Via Wyoming News Exchange
CHEYENNE – After 22 years of Wall Street’s success, Caitlin Long, a native of Laramie, returned to the state last year, bringing great dreams to blocking capacities in Wyoming.
Long Monday announced that Avanti intends to open a bank for digital assets such as a single cryptocurrency that could be the first of its kind in the nation. As the company’s founder and CEO, she plans to open it in Cheyenne.
When asked why she decided to start a bank for digital assets, Long said, “Well, it’s not right now.” T
The US is now losing the land in the industry because digital assets do not fall under the current regulatory structure, which means they are falling through the cracks. Since regulators are not in Washington, D.C., keeping pace with changing technologies, Long said, Wyoming has recently received approval for bills involving blossoms at state level to attract the industry.
“And the banks are unable to service this industry, this gives Wyoming a massive opening,” said Long.
Those with digital signs or security signs would be able to provide the key to their assets with Avanti and retain their ownership, as a valet takes care of cars. Traditional banks in the United States do not have the capacity for such services, so Long hopes to fill the niche.
Avanti will “serve institutional investors who wish to invest in this new asset class – digital assets,” said Longford.
With plans to apply and open a shop in early 2021, Long said that the operation between 30 and 40 jobs could eventually be created in Wyoming. While Avanti will employ some remote workers like many other high-tech companies, some land-based employees will be employed for jobs such as customer service and bank compliance.
Longford also said that Avanti will allow the employment of remote workers to take employees living in rural areas of the state, provided they have an internet connection.
“It is said to allow us to hire Wyoming people, even if they do not live in Cheyenne,” said Long.
Long, self-taught in the area of digital assets, Long recommended that any Wyomingites interested in working in the company should start learning now.
“If people are trying to gain new skills and engage in new industries, I have a lot of time to learn the regulations and learn how digital assets work,” she said.
Wyoming, by Ship, is not just the beginning of the block.
Wyoming recognized that he was the nation’s leader after establishing the Blockchain Task Force in 2018. Since its inception two years ago, Wyoming leaders have passed 13 bills to attract the industry to the state.
And while some states like Rhode Island and Colorado are learning from lawmakers here, and legislation coming with Wyoming, David Pope, who was a CPA Cheyenne and co-founder of Wyoming Blockchain, said Wyoming that the “first-to-go” -market “phenomenon.
When credit cards became more popular, Sioux Falls, South Dakota, was ahead of the curve. And while other places continued to suit, Sioux Falls industry’s exploitation of the industry resulted in some new companies coming to the city.
Long said that Sioux Falls still has about 16,000 jobs in the financial industry. She hopes that the same thing will happen in Wyoming with blisters.
Avanti would be considered as a special purpose depository institution, which enabled Wyoming House Bill 74 last year. The other piece of legislation defined what a digital asset means, making Wyoming the first state in the nation to do so.
“When you define something and give it a specific exemption as we did in Wyoming … then people have certainty in the legal treatment of that particular item,” said Pope.
By setting out the specifics of state law, companies that come here to do business have a right to understand their responsibilities, and judges, to stand in the case of legal dispute.
“This also means that the contracts have clear, clear clarity, and that this is an important building block,” said Long. “Without this legal clarity, there is no way that a bank would be allowed to do business in this industry.”
Wyoming Banking Division has made a number of requests for special purpose depository institutions, although none have yet been approved.
Ultimately, it is hoped that these institutions will increase the number of corporations that call Wyoming home and, more importantly, increase the income that comes into the state.
As Wyoming tackles a projected $ 200 million budget deficit due to a decline in the mineral industry, and as state lawyers focus on diversification of the economy, the financial industry shows optimistic potential.
“We didn’t just want to have enough corporate income, corporate registrations within the state,” said Pope. “What we wanted was an ecosystem that brought in capital and helped him stay within Wyoming.” T