Changes to Special Purpose Banks
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Bill Summary - 25LSO-0284 Bill No.: SF0095 Effective: 7/1/2025 LSO No.: 25LSO-0284 Enrolled Act No.: SEA No. 0093 Chapter No.: 150 Prime Sponsor: Rothfuss Catch Title: Special purpose depository institution-amendments. Has Report: No Subject: Special purpose depository institutions. Summary/Major Elements: This act creates a process for a special purpose depository institution to convert its charter from a special purpose depository institution to a public trust company. This act reduces the minimum amount required of a depositor in a special purpose depository institution from five thousand dollars ($5,000.00) to one thousand dollars ($1,000.00), repeals a requirement for a depositor to be a legal entity and repeals a supervision fee charged by the state to banks providing digital asset custodial services. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 5, 3:35 AM
R · H61
Why they voted this way
The lawmaker supports the amendment because it enables a seamless transition between special purpose depository institutions and banks, representing an opportunity for innovation.
R · H35
Why they voted this way
The lawmaker opposes the amendment because extensive committee discussion revealed open questions, suggesting further detailed analysis is needed before moving forward.
R · H17
Why they voted this way
The lawmaker supports the amendment now because the current federal government is more friendly to blockchain, making changes in federal legislation that would make this feasible.
R · H07
Why they voted this way
The lawmaker opposes the amendment because transitioning from a digital bank to a regular bank is a heavy lift with many questions, making it better suited for interim study.
R · H04
Why they voted this way
The lawmaker supports the amendment because other states are preparing similar measures, and Wyoming risks losing new companies if it does not act quickly to remain a leader.
R · H43
Why they voted this way
The lawmaker opposes funding a university to create software that the agency did not request and lacks staff to run, arguing it is inappropriate to fund such an unrelated project at this late stage.
R · H61
Why they voted this way
The lawmaker supports the funding as an investment in future technology for digital assets, citing a recent executive announcement and the need to maintain leadership in this industry.
D · H23
Why they voted this way
The lawmaker supports removing the single-source university contract, arguing that competitive bidding is necessary and that a vendor unfamiliar with the industry should not be funded.
R · H46
Why they voted this way
The lawmaker opposes removing the funding, arguing that using university students is cost-effective and keeps proprietary technology within the state.
R · H30
Why they voted this way
The lawmaker supports removing the funding because a text search revealed that neither 'University' nor 'software' appears in the underlying bill, making the connection unclear.
R · H35
Why they voted this way
The lawmaker supports removing the funding, stating it is not a good add-on because the bill's specific purpose relates only to special purpose banks.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
5 roll calls
Official activity
Changes
3 stored
The amendment removes a previous set of changes made by the Filer, et al. committee of the whole.
The amendment allows special purpose depository institutions to convert into state banks and adds new rules for this conversion process.
The amendment adds a provision to appropriate $500,000 from the general fund for the University of Wyoming's blockchain center to develop online filing software for the secretary of state’s office.