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Wyoming Speedy banks report growth, urge federal reciprocity; committee considers conversion language and easing contingency account rule
Summary
Speedy (SBDI) leaders and state regulators updated the Select Committee on banking charters, conversion drafts, and operational hurdles; bankers urged federal recognition of Wyoming’s framework, and the banking commissioner recommended repealing the statutory contingency account requirement and clarifying certificate-of-authority timelines.
Wyoming’s special purpose depository institutions (SPDIs or “speedies”) told the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on Friday that business is expanding but that federal regulatory changes and operational frictions are creating uncertainty.
Bankwise CEO Julie Fellows said deals close weekly and asked the state to help educate industry partners about Wyoming’s decade of regulatory work for speedies, to pursue reciprocity with other states and to engage at the federal level so speedies are included in federal legislation and supervisory frameworks. “Wyoming’s regulatory framework and oversight is the biggest competitive advantage Speedies have,” Fellows said.
Custodia Bank founder Caitlin Long described two product milestones: the launch of tokenized bank deposits issued on a permissionless blockchain and a first cross-border corporate payment using that tokenized deposit. Long said Custodia returned $74.4 million of customer funds during earlier “debanking” episodes and that the…
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