The state of Wyoming has been boldly moving forward in a way that no other US states can claim when crafting crypto friendly laws. As Crowdfund Insider outlined last week, the most recent legislation passed is SF125; a bill that recognizes property rights for digital assets. But SF125 is just one of many laws created to foster a blockchain friendly business environment.
Following CI’s report, we received a statement from the founders of FreeRange, an interesting digital asset startup that seeks to create a crypto friendly bank in Wyoming. FreeRange believes that Wyoming has the potential to provide over $2 billion of deposits in their first year of operation. FreeRange has also attracted a very interesting group of advisors.
Joe Pitluck, CEO and co-founder of FreeRange, and Amber Terrasas, COO and co-founder of FreeRange, commented on Wyoming’s Special Purpose Depository Banks bill (HB 74) and the digital asset custody bill. This legislation clears the way for FreeRange to file an application to open the nation’s first digital asset bank:
“We are energized by this week’s historic developments in the Wyoming House and Senate and are ready to see these two groundbreaking bills cross the finish line after an enormous amount of hard work. With final approval, FreeRange, will move to become the first U.S. bank for digital asset companies and customers, offering the same banking services as any other bank. FreeRange will be well-capitalized and take deposits, open checking accounts, service digital assets, while fully complying with industry regulations, including anti-money laundering and know-your-customer requirements.”
It will be interesting to watch how the “first blockchain and digital asset-friendly bank” in the state of Wyoming evolves. FreeRange is a neo-bank to watch.