Wyoming vs Delaware vs Texas: Best State for Digital Asset Companies in 2026
Wyoming pioneered DAO LLCs and SPDI charters. Delaware remains the default for traditional incorporation. Texas exempted digital assets from money transmission in 2023. Choosing the wrong state adds compliance cost and legal risk.
Wyoming Division of Banking — America's Most Digital Asset-Friendly Regulator
Wyoming pioneered US digital asset banking law through the Special Purpose Depository Institution (SPDI) charter, DAO LLC recognition, and a comprehensive suite of digital asset property rights legislation driven by Caitlin Long and legislators starting in 2019.
Wyoming SPDI — Special Purpose Depository Institution
The Wyoming Special Purpose Depository Institution charter creates a bank category that can hold digital assets in custody for clients without engaging in fractional reserve banking — the first US regulatory framework purpose-built for crypto asset custody.
Wyoming's Blockchain Laws: The State That Became America's Crypto Laboratory
Wyoming has enacted 21+ blockchain-related laws since 2019, including the SPDI bank charter (used by Custodia Bank), the DAO LLC structure (used by Compound and others), and the first US statutory framework recognizing digital assets as a distinct asset class.