40-29-106(c) that will be provided to consumers;

40-29-106(c) that will be provided to consumers;

(vii) Any other factor that the commissioner or secretary determines to be relevant.

(g) If an application is authorized under subsection (f) of this section, the commissioner or secretary shall specify the statutory or rule requirements, or portions thereof, for which a waiver is granted and the length of the initial sandbox period, consistent with W.S. 40-29-102(a)(vii). The commissioner or secretary shall also post notice of the approval of a sandbox application under this subsection, a summary of the innovative financial product or service and the contact information of the person making the product or service available through the sandbox on the internet website of the commissioner or secretary.

(h) A person authorized under subsection (f) of this section to enter into the financial technology sandbox shall post a consumer protection bond with the commissioner or secretary as security for potential losses suffered by consumers. The bond amount shall be determined by the commissioner or secretary in an amount not less than ten thousand dollars ($10,000.00) and shall be commensurate with the risk profile of the innovative financial product or service. The commissioner or secretary may require that a bond under this subsection be increased or decreased at any time based on risk profile. Unless a bond is enforced under W.S. 40-29-109(b)(ii), the commissioner or secretary shall cancel or allow the bond to expire two (2) years after the date of the conclusion of the sandbox period.

(j) A person authorized under subsection (f) of this section to enter into the financial technology sandbox shall be deemed to possess an appropriate license for the purposes of federal law requiring state licensure or authorization.

(k) Authorization under subsection (f) of this section shall not be construed to create a property right.

(m) Any fee charged and collected under this section by the commissioner shall be in accordance with W.S. 13-1-603(d) through (f).

40-29-105. Financial technology innovation account.

(a) There is created the financial technology innovation account. Funds within the account shall only be expended by legislative appropriation. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the general fund. The account shall be divided into two (2) subaccounts controlled by the commissioner and secretary, respectively, for the purposes of administrative management. For the purposes of accounting and investing only, the subaccounts shall be treated as separate accounts.

(b) Subject to legislative appropriation, application fees remitted to the account pursuant to W.S. 40-29-104(e) shall be deposited into the subaccount controlled by the commissioner or secretary, as applicable, based on the receiving official. These funds, and any additional funds appropriated by the legislature, shall be used only for the purposes of administering this act, including processing of sandbox applications and monitoring, examination and enforcement activities relating to this act.

40-29-106. Operation of financial technology sandbox.

(a) Except as otherwise provided by W.S. 40-29-108, a person authorized under W.S. 40-29-104(f) to enter into the financial technology sandbox may make an innovative financial product or service available to consumers during the sandbox period.

(b) The commissioner or secretary may, on a case by case basis, specify the maximum number of consumers permitted to receive an innovative financial product or service, after consultation with the person authorized under W.S. 40-29-104(f) to make the product or service available in the financial technology sandbox.

(c) Before a consumer purchases or enters into an agreement to receive an innovative financial product or service through the financial technology sandbox, the person making the product or service available shall provide a written statement of the following to the consumer:

(i) The name and contact information of the person making the product or service available to consumers;

(ii) That the product or service has been authorized to be made available to consumers for a temporary period by the commissioner or secretary, as applicable, under the laws of Wyoming;

(iii) That the state of Wyoming does not endorse the product or service and is not subject to liability for losses or damages caused by the product or service;

(iv) That the product or service is undergoing testing, may not function as intended and may entail financial risk;

(v) That the person making the product or service available to consumers is not immune from civil liability for any losses or damages caused by the product or service;  (vi) The expected end date of the sandbox period;

(vii) The name and contact information of the commissioner or secretary, as applicable, and notification that suspected legal violations, complaints or other comments related to the product or service may be submitted to the commissioner or secretary;

(viii) Any other statements or disclosures required by rule of the commissioner or secretary which are necessary to further the purposes of this act.

(d) A person authorized to make an innovative financial product or service available to consumers in the financial technology sandbox shall maintain comprehensive records relating to the innovative financial product or service. The person shall keep these records for not less than five (5) years after the conclusion of the sandbox period. The commissioner and secretary may specify further records requirements under this subsection by rule.

(e) The commissioner or secretary, as applicable, may examine the records maintained under subsection (d) of this section at any time, with or without notice. All direct and indirect costs of an examination conducted under this subsection shall be paid by the person making the innovative financial product or service available in the financial technology sandbox. Records made available to the commissioner or secretary under this subsection shall be confidential and shall not be subject to disclosure under the Wyoming Public Records Act but may be released to appropriate state and federal agencies for the purposes of investigation.

