§ 40-31-105 — Powers of the commission

Wyoming § 40-31-105

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 31: WYOMING STABLE TOKEN ACT

Text

(a) This act shall be administered by the commission in
accordance with this act.
(b) The commission shall adopt rules and regulations as
necessary to administer this act and to ensure compliance with
all applicable state and federal law.
(c) The commission may:
(i) Issue Wyoming stable tokens as provided in this
act, and provide for matters related to the issuance of Wyoming
stable tokens, including the types of Wyoming stable tokens to
be issued, the supply characteristics for each type, the means
used to issue, maintain and manage the Wyoming stable tokens and
the manner of and requirements for redemption;
(ii) Retain professional services, if necessary,
including accountants, auditors, consultants and other experts;
(iii) Make and enter into any contracts, agreements
or arrangements and retain, employ and contract for the services
of financial institutions, financial service providers and
research, technical and other services as necessary to implement
this act;
(iv) Select the financial institutions to manage the
Wyoming stable tokens;
(v) Seek rulings and other guidance from the United
States department of the treasury, the United States internal
revenue service, the United States securities and exchange
commission and any other relevant federal agency relating to
this act;
(vi) Utilize the services of the state treasurer's
office in investing and managing the Wyoming stable token trust
account;
(vii) Employ a director and employees as it deems
necessary for the performance of its duties. The commission
shall prescribe the powers and duties and fix the compensation
of the director and employees. The director shall be required to
furnish fingerprints for submission to the federal bureau of
investigation or any governmental agency or entity authorized to
receive fingerprints for a state, national and international
criminal history background check.
(d) The commission shall:
(i) Notwithstanding W.S. 9-4-716, maintain, invest
and reinvest the funds received for issuing Wyoming stable
tokens and any earnings from those investments in accordance
with investment policies established by rule and regulation of
the commission in consultation with the treasurer and according
to this act;
(ii) Oversee the review and audit of the operations
and transactions implemented pursuant to this act to include the
commissioning of independent audits as necessary. Costs incurred
to perform independent audits and reviews of the implementation
of this act shall be deemed operational costs.
(e) Before publicly issuing any fully reserved Wyoming
stable tokens, the director shall provide a comprehensive report
to the select committee on blockchain, financial technology and
digital innovation technology and the joint minerals, business
and economic development interim committee on all actions taken
under this act.