The Wyoming Stable Token Commission, tasked with issuing a state-backed stablecoin, is contemplating revisions to its language to align with Securities and Exchange Commission (SEC) guidelines. During a meeting on April 17, Commissioner Joel Revill raised concerns about the potential for the proposed WYST stablecoin to be classified as a security under SEC rules. The SEC recently categorized certain 'covered stablecoins' as non-securities, which would exempt them from reporting requirements. Executive Director Anthony Apollo noted that discussions are ongoing about SEC guidance and a memo is planned for release in May. The commission, formed after Wyoming passed a law for a stablecoin pegged to the US dollar, is keenly observing federal legislative efforts, such as the GENIUS Act and the STABLE Act, aimed at creating a regulatory framework for stablecoins. Despite being the least populous US state, Wyoming has attracted crypto firms seeking a favorable regulatory environment, exemplified by Custodia Bank, founded by Caitlin Long.

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