Wyoming weighs SEC guidelines as state stablecoin launch approaches

The Wyoming Stable Token Commission is reviewing recent federal guidelines as it prepares to launch the WYST stablecoin, which could become the first state-issued digital dollar in the United States.

During an April 17 meeting, commission members discussed whether the new Securities and Exchange Commission (SEC) rules on “covered stablecoins” might affect the WYST token’s regulatory status.

Commissioner Joel Revill suggested that the group could clarify its language to reduce the risk of WYST being classified as a security, following SEC guidance that certain stablecoins are not considered securities and are largely exempt from reporting requirements.

“We’re looking to kind of create our own vernacular around some of this, to clarify, and then use that as a jumping off point of discussion for the commission,” said Executive Director Anthony Apollo.

The commission plans to address these regulatory questions in a memo scheduled for May.

Wyoming’s stablecoin initiative, authorised by state law and led by the Stable Token Commission, aims to issue a dollar-pegged digital token fully backed by U.S. Treasuries, cash, and repurchase agreements.

Governor Mark Gordon has described the project as a way to “revolutionise financial transactions and fortify Wyoming’s leadership in blockchain innovation,” with potential revenue from reserve assets earmarked for education and infrastructure.

The WYST token is expected to launch by July 2025, after an initial target date in the first quarter was postponed.

Wyoming’s approach comes amid a broader push for regulatory clarity at the federal level.

The commission is monitoring congressional proposals such as the GENIUS Act and the STABLE Act, which seek to establish national frameworks for stablecoins.

Industry observers note that Wyoming’s proactive stance on digital assets has made it a destination for crypto firms, with the state enacting more than 30 supportive bills since 2019.

Senator Cynthia Lummis, a vocal advocate for crypto policy, represents Wyoming in Congress and has called for a national strategic Bitcoin (CRYPTO:BTC) reserve.