The federal financial regulator issued guidelines on “covered” tokens in April that had some members of a Wyoming commission questioning its rollout for a state-issued stablecoin.
The Wyoming Stable Token Commission, a body authorized by the US state to issue a stablecoin, has suggested that it may clarify its language to better comply with potential guidelines from the Securities and Exchange Commission (SEC).
In an April 17 meeting in the extension of the Wyoming Capitol building, Commissioner Joel Revill suggested the body could reduce the risk of the state’s proposed WYST stablecoin qualifying as a security under SEC rules. The discussion among the commissioners and Executive Director Anthony Apollo followed the SEC issuing guidelines that certain “covered stablecoins” were considered” non-securities” and largely not subject to 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 Apollo, adding there were internal discussions regarding the SEC guidance but the commission was scheduled to address the matter in a May memo.
