Catenaa, Sunday, March 30, 2025-Wyoming Gov. Mark Gordon distanced himself from a failed legislative attempt to establish a state-run Bitcoin reserve, citing the cryptocurrency’s volatility and the need for more practical initiatives.
Speaking at the DC Blockchain Summit on Wednesday, Gordon emphasized a cautious approach. “Bitcoin has been incredibly volatile,” he said, adding that lawmakers had faced a “learning curve” in their approach to crypto policy.
The Wyoming legislature considered a bill in January that would have allowed the state to allocate public funds to Bitcoin as a strategic investment. However, the measure failed to pass out of committee last month.
Instead, Gordon reaffirmed his commitment to launching Wyoming’s state-backed stablecoin, WYST, which is currently in testing and could debut by July. The token will operate across multiple blockchains and be backed by Treasury reserves, with interest earnings funding the state’s school system.
“People can have faith in it, and then it becomes useful,” Gordon said.
His remarks come as the federal government moves toward its own Bitcoin strategy. President Donald Trump recently ordered the creation of a national Bitcoin reserve, while Sen. Cynthia Lummis (R-WY) proposed an $80 billion federal Bitcoin purchase.
Despite growing momentum for national crypto initiatives, several states—including Wyoming—have rejected state-level Bitcoin reserves, wary of committing public funds to a volatile asset.
