For decades, Wyoming has sought to escape the boom-and-bust cycles of its fossil-fuel-driven economy
Tacen CEO Jae Yang, left, and company attorney John Bugnacki are seen Monday, Nov. 28, 2022, inside the Cheyenne, Wyo. headquarters of the cryptocurrency exchange planned to launch in 2023. Wyoming has sought with several new laws to attract crypto-related businesses to the state and plans to keep doing so despite the industry's recent troubles. CHEYENNE, Wyo.
Cheyenne, Wyoming's capital city of 65,000 people, is home to a U.S. Air Force nuclear missile base, an historic Union Pacific rail yard, abundant old diners and country bars, and sprawling cattle ranches in every direction. Even after the FTX collapse that wiped out potentially thousands of investors, Yang says he feels good about casting his lot with the least-populated state and its many new laws seeking to attract crypto and blockchain businesses.
All the while, the value of crypto — which skeptics say is rooted in nothing more than the say-so of its users — is by now famously unstable, with Bitcoin alone down in value by almost two-thirds in the past year. “When you start to get billions and billions of assets coming into Wyoming, that starts to add up,” Long said. “Traditional banks do not pay that.”
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