Today, we’re happy to report that we have renewed our money transmitter license in Wyoming. That means our Wyoming customers can once again use Coinbase products — particularly Coinbase Consumer — to buy, sell and use cryptocurrencies. We believe this action by Wyoming will spur innovation and economic activity for individuals, families and communities across the state.
Coinbase welcomed the opportunity to work with Wyoming House of Representatives Majority Floor Leader David Miller, State Senator Eli Bebout, members of the Blockchain Task Force, and their colleagues to find a solution that allows cryptocurrency custodians and exchanges to reestablish operations. We are also grateful for the assistance of Commissioner Forkner, Deputy Commissioner Mulberry, along with the examiners and staff from the Wyoming Division of Banking in their prompt approval of our money transmitter application.
Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state.
We are encouraged by this positive transition for Wyoming residents and businesses to once again enjoy the enhanced innovation, economic activity and social benefits of this new technology. We aim to be the most trusted cryptocurrency brand in the space, and as part of that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation. We will continue collaborating with legislators and regulators across the U.S. and worldwide as we work to create open financial system for the world.
Wyoming customers should have access to their accounts, and to the extent any funds (USD or cryptocurrency) were stored in their accounts, they will have access to those funds. If any Wyoming resident is unable to access their accounts or withdraw funds, we encourage them to contact our customer support team to have access restored.