The bill authorizes the Secretary of State of Wyoming to develop and implement a digital asset lien registry by June 30, 2026. It outlines the potential use of blockchain or other distributed ledger technologies for this registry and allows the Secretary of State to consult with various stakeholders, including businesses and law enforcement, to ensure the system's effectiveness. The bill also provides definitions for key terms such as "application programming interface" and "blockchain," and grants the Secretary of State the authority to adopt rules for the implementation of the act.

Additionally, the bill appropriates $350,000 from the general fund specifically for exploring the implementation of the digital asset lien registry. Of this amount, up to $250,000 is designated for contracting services to conduct a feasibility study, which will assess the demand for the registry, necessary statutory changes, and technology requirements. The Secretary of State is required to report the findings of this study and any recommendations to relevant committees by specified deadlines in 2025. The act is effective immediately upon completion of the necessary legislative processes.