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Articles by Patrick Wolfinbarger
Custodia Bank appeal draws bipartisan legal support
An appeal by Custodia Bank to reverse a Wyoming U.S. District Court ruling in March that the Federal Reserve Board has discretion to deny or suspend a master account for banks chartered by the states is receiving heavyweight legal, nonpartisan support, which challenges the Fed’s constitutional structure. Custodia is a special purpose depository institution (SPDI) founded under Wyoming law to cover cryptocurrency and other digital assets.
Custodia Bank appeal draws bipartisan legal support
An appeal by Custodia Bank to reverse a Wyoming U.S. District Court ruling in March that the Federal Reserve Board has discretion to deny or suspend a master account for banks chartered by the states is receiving heavyweight legal, nonpartisan support, which challenges the Fed’s constitutional structure. Custodia is a special purpose depository institution (SPDI) founded under Wyoming law to cover cryptocurrency and other digital assets.
Custodia Bank files appeal over decision supporting Fed denial of master account
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Custodia Bank files appeal over decision supporting Fed denial of master account
DENVER — Cheyenne’s Custodia Bank is appealing a decision supporting the denial of a master account by the Federal Reserve Board to the 10th Circuit U.S. Court of Appeals. Custodia’s appeal, filed Wednesday, challenges the March decision by Wyoming U.S. District Court Judge Scott Skavdahl, who ruled that the Federal Reserve Banks have the power to deny master accounts to state-chartered banks.
Custodia Bank files appeal over decision supporting Fed denial of master account
State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWashington D.C.West VirginiaWisconsinWyomingPuerto RicoUS Virgin IslandsArmed Forces AmericasArmed...
Custodia Bank hires seasoned legal team for appeal of case against the Fed
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Custodia Bank hires seasoned legal team for appeal of case against the Fed
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Custodia Bank ruling “wrong outcome” says spokesman, citing possible appeal
LARAMIE — Following Friday’s ruling by Wyoming U.S. District Court Judge Scott Skavdahl against Custodia Bank in its lawsuit against the Federal Reserve Bank of Kansas City and the Federal Reserve Board, its impact on the banking system and digital asset industry is still being weighed. To some, it’s a head-scratching interpretation of federal law. To others, it’s a threat to Wyoming’s effort to create a new, innovative economic resource for the state.
Custodia Bank ruling “wrong outcome” says spokesman, citing possible appeal
LARAMIE — Following Friday’s ruling by Wyoming U.S. District Court Judge Scott Skavdahl against Custodia Bank in its lawsuit against the Federal Reserve Bank of Kansas City and the Federal Reserve Board, its impact on the banking system and digital asset industry is still being weighed. To some, it’s a head-scratching interpretation of federal law. To others, it’s a threat to Wyoming’s effort to create a new, innovative economic resource for the state.
Custodia Bank ruling “wrong outcome” says spokesman, citing possible appeal
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Fed action to deny Custodia Bank master account upheld by U.S. District Court of Wyoming
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U.S. District Court vacates trial setting for Custodia Bank lawsuit against the Fed
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State, Lummis and Blockchain Association file briefs supporting Custodia
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Wyoming Stable Token Commission values work by current and former UW students
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State of Wyoming defends right to create state-chartered special purpose depository institutions
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State of Wyoming defends right to create state-chartered special purpose depository institutions
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Business climate in Wyoming cities looking good for 2024
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Health official advises residents to consider flu, COVID-19 vaccinations
As the holiday season approaches and people participate in more indoor activities, a Wyoming Department of Health (WDH) official advises Wyoming residents to get their flu and COVID-19 vaccinations as soon as possible, if they haven’t already. Three vaccines are now available to combat respiratory illness: COVID-19, influenza and respiratory syncytial virus (RSV). COVID-19 and flu vaccines are recommended for everyone 6 months of age and older.
Wyoming loses hydrogen hub, gains two tech hubs
When it comes to Wyoming’s future as a major player in energy development and technology, the federal government taketh and it giveth with decisions involving hydrogen energy production, nuclear power and quantum information services. On Oct.
