Wyo. Code R. 091-0003-3
Effective Date: 07/31/2025 to Current
Rule Type: Current Rules & Regulations
Reference Number: 091.0003.3.07312025
(a) These rules are adopted to implement the Commission's authority granted by W.S. 40-31-105 and W.S. 40-31-106.
(a) The Director or Commission Staff shall open a Trust Account(s), Liquidity Fund Account(s), and WYST Administration Account(s).
(b) When opening any of the account types aforementioned in subsection (a), the Director or Commission Staff shall:
(i) Maintain the account(s) with a Financial Institution(s) that has completed a compliance review to the satisfaction of the Director or Commission Staff; and
(ii) Separate and keep distinct the Trust Account(s), Liquidity Fund Account(s), and WYST Administration Account(s).
(c) Trust Account(s) shall be clearly identified with the wording 'For the Benefit of,' 'As Agent for,' or comparable language.
(d) The Commission may establish a Trust Account(s) with an initial deposit of the Commission's own funds if such deposit is required to open the account, or to avoid bank charges or fees for maintaining the account, provided that the initial deposit of the Commission's own funds shall not exceed the amount required to open the account or to avoid bank charges or fees, and funds shall be returned to the Commission as soon as practicable.
(e) Upon the generation of any Investment Proceeds from the underlying assets in the Trust Account(s), the Commission shall:
(i) Begin accruing additional Reserves in the Liquidity Fund Account(s) up to two percent (2%) of the notional value of WYST, as pursuant to W.S. 40-31-106(b).
(ii) The Commission may, by a majority vote, dictate an amount of Reserves, in excess of two percent (2%) of the notional value of WYST, that shall be maintained in the Liquidity Fund Account(s).
(iii) If there is an accumulation of Reserves in the Liquidity Fund Account(s) in excess of two percent (2%) of the notional value of WYST, or such amount approved by the Commission, then, the Director or Commission Staff is authorized to transfer any and all excess funds to the WYST Administration Account(s) in accordance with W.S. 40-31-106(b).
(iv) In the event in which the Liquidity Fund Account(s) decrease below two percent (2%) of the notional value of WYST, or such amount approved by the Commission, the
Director or Commission Staff shall endeavor to reestablish the Liquidity Fund Account(s) to two percent (2%) of the notional value of WYST; or such amount approved by the Commission.
(v) In the event that the Trust Account(s) decreases below one hundred percent (100%) of the notional value of WYST, the Director or Commission Staff is authorized to transfer funds from the Liquidity Fund Account(s) to the Trust Account(s) as necessary.
(vi) In the event that the Trust Account(s) decrease below one hundred percent (100%) of the notional value of WYST and the funds available in the Liquidity Account(s) are insufficient to return the Trust Account to the full notional value of WYST outstanding as determined by the Commission, the Director or Commission Staff is authorized to transfer funds from the WYST Administration Account(s) to the Trust Account(s) or the Liquidity Fund Account(s) as necessary.
(vii) Maintain all funds described in subsection (a) within the accounts, and separately account for those funds in the Commission’s books and records, ensuring auditability of all funds.
(f) No bank charges or fees shall be paid from funds deposited in the Trust Account(s). To the extent that such charges or fees are not deducted from the gross amount of Investment Earnings, such charges or fees shall be paid from the WYST Administration Account as an operational expense.
(i) If the Financial Institution(s) deducts any bank charges or fees from the Trust Account(s) balance, the Commission shall reimburse the Trust Account(s) those amounts within ten (10) business days following receipt of written notice of the deduction.
(g) The Commission’s establishment of, or initial deposit to, the Trust Account(s) do not create a fiduciary duty to the Licensed Service Provider or Token Holder.
(a) Upon receipt of funds from a Licensed Service Provider, the Commission shall promptly transfer all funds into one or more Trust Account(s), as soon as practicable, but no more than two (2) Business Days from receipt of the funds.
(a) The Commission shall invest the funds provided in Chapter 2, Section 3(b) within the Trust Account(s).
(b) As prescribed in W.S. 40-31-106(a), the Commission shall hold or invest funds within the Trust Account(s) in the following Permitted Investments:
(i) Cash;
(ii) United States treasury securities with a maturity of three hundred sixty-five (365) days or less; or (iii) United States treasury security Repurchase Agreements with a term of thirty (30) days or less.
(c) The Director or Commission Staff shall develop an overall strategy for the investment and allocation of the Permitted Investments with information and data gathered from Issuance Requests and Redemption Requests, financial market conditions, stability reports from Financial Institution(s), and conferring with the Wyoming State Treasurer’s Office, such that such the desired asset allocation shall be communicated to a Financial Institution(s) through an IPS.
(i) The Director or Commission Staff shall formally review and revise its IPS with a Financial Institution(s) on a recurring basis, no less frequently than annually.
(d) The Director or Commission Staff shall confer with the Wyoming State Treasurer’s Office on proper management of the funds and earnings generated from the Trust Account(s), Liquidity Fund Account(s), and the WYST Administration Account(s), pursuant to W.S. 40-31-105(c)(vi).
(e) The Director or Commission Staff shall report to the Commission, during each instance of a recurring regular meeting, the status of the Trust Account(s), Liquidity Fund Account(s), and the WYST Administration Account(s). The report shall include, but is not limited to, a recommendation to:
(i) Maintain capital in the WYST Administration Account(s) to fund future operational expenditures, as permitted in W.S. 40-31-106(c)(ii); or
(ii) Transfer excess funds from the WYST Administration Account(s) to the general fund in repayment of the Commission’s legislative funding and, subsequent to the repayment of all general fund appropriations, the school foundation program account created by W.S. 21-13-306(a), or successor funding if W.S. 40-31-106 is amended to allow.
(f) The Director or Commission Staff shall generally transfer any excess funds from the WYST Administration Account(s) to the school foundation program account on a quarterly basis, in accordance with subsection (e)(ii) above, and pursuant to W.S. 40-31-106(c)(iii).
(a) The Commission shall approve a policy that governs the attestation, audit, and reporting requirements for the fair value of assets held in Reserves being equal to or greater than WYST in Circulation.
(a) The Financial Institution(s) shall make, keep, and preserve all of its books and records in their original form or native file format consistent with the Wyoming Records Retention Schedule, and provide all required information to the Commission on an as-needed basis.