Following Tesla’s groundbreaking Bitcoin announcement, pro-crypto Senator Cynthia Lummis set out the welcome mat for Elon Musk in her home state of Wyoming.
Taking to Twitter yesterday, Lummis invited the Tesla and SpaceX CEO to consider relocating to “one of the most business friendly states” with “the best laws for digital assets” in the United States. The offer followed the news that Tesla had purchased $1.5 billion in Bitcoin (BTC) and would be accepting the crypto asset for payments.
— Senator Cynthia Lummis (@SenLummis) February 8, 2021
Lummis’ press secretary Abegail Cave told Cointelegraph that the state had developed a regulatory framework that rewarded innovation, particularly in the digital asset space. She cited a number of incentives that could potentially draw the Tesla CEO to Wyoming, including having no corporate or personal state income tax.
“Tesla is all about innovation, and it’s great to see this American success story recognizing the value of digital assets,” said Cave. “Should Elon Musk or his companies ever need a new home, they couldn’t find a better place than Wyoming.”
Wyoming is becoming one of the most attractive U.S. states for crypto and blockchain firms. In September, the Wyoming State Banking Board granted crypto exchange Kraken a charter to operate as a crypto-friendly bank. The following month, regulators gave Avanti Bank & Trust the green light to receive and custody crypto in a similar fashion.
Both firms and others looking to Wyoming as a regulatory safe haven have been assisted by efforts from Caitlin Long, a former Wall Street executive and current CEO of Avanti Bank. Long, associated with the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology in the state legislature, has helped enact many blockchain-enabling laws in Wyoming.
Less than a month into her first term as a U.S. senator, Senator Lummis said she will focus on legislating digital assets. Last week, she was assigned to the Banking Committee, responsible for financial regulation in the country.