At the start of October, Wyoming opened the floodgates to a new type of financial institution that represents a shift bigger than the one from banks to credit unions. While legislators and many businesses welcome the change and see it as an opportunity, some in the banking industry are none too happy, and others even see it as a financial threat.
Going in headlong
As of mid-September, Caitlin Long – a member of the Wyoming Blockchain Coalition – expected five new financial Special Purpose Depository Institutions to apply on the Oct. 1 opening of the chartering process. The opening day marked the beginning of a new kind of financial institution in the United States.
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