Wyoming Uniform Laws Commission discusses commercial code amidst cryptocurrency concerns

The Joint Corporations, Elections & Political Subdivisions Committee of the Wyoming Legislature convened on May 9, 2025, to discuss several key topics, primarily focusing on the Uniform Commercial Code and the role of the Uniform Laws Commission.

The meeting began with a brief introduction by Co-Chairman Case, who welcomed Scott Meyer from the Uniform Laws Commission. Meyer highlighted the commission's purpose, which is to create uniform laws across states to facilitate commerce and legal consistency. He noted that Wyoming currently has four commissioners working on various uniform laws, including the Uniform Commercial Code, which has been widely adopted with minimal changes across states.

Meyer explained that while the commission reviews proposed laws, not all are adopted, as each state has unique priorities. He emphasized that Wyoming's interests are represented in discussions, particularly when it comes to laws that may not align with the state's needs. He mentioned several laws that Wyoming has adopted, including the Wyoming Electronic Transactions Act and the Wyoming Fiduciary Access to Digital Assets Act.

The committee's discussion turned to Senate File 189, which proposed amendments to the Uniform Commercial Code regarding investment securities, particularly concerning cryptocurrencies. This bill, brought forth by the Senate President, faced significant opposition and ultimately failed. The committee expressed the need to understand the implications of deviating from uniform acts in commerce, particularly in light of the strong feelings surrounding cryptocurrency regulation.

Allison Gee, another member of the Uniform Laws Commission, joined the discussion, emphasizing the thorough vetting process that proposed laws undergo before being presented to the commission. She reiterated the importance of state rights and the commission's role in ensuring that laws are tailored to fit Wyoming's culture and needs.

The meeting concluded with a call for future collaboration between the committee and the Uniform Laws Commission to ensure that any proposed laws are communicated effectively, allowing for informed discussions and decisions. Overall, the session served as an educational opportunity for committee members to better understand the significance of uniform laws in maintaining legal consistency and supporting commerce in Wyoming.