Under rules adopted by the commission, every contract, application or other similar document that may be used in connection with the purchase of Wyoming stable tokens shall clearly state that the Wyoming stable token is not insured by this state and the principal deposited is not guaranteed by the state beyond the notional value of the Wyoming stable token trust account.
(a) The state shall not be liable to any person for any amount beyond the notional value of the fund maintained in the Wyoming stable token trust account. Any Wyoming stable tokens issued under this act are payable and collectable solely out of the Wyoming stable token trust account. Token holders shall not look to any general or other state fund for redemption of any Wyoming stable tokens. The Wyoming stable tokens shall not constitute any indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The tokens shall not be considered or held to be general obligations of the state but shall constitute special obligations of the state and the commission shall not pledge the state's full faith and credit for redemption of any Wyoming stable token.
(b) The state, the board and employees of the Wyoming stable token commission shall be entitled to immunity from liability, including defense, in connection with any contract or transaction involving or related to Wyoming stable tokens under this act. The state shall be entitled to reasonable attorney fees and costs from any party who brings an unsuccessful action on the notional value of a token.
(a) The commission shall enter into contracts for procurements by competitive bidding. The requirement for competitive bidding shall not apply in the case of a single vendor having exclusive rights to offer a particular service or product.
(b) Procedures adopted by the board shall be designed to allow the selection of proposals that provide the greatest long term benefit to the state, the greatest integrity for the commission and the best service and products for the public.
(c) In any bidding process, the commission may administer its own bidding and procurement or may utilize the services of the department of administration and information or other state agency or subdivision thereof.
(a) As used in this chapter:
(i) "Commissioner" means the state banking commissioner;
(ii) "Financial institution" means as defined in W.S. 13-1-101(a)(ix);
(iii) "Virtual currency" means as defined in W.S. 34-29-101(a)(iv);
(iv) "Virtual currency kiosk" means a publicly accessible electronic terminal acting as a mechanical agent of a person to enable members of the public to facilitate the exchange of virtual currency for money, bank credit or other virtual currency, including by:
(A) Connecting directly to a separate virtual currency exchange that performs the actual virtual currency transmission; or
(B) Drawing upon the virtual currency in the possession of the electronic terminal's operator.
(a) No person shall own, operate or manage a virtual currency kiosk in this state unless the person:
(i) Has been issued a license under the Wyoming Money Transmitters Act, W.S. 40-22-101 through 40-22-129; or
(ii) Is a financial institution and has been granted a charter under title 13 of the Wyoming statutes.
(b) Any person who knowingly violates subsection (a) of this section is guilty of a felony punishable by imprisonment for not less than three (3) years, a fine of not less than ten thousand dollars ($10,000.00), or both.
(c) The commissioner shall adopt rules regulating the operation of virtual currency kiosks by persons authorized under this section.
(a) Except as provided by subsection (b) of this section, all information or reports obtained by the commissioner relating to the operation of a virtual currency kiosk from a person who has been issued a license under the Wyoming Money Transmitters Act, W.S. 40-22-101 through 40-22-129, a financial institution that has been granted a charter under title 13 of the Wyoming statutes or a person acting on behalf thereof, shall be confidential.
(b) The commissioner may disclose confidential information to officials and examiners of other states, federal regulatory authorities, appropriate prosecuting attorneys or as required by court order.