Wyoming Approves First Legally Recognized DAO

Wyoming Approves First Legally Recognized DAO

“Wyoming has cemented itself as one of the most crypto-friendly states in the U.S. with a number of cryptocurrency friendly laws and an increasing number of cryptocurrency companies making use of these. The state has recently approved the first Decentralized Autonomous Organization (DAO) that is the first to be legally recognized in the U.S.
Although many states seem to be catching up to the benefits of blockchain technologies, Wyoming has stepped far ahead of other U.S. states with its crypto-friendly laws. Crypto companies that are registered in the state include Ripple and Kraken.
Earlier this month Wyoming recognized DAO’s as a distinct form of limited liability companies (LLC), being the first state to do so, and now the very first DAO to be approved as a legally recognized entity is The American CryptoFed DAO.
As the first DAO to be legally approved, the American CryptoFed DAO is now a legal entity and marks a milestone for the regulation and acceptance of other crypto companies, at least in the state of Wyoming.
The CEO of the American CryptoFed DAO, Marian Orr, commented on the significance of this approval by the state:

“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”

The state of Wyoming’s innovative approach to business and technology was highlighted by Secretary of State Edward Buchanan:

 “Wyoming has a reputation for being on the leading edge of business technology, beginning in 1977 with the recognition of LLCs. We are proud to continue this innovation by offering legal protections to Decentralized Autonomous Organizations.”

The Merchant Advisory Group (which represents 165 of the largest merchants in the United States) were also vocal in their support of this filing:

 “The Merchant Advisory Group has always advocated for more competition in the payment acceptance space. With the announcement of the American CryptoFed becoming the first Decentralized Autonomous Organization in Wyoming, we can see a path in which merchants will have more choices for payment acceptance”

Whether other states will choose to follow Wyoming’s ruling of DAO’s stands to be seen, however Texas has been quick to copy Wyoming’s crypto-friendly stance, recently  becoming the second state after Wyoming to recognize blockchain and cryptocurrency in its Uniform Commercial Code, which governs commercial transactions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.”

Source: Crypto Daily™

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