New UW School of Computing ramping up to help shape Wyoming’s future
With a minor in computing in place for students from any program, the University of Wyoming is ramping up efforts to equip students for futures shaped by technology through its new School of Computing. University officials are working through misconceptions about its purpose on and off-campus as faculty are hired and initiatives developed to help produce tech-savvy graduates ready to bolster Wyoming’s digital future and economy.
Cheyenne company has plan to make Wyoming innovative tech center
CHEYENNE — A company developing a small, energy-efficient, liquid immersion micro-data center aims to make communities throughout Wyoming more attractive to new businesses while helping existing ones boost economic growth. VMAccel of Cheyenne is a cloud acceleration provider specializing in abstraction, infrastructure and distributed cloud expertise. Its products and services seek to harness the convergence of AI, cloud technology and blockchain, stimulating innovation.
Wyoming hospitals facing a new reality following pandemic
Following the end of the COVID-19 pandemic, Wyoming hospitals are dealing with a new reality involving lower patient volume, reduced demand for surgeries, inflation, supply chain disruptions and a shortage of health care workers. “I would say we that we have a few hospitals that are doing OK,” said Eric Boley, Wyoming Hospital Association president. “But overall, the hospitals are in some of the toughest financial shape they've been in my 30 years in the state.
Legos helping to envision cybersecurity risks
Legos are more than plastic building block pieces used by children to create all sorts of structures from their imagination, or parts for complex sets for adults ranging from the space shuttle to the Roman Colosseum. They’re being used to educate industry, government and the military about how to reduce cybersecurity risks.
Custodia Bank’s Caitlin Long honored as banking innovator
It’s been a challenging time for Caitlin Long since she founded Custodia Bank in 2019. Custodia has faced industry skepticism in becoming one of Wyoming’s first special purpose depository institutions (SPDIs), as well as federal opposition to its efforts to gain a banking master account. In January of this year, the Federal Reserve Board denied Custodia's application for a master account.
Highway funding helps grow Wyoming economy
Late spring and summer is when the orange cones start appearing on Wyoming highways and byways, bringing notice of slowdowns and detours that can frustrate drivers seeking uninterrupted travels. Those orange cones also symbolize millions of dollars in state and federal funding that is being spent in Wyoming, creating jobs and delivering economic benefits to communities and industries throughout the state.
Custodia lawsuit against Fed is joined by state, former U.S. senator
Third time could be the charm in Custodia Bank’s lawsuit against the Federal Reserve System decision to reject the Wyoming special purpose depository institution (SPDI) application for a banking master account. And the bank is getting some help that could lead to the lawsuit finally going to pre-trial evidence discovery. kAmx? yF?6 a_aa[ rFDE@5:2 7:=65 2 =2HDF:E :? &]$] s:DEC:4E r@FCE @7 (J@>:?8 282:?DE E96 u65 2?5 :ED z2?D2D r:EJ 32?<[ D66<:?8 2 564:D:@? @?
New programs offer Wyoming entrepreneurs valuable resources
Wyoming entrepreneurs can access a variety of programs this spring aimed at meeting their educational, support and financial needs. Wyoming Venture Capital Equity Investment ProgramApplications are now open for a new investment program created by the Wyoming Business Council (WBC) to support the innovation and growth needs of entrepreneurs across the state.
Wyoming off-grid Bitcoin mining can meet industry needs
In the midst of policy debates over the role Bitcoin mining plays in electrical power production and the resulting environmental impact, a Wyoming entrepreneur is among those developing power alternatives by cutting the cord to the energy grid. Kyle True of Casper is CFO of Diamond Coin, a company that invested in Bitcoin mining in 2021 by going “off-grid” and using flare gas resulting from oil drilling to power powerful computer miners.
Traveling to opposite ends of state no obstacle for brothers
For Alfonso and Brian Chavez, hands-on management is essential to having a successful business even if it means 870-mile round trips through uncertain Wyoming weather to assure customers and employees are getting the best service and support possible. The Chavez brothers own four of the state’s seven Jimmy John’s sandwich restaurants, established their first store 10 years ago in Rock Spring, then another a few years later in Evanston. They then purchased the stores in Sheridan and Gillette.
