Two weeks ago, Kraken Financial received the first Special Purpose Depository Institution (SPDI) charter from the Wyoming Banking Division to much fanfare. With the hard work of well-known players such as Tyler Lindholm (R-Sundance) and Caitlin Long, CEO of Avanti Bank, the foundation has been established for Wyoming to be the most crypto-friendly jurisdiction in the U.S. Now that the laws are passed and the charter is issued, it is up to the Wyoming Banking Division regulators to begin the first-ever crypto bank examinations.
By way of background, I have prior experience at the Federal Deposit Insurance Corporation (FDIC) where I have examined banks in Texas, Louisiana, and Arkansas. Almost always, banks have a combination of federal and state examiners if the charter is issued by the state, with either the FDIC or the Federal Reserve as the federal regulator. If the charter is national, the Office of the Comptroller