(f) Unless granted an extension pursuant to W.S. 40-29- 108, not less than thirty (30) days before the conclusion of the sandbox period, a person who makes an innovative financial product or service available in the financial technology sandbox shall provide written notification to consumers regarding the conclusion of the sandbox period and shall not make the product or service available to any new consumers after the conclusion of the sandbox period until legal authority outside of the sandbox exists to make the product or service available to consumers. The person shall wind down operations with existing consumers within sixty (60) days after the conclusion of the sandbox period, except that, after the sixtieth day, the person may:  (i) Collect and receive money owed to the person and service loans made by the person, based on agreements with consumers made before the conclusion of the sandbox period;

(ii) Take necessary legal action; and

(iii) Take other actions authorized by the commissioner or secretary by rule which are not inconsistent with this subsection.

(g) The commissioner and the secretary may, jointly or separately, enter into agreements with state, federal or foreign regulatory agencies to allow persons who make an innovative financial product or service available in Wyoming through the financial technology sandbox to make their products or services available in other jurisdictions and to allow persons operating in similar financial technology sandboxes in other jurisdictions to make innovative financial products and services available in Wyoming under the standards of this chapter.

40-29-107. Revocation or suspension of financial technology sandbox authorization.

(a) The commissioner or secretary may, by order, revoke or suspend authorization granted to a person under W.S. 40-29- 104(f) if:

(i) The person has violated or refused to comply with this act or any lawful rule, order or decision adopted by the commissioner or secretary;

(ii) A fact or condition exists that, if it had existed or become known at the time of the financial technology sandbox application, would have warranted denial of the application or the imposition of material conditions;

(iii) A material error, false statement, misrepresentation or material omission was made in the financial technology sandbox application; or

(iv) After consultation with the person, continued testing of the innovative financial product or service would:

(A) Be likely to harm consumers; or  (B) No longer serve the purposes of this act because of the financial or operational failure of the product or service.

(b) Written notification of a revocation or suspension order made under subsection (a) of this section shall be served using any means authorized by law, and if the notice relates to a suspension, include any conditions or remedial action which shall be completed before the suspension will be lifted by the commissioner or secretary.

40-29-108. Extension of sandbox period.

(a) A person granted authorization under W.S. 40-29-104(f) may apply for an extension of the initial sandbox period for not more than twelve (12) additional months. An application for an extension shall be made not later than sixty (60) days before the conclusion of the initial sandbox period specified by the commissioner or secretary. The commissioner or secretary shall approve or deny the application for extension in writing not later than thirty-five (35) days before the conclusion of the initial sandbox period. An application for extension by a person shall cite one (1) of the following reasons as the basis for the application and provide all relevant supporting information that:

(i) Statutory or rule amendments are necessary to conduct business in Wyoming on a permanent basis; or

(ii) An application for a license or other authorization required to conduct business in Wyoming on a permanent basis has been filed with the appropriate office and approval is currently pending.

40-29-109. Rules and orders; enforcement of bond; restitution; applicability of Wyoming Administrative Procedure Act.

(a) The commissioner and secretary shall each adopt rules to implement this act. The rules adopted by the commissioner and secretary under this subsection shall be as consistent as reasonably possible, but shall account for differences in the statutes and programs administered by the commissioner and secretary.

(b) The commissioner or secretary may issue:  (i) All necessary orders to enforce this act, including ordering the payment of restitution, and enforce these orders in any court of competent jurisdiction;

(ii) An order under paragraph (i) of this subsection to enforce the bond posted under W.S. 40-29-104(h), or a portion of this bond, and use proceeds from the bond to offset losses suffered by consumers as a result of an innovative financial product or service.

(c) All actions of the commissioner or secretary under this act shall be subject to the Wyoming Administrative Procedure Act.

CHAPTER 30 - DIGITAL IDENTITY ACT

40-30-101. Definitions.

(a) As used in this chapter:

(i) "Personal digital identity" means as defined in W.S. 8-1-102(a)(xviii);

(ii) "Organizational digital identity" means as defined in W.S. 8-1-102(a)(xix).

40-30-102. Acts through digital identity.

