Committee advances updates to Wyoming special-purpose depository law to ease SPDI operations and remove a supervisory fee

The Senate Minerals, Business & Economic Development Committee advanced Senate File 95, a bill that makes technical and substantive changes to Wyoming's special-purpose depository institution (SPDI) statute. Supporters said the changes clarify existing practice, reduce confusion, and improve Wyoming's competitive position for financial institutions that custody digital assets.

Jeremiah Bishop, Wyoming banking commissioner, told the committee the bill largely cleans up statutory language, aligns capital-accounting rules with standard practice and provides a formal process for converting the deposit-taking side of an SPDI into a trust. "This is where most of our rule making will be," Bishop said, summarizing the office's work to define application requirements and review processes for voluntary dissolution of the deposit-taking side.

Key provis…