Wyoming Leads Nation in Business Applications Per Capita, Driven by Digital Asset Innovation

Wyoming has secured the top position nationally for business applications per capita, a growth trajectory significantly influenced by its progressive stance on digital assets. Senator Cynthia Lummis (R-WY) highlighted this development, stating in a recent tweet, "> Wyoming leads the nation in growth of start-up companies, and digital assets are paving the way." She affirmed her commitment to this economic shift, adding, "> I am proud to work every day to diversify Wyoming’s economy and ensure the future of the Cowboy State is bright."

Data from the U.S. Chamber of Commerce indicates Wyoming ranked first in 2023 for business applications per capita, experiencing a 29.5% increase in applications from December 2022 to December 2023. This surge reflects the state's concerted efforts to foster a business-friendly environment, particularly for nascent industries. The Wyoming Department of Workforce Services also reported historical highs in new business formations in both 2021 and 2022, with a 13.1% formation rate in 2022.

Wyoming has cultivated a pioneering legal framework for digital assets, enacting over 50 laws since 2017 to provide regulatory clarity and attract blockchain and cryptocurrency companies. These initiatives include recognizing digital assets as property, establishing Special Purpose Depository Institutions (SPDIs) for digital asset custody, and creating a regulatory sandbox for fintech innovation. These measures aim to integrate digital assets responsibly into the financial system.

Senator Lummis, often dubbed the "crypto queen" of Capitol Hill, has been instrumental in advancing digital asset policy at both state and federal levels. Recently appointed as the chair of the Senate Banking Subcommittee on Digital Assets, she is championing legislation such as the "BITCOIN Act," which proposes establishing a strategic Bitcoin reserve for the U.S. and a new digital asset market structure bill. She views these efforts as crucial for ensuring American leadership in financial innovation and diversifying the national economy.

The state's proactive approach is designed to reduce its historical reliance on traditional industries like oil, gas, and mining. By positioning itself as a hub for digital asset businesses, Wyoming seeks to create new jobs and economic opportunities, aligning with Senator Lummis's vision for a diversified and prosperous future for the Cowboy State.