Key Points
- The Wyoming Highway Patrol Association is considering adopting the “Get Off Zero” initiative, potentially becoming the first state law enforcement labor union to hold Bitcoin.
- Wyoming is showing increased interest in cryptocurrencies, with potential plans for stablecoin issuance and creating a state Bitcoin reserve.
The Wyoming Highway Patrol Association is exploring the adoption of the “Get Off Zero” initiative. This initiative is spearheaded by Proof of Workforce, a nonprofit organization dedicated to promoting Bitcoin education and adoption amongst workers, unions, pension funds, and municipalities.
If the association adopts this initiative, it would mark a significant milestone as the first state law enforcement labor union to include Bitcoin in its balance sheet.
Wyoming’s Growing Interest in Cryptocurrency
The exact amount of Bitcoin the Wyoming Highway Patrol Association might accumulate remains unknown. However, this move is a clear indication of the growing interest in cryptocurrencies within the state.
Earlier this year, lawmakers in Wyoming proposed a bill suggesting the allocation of 3% of the state’s sovereign funds to Bitcoin. This would effectively establish a state Bitcoin reserve.
In preparation for potential stablecoin issuance, the state authorities have also listed job openings for blockchain developers. This initiative is led by the Stable Token Commission, one of the first U.S. jurisdictions to establish a dedicated stablecoin oversight body.
Wyoming’s Legislative Milestones in Web3
Wyoming has been a forerunner in legislative milestones related to Web3. The state has standardized laws regarding decentralized autonomous organizations (DAOs) and officially recognized DAOs as legal entities.
This move has been applauded by many industry leaders, including Andreessen Horowitz, who view it as a critical step towards clarifying the treatment of DAOs in courts and regulatory frameworks.
Furthermore, the state has passed laws to protect crypto private keys. Its Senator, Cynthia Lummis, has been an active advocate for a federal Bitcoin reserve and has challenged the Federal Deposit Insurance Corporation over issues related to crypto debanking.