In a vibrant week at the University of Wyoming, the state’s commitment to emerging technologies was prominently displayed during the Wyoming Blockchain Stampede. This event, aimed at financial tech enthusiasts, STEM students, and gamers, coincided with crucial discussions from the Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology. Lawmakers convened to deliberate on a range of draft bills that could shape the future of consumer technology in Wyoming.
During their latest meeting, the committee focused on several significant topics, starting with the recent launch of the Wyoming Frontier Stable Token and updates concerning federal legislation related to digital finance. The committee is particularly interested in asset-backed digital tokens, viewing this as a leap forward in financial technology.
Senator Chris Rothfuss (D-Laramie) expressed his intent for some of the proposed legislation to originate in the Senate in the upcoming session. His remarks were particularly insightful, reflecting on the previous legislative session’s challenges, where political disagreements hindered the passage of substantive bills. Rothfuss emphasized the need for strategic planning in the legislative process to avoid similar pitfalls.
The conversation also delved into the regulation of autonomous vehicles, a topic brought forth by David Pope, the governor’s liaison to the select committee. Pope, who likened himself to a futuristic visionary, encouraged lawmakers to begin discussions on self-driving technology regulations. He recalled prior attempts to establish such regulations, notably a failed bill in 2021. Pope painted an ambitious picture of a state-owned fleet of autonomous vehicles designed to enhance efficiency in governmental operations. Despite skepticism about funding a pilot program, there was enthusiasm from lawmakers like Rothfuss and Rep. Daniel Singh (R-Cheyenne) about exploring this innovative transportation solution.
The committee also took steps to broaden its focus beyond financial technology to encompass emerging technologies. A bill was swiftly passed to rename the committee to the Select Committee on Blockchain and Emerging Technologies, aligning with its expanded objectives to promote digital commercial activities within the state.
On the consumer protection front, a proposed bill aimed at safeguarding personal data received attention. This draft legislation would prevent government entities from buying, selling, or retaining personal data for more than three years, allowing residents the right to request copies of their data. While concerns were raised regarding the implications for public records, Rothfuss assured that the committee worked closely with county clerks to ensure sound public policy.
However, two key proposals faced hurdles. An attempt to make subscription cancellations as straightforward as sign-ups fell short, being labeled an “unlawful, deceptive trade practice” due to its narrow support. Similarly, a right-to-repair bill, aimed at providing consumers with the ability to repair their own electronic goods, encountered strong opposition from tech companies concerned about potential security risks.
In an effort to regulate the growing presence of cryptocurrency kiosks in Wyoming, lawmakers also drafted legislation aimed at establishing rules for these machines, noting that losses related to virtual currency transactions had plagued local residents.
Simultaneously, the Blockchain Stampede featured discussions focused on the future of blockchain and digital assets, including a panel on the importance of integrating blockchain education into K-12 curricula. Educators and tech professionals reiterated the potential of blockchain jobs to retain graduates in Wyoming, countering the trend of young professionals leaving the state for better opportunities.
Senator Rothfuss also addressed the implications of data privacy, emphasizing that Wyoming has the authority to redefine data ownership. He envisions a framework wherein individuals could protect their data from corporate interests, highlighting the need for supportive legislation.
While the committee has moved forward with initiatives surrounding data privacy and consumer rights, there is no current discussion on using blockchain to safeguard user data from corporate entities. Nonetheless, the sentiment among attendees suggests a favorable inclination towards further exploration of this critical issue.