(a) Consistent with the provisions of W.S. 40-21-109:

(i) Acts taken through a personal digital identity are attributable to a natural person if they were the act of the natural person. The act of the natural person may be established in any manner, including a showing of the efficacy of any security procedure applied to determine the natural person to which an electronic record or electronic signature or other act was attributable;

(ii) Acts taken through an organizational digital identity are attributable to the organization if they were the act of the organization. The act of the organization may be established in any manner, including a showing of the efficacy of any security procedure applied to determine the organization to which an electronic record or electronic signature or other act was attributable;  (iii) The effect of an electronic record or electronic signature or other act attributed to a natural person or organization under paragraphs (i) and (ii) of this subsection shall be determined from the context and surrounding circumstances at the time of its creation, execution or adoption, including the parties' agreement, if any, and as otherwise provided by law.

40-30-103. Impersonation of digital identity; remedies.

(a) Any person with a personal or organizational digital identity may proceed by suit to enjoin the use of any impersonations, counterfeits or imitations thereof and any court of competent jurisdiction may grant injunctions to restrain such use as may be by the said court deemed just and reasonable, and may require the defendants to pay to such person all profits derived from or all damages suffered by reason of such wrongful use. The court, in its discretion, may enter judgment for an amount not to exceed three (3) times any profits or damages and reasonable attorneys' fees of the prevailing party in cases where the court finds the other party committed wrongful acts with knowledge or in bad faith or otherwise as according to the circumstances of the case.

(b) The enumeration of any right or remedy herein shall not affect a person's right to prosecute under any penal law of this state.

CHAPTER 31 - WYOMING STABLE TOKEN ACT

40-31-101. Short title.

This act shall be known and may be cited as the "Wyoming Stable Token Act."

40-31-102. Definitions.

(a) As used in this act:

(i) "Commission" means the Wyoming stable token commission created by W.S. 40-31-103;

(ii) "Board" means the board of the Wyoming stable token commission;

(iii) "Director" means the director of the Wyoming stable token commission;  (iv) "Financial institution" means any entity approved by the commission to act as a manager or otherwise to manage, operate and maintain Wyoming stable tokens;

(v) "Notional value" means face value;

(vi) "Token holder" means a person who lawfully owns any portion of a Wyoming stable token;

(vii) "Treasurer" means the state treasurer;

(viii) "Wyoming stable token" means the virtual currency issued by the commission pursuant to this act;

(ix) "Virtual currency" means as defined in W.S. 34- 29-101(a)(iv);

(x) "This act" means W.S. 40-31-101 through 40-31- 110.

40-31-103. Wyoming stable token commission.

(a) There is created the Wyoming stable token commission, which is a body politic and corporate operating as an instrumentality of the state of Wyoming, with authority to adopt an official seal and to sue and be sued.

(b) The commission shall be governed by a board composed of:

(i) The governor or the governor's designee;

(ii) The auditor or the auditor's designee;

(iii) The treasurer or the treasurer's designee;

(iv) Not more than four (4) subject matter experts in virtual currency and financial technology appointed by a majority vote of the members of the board designated in paragraphs (i) through (iii) of this subsection, and serving at the discretion of those members. Only subject matter experts who are free from conflict of interest in performing the duties of the board shall be appointed to, or serve on, the board. Each subject matter expert shall be required to furnish fingerprints for submission to the federal bureau of investigation or any governmental agency or entity authorized to receive fingerprints for a state, national and international criminal history background check.

(c) Members of the board appointed pursuant to paragraph (b)(iv) of this section shall receive the same per diem, expenses and travel allowance as members of the legislature under W.S. 28-5-101 while in attendance at meetings of the board and while performing their duties as members of the board.

(d) The commission is subject to the requirements of:

(i) W.S. 16-3-101 through 16-3-105;

(ii) W.S. 16-4-201 through 16-4-205;

(iii) W.S. 16-4-401 through 16-4-408.

40-31-104. Wyoming stable token value; limitations.

A Wyoming stable token is a virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40-31-106. Stable tokens shall only be issued in exchange for United States dollars.

40-31-105. Powers of the commission.

(a) This act shall be administered by the commission in accordance with this act.

(b) The commission shall adopt rules and regulations as necessary to administer this act and to ensure compliance with all applicable state and federal law.