Fed denial of Custodia Bank application a blow to Wyoming
Within a few hours on Jan. 27, Wyoming’s goal of becoming a worldwide leader in banking and crypto assets through the establishment of special purpose depository institutions became the target of three announcements from the White House and the Federal Reserve Board. Simultaneously, the Federal Reserve Board announced that it had denied the application by Custodia Bank Inc.
Wyoming developing plans to enhance broadband
Wyoming may have from $200 million to $300 million from federal funds to allocate for enhancing broadband access throughout the state when planning is finalized, according to Eliana Zempel, state broadband manager for the Wyoming Business Council. Zempel updated members of the Wyoming Business Alliance during a January webinar on the status of broadband enhancement efforts in the state.
Custodia continues push for master account from Federal Reserve
CHEYENNE — “It ain’t over till it’s over” is a famous quote by baseball legend Yogi Berra about never quitting, and it may well apply to Custodia Bank of Cheyenne as it seeks to get approval for a Federal Reserve master account. Caitlin Long, CEO and founder of Custodia Bank, anticipates learning this week Thursday of the Federal Reserve Board’s response to Custodia’s resubmitted application for a master account.
Custodia continues push for master account from Federal Reserve
CHEYENNE – “It ain't over till it's over” is a famous quote by baseball legend Yogi Berra about never quitting, and it may well apply to Custodia Bank of Cheyenne as it seeks to get approval for a Federal Reserve master account. Caitlin Long, CEO and founder of Custodia Bank, anticipates learning this week Thursday of the Federal Reserve Board’s response to Custodia’s resubmitted application for a master account.
Fed denial of Custodia Bank application a blow to Wyoming
CHEYENNE — Within a few hours on Jan. 27, Wyoming’s goal of becoming a worldwide leader in banking and crypto assets through the establishment of special purpose depository institutions became the target of three announcements from the White House and the Federal Reserve Board. Simultaneously, the Federal Reserve Board announced that it had denied the application by Custodia Bank Inc.
Wyoming seems to be holding spread of flu and COVID in check
Winter is historically the prime time for spreading influenza, and more recently COVID-19, as people spend more time indoors at home, school and work to avoid the cold temperatures. In Wyoming, the spread of influenza and COVID-19 is being held in check so far this season, Kim Deti, spokeswoman for the Wyoming Department of Health (WDH), said in late December. “During the heightened years of the pandemic, influenza just kind of went away, and there are a lot of reasons for that,” Deti said.
FTX collapse brings more notice to Wyoming laws
As the fallout from the collapse of the Bahamas-based FTX cryptocurrency exchange continues to shake the financial technology sector, Wyoming’s regulatory laws regarding digital assets are gaining more notice. That regulatory structure could create more interest by fintech companies in moving their operations to the state, Wyoming digital asset advocates say.
Wyoming and Cheyenne benefit from investment in data centers
A data center operated by a global tech company is something communities around the world compete against each other to entice. A data center brings high-tech jobs; millions of dollars for construction companies, workers and local businesses; and boosts the overall economy for cities in which they reside.
Telehealth benefits from Wyoming broadband expansion
Telehealth providers say that services throughout Wyoming will be enhanced through the state’s share of $42.5 billion in funding through the federal Broadband Equity, Access and Deployment program. BEAD funding comes from the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) and is designed to provide everyone in the nation internet access. Wyoming expects to receive $100 million for BEAD.
UniWyo, Reliant combination part of a trend in Wyoming
UniWyo Credit Union and Reliant Federal Credit Union are seeking to merge operations by early 2023. An industry association executive said this is the latest in such credit union marriages within the state. The combined operation will operate under the UniWyo brand and become the No. 2 credit union in Wyoming, with combined assets of almost $700 million. Their total staff will number more than 100. The merger would combine UniWyo’s 36,000 members with Reliant’s 13,500 members.
Wyo can play role in national competitiveness
Wyoming and other rural states shouldn’t be overlooked in creating opportunities for new careers, businesses and industries. That is according to an array of experts and leaders at the Mountain West Innovation Summit. Hosted at the University of Wyoming in June, this was part of Council on Competitiveness’ flagship initiative, the National Commission on Innovation and Competitiveness Frontiers.
