Wyoming Commission to explore whether stablecoins are "governed" by SEC rules

On April 18, the Wyoming Stablecoin Commission, the authority authorizing the issuance of stablecoins in the US state of Wyoming, said it was considering adjusting the wording of its policy to better comply with possible regulatory guidance from the Securities Exchange Commission (SEC). At a meeting held at the Wyoming State Capitol Extension on April 17, Commissioner Joel Revill suggested that the agency could reduce the risk that the state's proposed WYST stablecoins would be recognized as securities under SEC rules. Commissioners and Executive Director Anthony Apollo discussed after the SEC issued guidance stating that certain "regulated stablecoins" are considered "non-securities" and are largely exempt from reporting requirements. "We intend to create our own jargon around some of these issues for clarification and then use that as a starting point for committee discussions," Mr. Apollo said, adding that the committee had discussed SEC guidelines internally but planned to address the matter in a memo in May.
The committee was formed after Wyoming passed a law to issue a state-level stablecoin pegged to the U.S. dollar and convertible into fiat currency, and has been exploring WYST-related issues. Wyoming Gov. Mark Gordon said last August that the government initially planned to launch the stablecoin in Quarter 1, 2025, and later revised the timeline to a possible launch in July.