The United States state of Wyoming is beginning its work on its stablecoin, officially called the “stable token” project, by opening a job position for the head of the stable token commission. The executive will lead a team responsible for making a proper legislative framework for the project.
The position was opened on the federal government’s website for civil jobs on July 20. The commission seeks to hire an executive director who would lead a team comprised of the Wyoming governor, state auditor, state treasurer and four “expert appointees.” The state is looking for someone with connections and expertise in the blockchain industry, promising a $150,000 annual salary.
The Wyoming Stable Token Act was introduced in February 2022, becoming law in March 2023. The act authorizes the issuance of a U.S. dollar-pegged stablecoin redeemable for fiat held in an account by the state.
According to the text of the law, the stable token commission is responsible, among others, for deciding the overall number of tokens to be issued, concluding the requirements for redemption, and selecting the financial institutions to manage the tokens.
In April 2023, a similar initiative was proposed in the state of Texas, where lawmakers introduced bills for creating a state-based digital currency backed by gold. At the same time, several U.S. lawmakers have argued against the federal government’s interest in introducing a central bank digital currency.
Wyoming is a crypto-friendly jurisdiction. Recently, the state’s Governor, Mark Gordon, signed a bill preventing the forced disclosure of private keys to protect the privacy of digital asset owners. And in April, the state’s Attorney General Bridget Hill requested to intervene in the case between Custodia Bank and the Federal Reserve, seeking to defend its framework allowing certain crypto firms to qualify as state-chartered banks.
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Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.