Ross Ulbricht’s recent speech at the Bitcoin conference struck a chord, reminding me of Wyoming’s ethos of freedom, decentralization, and unity.
Pardoned by President Trump after 11 years for creating Silk Road, Ulbricht’s past is controversial, but his message resonates: empower individuals, not institutions, and unite communities.
Since moving to Wyoming in 1994, I’ve loved that the state emphasizes these values und has used them to shape the state’s blockchain revolution. Wyoming isn’t just dreaming of the future - it’s building it.
The Wyoming Blockchain Coalition
In 2017, I joined Rob Jennings, Caitlin Long, and others to form the Wyoming Blockchain Coalition, aiming to make Wyoming a global blockchain leader.
We united businesses, academics, developers, and legislators to educate and advocate for groundbreaking laws.
Our efforts led to the 2018 novel utility token classification and the 2019 creation of special purpose depository institutions (SPDIs). Before disbanding, the Coalition laid the foundation for Wyoming’s blockchain hub.
Freedom: Empowering Individuals
Blockchain redefines freedom by decentralizing control. It enables direct transactions, bypassing banks or governments, with unalterable ledgers that ensure trust without censorship.
Cryptocurrencies like Bitcoin grant financial sovereignty, letting users manage wealth globally. Smart contracts automate fair agreements, and open-source systems spark innovation. By securing data, blockchain protects privacy, helping shield users from surveillance.
Wyoming’s commitment to freedom shines through its policies. With no personal income tax and its commitment to Constitutional values, the state limits the power the government has over all of us. In 2018, Wyoming classified cryptocurrencies as property, exempting them from property tax to spur innovation.
The Wyoming Stable Token, enacted in 2024, furthers this by offering a state-backed digital currency pegged to the dollar. These enable direct transactions, cutting out costly intermediaries and enhancing financial autonomy.
Decentralization: Power to the People
Decentralization, blockchain’s cornerstone, distributes power, reducing reliance on centralized systems. It minimizes vulnerabilities like outages or corruption, giving individuals control over data and finances.
Open protocols foster competition and creativity, resisting censorship and empowering self-governance. Wyoming’s skepticism of concentrated power aligns here.
The Stable Token leverages blockchain for transparency and security, bypassing financial gatekeepers. SPDIs, authorized in 2019, operate independently of federal oversight, custodying assets like the Stable Token to give users direct control.
Beyond finance, Wyoming’s blockchain frameworks support transparent supply chains and voting systems, eliminating middlemen. This mirrors the state’s lean governance model.
The Select Committee on Blockchain ensures policies prioritize Wyomingites, countering tech monopolies and bureaucratic sprawl.
Unity: Building Strong Communities
Unity drives blockchain’s success. Cohesive communities of developers and advocates align on shared goals, ensuring scalability and regulatory clarity.
Collaborative standards foster trust, while a united voice counters skepticism. Wyoming, despite political divisions, passed blockchain laws with supermajorities, reflecting the technology’s unifying power.
The Stable Token strengthens local economies, enabling farmers, ranchers, and businesses to trade directly, fostering community ties.
Challenges and Opportunities
Wyoming’s blockchain journey faces hurdles. Critics, citing cases like Silk Road, fear crypto-friendly laws attract bad actors, but the Stable Token’s transparency protocols mitigate risks.
Public skepticism persists due to unfamiliarity with blockchain’s benefits and must be combatted. Outreach, efforts must be continued, so that communities can understand how decentralized tech protects privacy and boosts economies.
To lead, Wyoming must balance innovation and stability. As other states adopt similar models, blockchain education and public-private partnerships will scale initiatives like the Stable Token.
Policies must bridge rural-urban divides, ensuring all benefit. The Select Committee’s work is crucial to sustaining momentum.
A Vision for the Future
Ulbricht’s call for freedom, decentralization, and unity mirrors Wyoming’s blockchain mission, with the Stable Token as a flagship. Since 2017, Wyoming has empowered individuals through tax exemptions, DAO recognition, and SPDIs.
My roles in the Blockchain Coalition, Legislative Task Force, and as one of the Governor’s liaisons to the Select Committee reflect this collective spirit.
Wyoming dares to lead, building a freer, fairer future where the Stable Token carries the torch. Together, we don’t just envision it—we make it real.
David Pope is a commissioner on the Wyoming Stable Token Commission and the governor’s liaison to the Wyoming Select Committee on Blockchain, Financial Technology and Digital Innovation Technology
