Wyoming has passed a new gambling bill that allows online sports betting companies to accept payments in cryptocurrencies.
House Bill 133 paves the way for a liberal gambling industry that will now launch on September 1 with governor Mark Gordon's approval.
HB 133 is one of the few legislative attempts to directly address cryptocurrencies in the context of sports gambling legalization.
The Wyoming legislature was supportive of the idea of allowing consumers to make deposits with cryptocurrencies, as long as AML and KYC practices are met.
Wyoming has a good track record of supporting cryptocurrencies with the state previously welcoming Ripple Markets WY LLC. It is one of the few states to openly endorse crypto payments.
In the majority of other cases, cryptocurrencies are not openly allowed or even supported in regulated states such as New Jersey and Pennsylvania where the sports gambling industry is booming.
Regulation is a particularly important topic for the US where bad actors – that is operators using illicit practices – are not welcome.
As former Securities and Exchange Commission chair Jay Clayton said, regulation will determine the future of crypto. States like Wyoming can demonstrate the effectiveness and availability of blockchain tech in sports gambling for one.