When legislation was approved in 2020 establishing Wyoming-chartered special purpose depository institutions (SPDI) to provide banking services to those involved in digital assets, proponents envisioned the state becoming a financial hub for the worldwide cryptocurrency sector.

But there were delays, first by the American Bankers Association (ABA) in issuing routing numbers, and then by the Federal Reserve Bank of Kansas City in approving master accounts for two of the state’s first SPDIs, Kraken Bank and Custodia Bank (formerly Avanti Bank and Trust). That has stakeholders upset and concerned about whether it is holding back Wyoming's crypto industry, according to recent interviews with Wyoming Business Report.

Recommended for you

comments powered by Disqus