Chapter 4

Redemption of Wyoming Stable Token

Section 1.                Authority.

(a)              These rules are adopted to implement the Commission's authority granted by W.S. 40-31-107.

Section 2.                Redemption Rights for Licensed Service Providers. 

(a)              The Licensed Service Provider can request to redeem WYST from the Commission at any time.

(b)              The Director or Commission Staff shall verify the authenticity of the request before honoring the Redemption Request.

(c)               Except as otherwise provided in Section 4 of this Chapter, for each WYST received, the Commission, or other representative authorized by the Commission, shall redeem one United States Dollar (USD $1.00) for one (1) WYST to the Licensed Service Provider.

(d)              If the Redemption Request from the Licensed Service Provider is made within a Business Day, the Commission, or other representative authorized by the Commission, shall submit the notional value of the WYST as prescribed in subsection (c) to the Licensed Service Provider promptly, but no more than two (2) Business Day(s), and consistent with Section 4 of this Chapter.

(e)              If the Licensed Service Provider makes the Redemption Request outside a Business Day, the Commission shall treat the request to have occurred the next Business Day and submit the value as prescribed in subsection (c) promptly, but no more than two (2) Business Day(s), and consistent with Section 4 of this Chapter.

Section 3.                Redemption Rights for Token Holders.

(a)              Except as otherwise provided in subsection (b), the Commission shall not accept Redemption Requests directly from Token Holders.

(b)              A Token Holder may only submit a Redemption Request directly to the Commission should:

(i)                The respective Licensed Service Provider be Unavailable for Redemption; or

(ii)              Following the issuance of a final judgment, order, or decree by a U.S. court of competent jurisdiction ("Order"). As it relates to (b)(ii), to the extent the Commission reasonably determines that compliance with such Order presents a risk to WYST, the Commission reserves all rights to object to the Order and require redemption through a Licensed Service Provider.

(c)              Before the Commission honors any Redemption Request, the Token Holder shall undergo and satisfy the Commission's compliance process, including customer identification program and acknowledgment of the Commission's terms and conditions. Should the Token Holder not be able to meet said compliance process, the Commission shall not fulfill the Redemption Request as the Commission is authorized to perform under this Statute.

Section 4.                Calculating WYST Value at Redemption.

(a)              The Commission shall not pledge the State of Wyoming's full faith and credit for Redemption Request on any WYST as proscribed by W.S. 40-31-109.

(b)              Except as provided in subsection (c) of this Section, at the time of the Redemption, the Commission is to Redeem the Licensed Service Provider in the amount of one United States Dollar (USD $1.00) for one (1) WYST.

(c)              The Commission shall honor the Redemption Request in accordance with W.S. 40-31-107.

(d)              The Commission may delay a Redemption Request if, at the time of the Redemption Request, unforeseen circumstances exist. Unforeseen circumstances as contemplated by this subsection include, but are not limited to discovery of fraud or apparent fraud, blockchain hard forks, hacks, exploits, acts of terrorism, war or civil unrest, equipment and power failures, power outages, Force Majeure, court order, or declaration of martial law.