[Blockchain Today Reporter Park Yohan] US Senator Cynthia Lummis proposed the relocation to Tesla CEO Elon Musk, advocating that Wyoming is’the state that laid the best law on digital assets’. Cynthia Lumis is known as a cryptocurrency friendly person.
“Wyoming is the most business-friendly state in the United States, and it is also the state that has the best laws regarding digital assets.” Congressman Lumis’s proposal came after Tesla announced that it had bought $1.5 billion worth of bitcoin on the 9th (local time) and announced a cryptocurrency payment.
“The state of Wyoming has developed a legal framework that drives innovation, especially in the digital assets sector,” said Abegail Cave, a media adviser to Congressman Loomis. “Wyoming has a number of incentives, especially since it does not collect corporate and personal income taxes,” Cave said. “Wyoming is a good option.”
“Tesla is pursuing innovation,” he said. Tesla is a company that truly appreciates the value of digital assets and is writing a new success story in the United States. Elon Musk and the company see the need to relocate their headquarters. There is no better place than Wyoming as an option.”
Wyoming is considered one of the most attractive places for cryptocurrency and blockchain companies. In fact, in September of last year, the Wyoming State Banking Commission gave the cryptocurrency exchange Kraken a license to operate as a cryptocurrency friendly bank. The following month, the regulator granted similar qualifications to Avanti Bank & Trust.
Kraken, Avanti Bank & Trust, as well as the industry, consider Wyoming as a safe place to do business. The efforts of Caitlin Long, a former Wall Street executive and now CEO of Avanti Bank, were helpful. In addition, the Wyoming Blockchain Committee and the Financial Technology Digital Innovation Technology Committee are known to have helped Wyoming state to pass several blockchain-related legislation.
Senator Loomis of Wyoming is also pushing for legislation on digital assets. In the first week of February, Congressman Loomis took over financial regulations to the Banking Commission.