meier state also publicly supported Ethereum. It should be noted that Apollo is strongly linked to Ethereum because it was the co-founder and the operations directed at Ansensy Sport. It is a vertical advice focused on industry within consensys, the software development company supporting the growth of the Ethereum ecosystem – a fact that highlights only the inherent bias among the main stakeholders.
In addition, the requirements of technical criteria in the evaluation methodology had no base established in existing regulatory frameworks and therefore hampered Cardano and other efforts of blockchain suppliers to compete for the contract. For example, despite spending four out of five requirements for the Stablecoin Wyoming project, Cardano was disqualified because he failed the “frost and entry” test.
However, neither federal regulations nor the law of the state of Wyoming imposes the functionality of “freezing and grasping the tokens”. Even with that said, Cardano, via its intelligent contract frame, the native token, or even its chain functionality, can always do it – a fact that WG has admitted to an external e -mail to Cardano – but it has still not taken into consideration.
If, after all the above, it is still not convincing that WG has failed to carry out a cautious diligence and considered the diligence throughout the selection process, and did not take into account the requirements Federal regulatory and techniques for stablecoins, then comments from Karen L. Wheeler, the former deputy secretary of state of Wyoming should dispel any doubt:
“For a year, the public meeting equipment explicitly declared that the DP process would be open to everyone. However, which started as a process of transparency and inclusiveness took a disturbing turning point – switch to selection on camera closed controlled by a subcommittee.
“Instead of promoting fair competition, suppliers have been arbitrarily chosen according to information accessible to the public without the possibility of demonstrating their ability to meet the key criteria.”
Wyoming Integrity Pac
The entire supply process left me a bad taste, and I realized that I needed to remedy these faults directly in the blockchain supply processes sponsored by the state. To this end, I decided to launch the Wyoming Integrity Political Action Committee (CAP) later this year.
This initiative aims to make more than rectify the missteps of the Stablecoin project – it is a question of creating an ethical governance basis which ensures the brilliant future of Wyoming as a leader in all emerging technologies, of quantum computer science to artificial intelligence.
Wyoming Integrity Pac is my answer to these challenges. This initiative is devoted to the reform of the Wyoming supply processes to ensure that they are transparent, fair and inclusive by funding candidates who support these objectives. The CAP will focus on three key pillars:
1 and 1 Transparency: Plead for open decision -making processes that involve the public’s contribution and examination.
2 Equity thanks to an open collaboration: Ensure that all innovators and companies have an equal chance to compete and contribute, regardless of their connections or affiliations
3 and 3 Ethical innovation: The establishment of Wyoming as a global example of governance which supports technological progress while confirming the highest integrity standards. These principles are not only ideals; These are necessities. Without them, Wyoming is likely to lose the confidence and investment of the blockchain community and beyond.
Future of leadership and confidence
Wyoming Integrity PAC will focus on the fight against past errors and shaping a future where Wyoming can excel in blockchain and other emerging technologies. Our goal is to create an environment where large ideas can prosper, innovators feel welcome and confidence is a cornerstone of governance. On a larger scale, I hope that Wyoming Integrity PAC will give the example to the Trump administration in the implementation of a fair and thoughtful supply process for future federal cryptography projects.
However, this initiative represents more than technology; These are people. It encompasses entrepreneurs, developers and workers who give life to innovation. They are also Wyoming residents who deserve to see their condition flourish as a leader in the digital economy.
I am engaged in this long trip and I will not give up. The aspiration of Wyoming to become a central center of the blockchain is worth fighting, both for the state and for industry in the broad sense. We can build a state that promotes equity, innovation and opportunities for everyone. Let’s move on to the rules of the game, let us allow the best ideas to emerge and that the best technology to win.
Update (2/3/24; 19:58): Corrects the title of Anthony Apollo in Consensys.
