Challenges Facing Wyoming's Blockchain Aspirations
Cardano's founder expresses concerns about Wyoming's recent initiatives and the need for transparent procurement processes to maintain its blockchain leadership.
Wyoming, a landlocked state in the U.S. Mountain West, has sought to become a blockchain pioneer in recent years. With an aim to create a vibrant cryptocurrency ecosystem, Wyoming’s laws are considered the most favorable in the U.S. for blockchain companies.
As someone who now calls Wyoming home, my deep connection with this state inspires my work. From my thriving bison ranch in Wheatland to our healthcare clinic in Gillette that employs hundreds, I cherish everything Wyoming offers. However, recent developments regarding the state’s stablecoin initiative have brought concerns over transparency.
The Promise of Wyoming’s Stablecoin Initiative
Announced two years ago, this initiative aimed to demonstrate how blockchain could enhance state finances. My company, Input Output, played a significant role in supporting this effort through collaboration with the Wyoming Stablecoin Commission, ensuring an open process.
Biased Procurement Process
Sadly, the procurement for the stablecoin did not embody Wyoming’s commitment to transparency. Factors like biased decision-making and a lack of public involvement resulted in the disqualification of notable blockchain names such as Cardano and Bitcoin.
Allegations suggest a preference for Ethereum by key stakeholders, including statements from the Wyoming Stablecoin Commission indicating such bias.
It becomes evident that the procurement process lacked traditional regulatory standards and fairness. The disqualification of Cardano, despite meeting most criteria, raises significant questions regarding adherence to established regulations.
Former Deputy Secretary of State Karen L. Wheeler highlighted the concerning shift from a transparent selection process to a closed-door environment, undermining the crucial chance for Wyoming to lead in blockchain innovation.
The Wyoming Integrity PAC
In response to these issues, I plan to establish the Wyoming Integrity PAC, aimed at reforming state procurement processes to ensure they include transparency, fairness, and ethical innovation.
Future of Leadership and Trust
Ultimately, this PAC seeks to build an environment conducive to growth in blockchain and tech, ensuring that Wyoming remains a leader in these domains. My commitment to this initiative is unwavering, as we strive to cultivate a landscape that encourages innovation while serving the people and upholding trust.