(c) The commission may:

(i) Issue Wyoming stable tokens as provided in this act, and provide for matters related to the issuance of Wyoming stable tokens, including the types of Wyoming stable tokens to be issued, the supply characteristics for each type, the means used to issue, maintain and manage the Wyoming stable tokens and the manner of and requirements for redemption;

(ii) Retain professional services, if necessary, including accountants, auditors, consultants and other experts;  (iii) Make and enter into any contracts, agreements or arrangements and retain, employ and contract for the services of financial institutions, financial service providers and research, technical and other services as necessary to implement this act;

(iv) Select the financial institutions to manage the Wyoming stable tokens;

(v) Seek rulings and other guidance from the United States department of the treasury, the United States internal revenue service, the United States securities and exchange commission and any other relevant federal agency relating to this act;

(vi) Utilize the services of the state treasurer's office in investing and managing the Wyoming stable token trust account;

(vii) Employ a director and employees as it deems necessary for the performance of its duties. The commission shall prescribe the powers and duties and fix the compensation of the director and employees. The director shall be required to furnish fingerprints for submission to the federal bureau of investigation or any governmental agency or entity authorized to receive fingerprints for a state, national and international criminal history background check.

(d) The commission shall:

(i) Notwithstanding W.S. 9-4-716, maintain, invest and reinvest the funds received for issuing Wyoming stable tokens and any earnings from those investments in accordance with investment policies established by rule and regulation of the commission in consultation with the treasurer and according to this act;

(ii) Oversee the review and audit of the operations and transactions implemented pursuant to this act to include the commissioning of independent audits as necessary. Costs incurred to perform independent audits and reviews of the implementation of this act shall be deemed operational costs.

(e) Before publicly issuing any fully reserved Wyoming stable tokens, the director shall provide a comprehensive report to the select committee on blockchain, financial technology and digital innovation technology and the joint minerals, business and economic development interim committee on all actions taken under this act.

40-31-106. Wyoming stable token accounts.

(a) The Wyoming stable token trust account is created. The commission shall deposit all funds received for the issuance of Wyoming stable tokens into the account. Funds within the account received from the sale of Wyoming stable tokens shall be held in trust to support the redemption of Wyoming stable tokens, and shall not be expended for any other purpose but shall be expended to redeem Wyoming stable tokens. The commission shall invest funds within the account exclusively in cash, United States treasury securities with a maturity of three hundred sixty-five (365) days or less or United States treasury security repurchase agreements with a term of thirty (30) days or less. By creation of this trust, the state does not create any fiduciary duty to token holders. Investment earnings generated by the funds in the account may be deposited in the Wyoming stable token administration account as provided in subsection (b) of this section.

(b) Not less than one hundred percent (100%) of the notional value of all outstanding issued Wyoming stable tokens shall be maintained in the Wyoming stable token trust account. All earnings paid on funds and investments in the account shall be deposited in the account. Investment earnings on funds in the account in excess of one hundred two percent (102%) of the notional value of all outstanding issued Wyoming stable tokens shall be transferred to the Wyoming stable token administration account.

(c) The Wyoming stable token administration account is created. Funds received into the account from any source shall be retained, expended or transferred and are continuously appropriated according to the following priority:

(i) To pay for the operational costs of this act;

(ii) Retention of savings in an amount consistent with rules set by the commission to provide for future expenditures under paragraph (i) of this subsection;

(iii) Any remainder shall be distributed on a quarterly basis, into the public school foundation program account created by W.S. 21-13-306(a).  40-31-107. Redemption.

One (1) Wyoming stable token shall be redeemable for one (1) United States dollar upon demand as set forth by rule of the commission. The value of the Wyoming stable token upon redemption shall be one (1) United States dollar for each one (1) Wyoming stable token, unless the interest rate of United States treasury bills at the time of redemption is negative or the total assets available in the Wyoming stable token trust account divided by the number of outstanding Wyoming stable tokens is less than one (1) dollar, in which case the value of the Wyoming stable token upon redemption shall be the liquidated value of the United States treasury bill redeemed to pay the demand for the Wyoming stable token as determined by rule of the commission. In no case shall the redemption result in the state paying a higher amount than the total assets in the Wyoming stable token trust account divided by the number of outstanding Wyoming stable tokens after all expenses have been paid as determined by the commission and auditor as provided by rules and regulations of the commission.

40-31-108. Notice of limitations.

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.

40-31-109. Limitations on liability.

(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.

40-31-110. Bidding requirements; contract procedures.

(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.