Wyoming can play role in national competitiveness: UW summit
Wyoming and other rural states shouldn’t be overlooked in creating opportunities for new careers, businesses and industries. That is according to an array of experts and leaders at the Mountain West Innovation Summit. Hosted at the University of Wyoming on June 21-23, this was part of Council on Competitiveness’ flagship initiative, the National Commission on Innovation and Competitiveness Frontiers.
Laramie businessman leaves bats for coffee
He wasn’t much of a coffee drinker before long nights of tracking bats. Now, Jeff Gruver is going to bat for local coffee-holics seeking flavorful specialty brews. Gruver owns Motive Coffee Co., roasting coffee in a small store located across the street from the Albany County Courthouse at 507 E. Ivinson Ave. in Laramie. He started roasting coffee three years ago after more than 20 years doing consulting work as a wildlife ecologist, mostly studying bats.
Wyoming tech trends touch on the global and the personal
When it comes to technology trends of 2022, Wyoming can make a legitimate claim to being the epicenter for digital innovation impacting the rest of the world in areas of the smart contracts, cryptocurrency, non-fungible tokens (NFTs), digital identity and privacy, supply chain. In the past five years, the Wyoming Legislature has passed more than two dozen laws to promote the development and application of technology based on blockchain.
Federal Reserve delays approval of master accounts for Wyoming special purpose depository institutions
When legislation was approved in 2020 establishing Wyoming-chartered special purpose depository institutions (SPDI) to provide banking services to those involved in digital assets, proponents envisioned the state becoming a financial hub for the worldwide cryptocurrency sector.
IMPACT 307 looks for growable businesses in Wyoming
An expanding program based out of the University of Wyoming is giving small and start-up businesses crucial aid to expand and attract funding, backers of the initiative say. Boosters agree that this is creating jobs, all the while helping to diversity the state's economy. Formerly called the the Wyoming Technology Business Center, UW's IMPACT 307 program was rebranded in 2020 in the midst of working to cast a wider geographical footprint around the state.
Off-road motorcycling gets a boost from the state
Off-road motorcycling enthusiasts have a new opportunity to explore the outdoors this year with the debut of the Wyoming Backcountry Discovery Route. Local businesses may benefit as a result. WYBDR was developed over four years through a partnership between the Wyoming Office of Outdoor Recreation and Backcountry Discovery Routes (BDR), a nonprofit advocacy organization. It is the 11th route established by the BDR since 2010, and its most remote.
Don’t expect landmark crypto legislation in 2022
New groundbreaking legislation garnering the world’s attention in blockchain, cryptocurrency, digital assets and financial systems is not expected to go before the 2022 Wyoming Legislature when its budget session begins Feb. 14. “For the last four years, Wyoming has done profound legislation that has achieved global attention with its groundbreaking concepts,” said state Sen.
State looks to spend up to $534 million in American Rescue Plan Act funds
How to spend more than a half a billion dollars in federal American Rescue Plan Act funds will be considered this winter by the 2022 Wyoming Legislature, in addition to the usual biennial budget considerations. In December, Wyoming Gov. Mark Gordon submitted a letter to the Joint Appropriations Committee containing his recommendations for spending $534 million in 2021 ARPA funds. A second ARPA payment of the same amount will be provided to the state in 2022.
NASS provides critical ag data for Wyoming producers
Wyoming agricultural producers and the industries associated with them need timely and valuable crop and livestock information. The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) is one place where both producers and those connected to them go to gather tools that help producers plan crops, ranchers know when to expand herds, seed companies plan sales campaigns.
Drought impacts Wyoming farmers and ranchers
Before COVID-19 disrupted Wyoming agricultural producers and markets, farmers and ranchers were dealing with a two-decade Western drought that researchers link to climate change. Almost all Wyoming counties are under a drought disaster designation by the U.S. Department of Agriculture. The designation allows farms and ranchers to apply for low-interest federal emergency loans of up to $500,000, said Lois Van Mark, Farm Service Agency director. kAm%96 =@2?D 2C6 E96 =2E6DE C6D@FC46 E96 u$p 92D :?
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