The state of Wyoming has become the first in the United States to approve and legally recognize a Decentralized Autonomous Organization, or DAO.
A DAO is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a single institution like a government or central bank. In many cases, virtual currencies make use of this decentralized status to attain levels of privacy and security that are typically unavailable to standard currencies and their transactions.
The move by Wyoming became official when the American CryptoFed DAO received notice from the Wyoming Secretary of State’s office that it had been acknowledged as a legal business entity.
Marian Orr, CEO of the American CryptoFed DAO said, “Wyoming is the leading digital assets jurisdiction in the US, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world.”
She went on to say, “What this means is that creating a true digital currency with mass acceptance is now possible.”
Earlier this year, Wyoming also became the first state in the US to pass legislation into law that recognizes DAOs as a distinct form of limited liability companies, or LLCs, beginning July 1st, 2021.
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