On March 17, Wyoming enacted SF 95 which addresses the conversion of special purpose depository institutions into public trust companies. The Act introduces a new section which outlines that, as part of a conversion applicable, a special purpose depository institution must submit a comprehensive conversion plan, approved by its shareholders, to the commissioner and board for approval. The plan must detail the disposition of assets and liabilities, and such other information required by the commissioner, including timetables, to operate as a public trust company. The Act also amends capital startup requirements, reducing the minimum deposit requirement from $5,000 to $1,000. Additionally, it repeals certain restrictions on depositors and the supervision fee for banks providing digital asset custodial services. The Act mandates rulemaking by the banking commissioner to implement these changes, with most provisions effective July 1, while sections related to rulemaking take effect immediately.
