Wyoming Wants to Be the Crypto Capital of the U.S.

In 2017, Caitlin Long, a former managing director at Morgan Stanley, was just trying to donate some Bitcoin to her alma mater, the University of Wyoming, she says. But the University of Wyoming wasn’t set up to accept Bitcoin donations, and because her Bitcoin had appreciated in value, her donation would go much further if she didn’t need to convert it to cash first.

The problem, Long realized, wasn’t specific to the university—instead, it had to do with the state’s restrictive money transmitter law.