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Crypto Friendly Wyoming State Gives Legal Approval to First DAO in US

UTC by Bhushan Akolkar · 3 min read
Crypto Friendly Wyoming State Gives Legal Approval to First DAO in US
Photo: Unsplash

Earlier this year, Wyoming became the first US state to pass legislation into its law while legally recognizing DAO as an LLC. The law became effective last week on July 1, 2021.

The crypto-friendly state of Wyoming is leading the efforts to bring major innovations in the United States crypto landscape. On Sunday, July 4, the Wyoming Secretary of State’s office gave legal approval to the American CryptoFed DAO.

Wyoming’s Secretary of State Edward Buchanan praised the state’s spirit of innovation. Buchanan further added:

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. I congratulate American CryptoFed DAO, LLC, the first legally recognized DAO filed in Wyoming with the Secretary of State’s Office.”

Wyoming Legalizing DAO

Earlier this year, Wyoming became the first US state to pass legislation into its law while legally recognizing DAO as an LLC. The law became effective last week on July 1, 2021. Speaking of this development, Marian Orr, CEO of the American CryptoFed DAO, said:

“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.”

Additionally, the CryptoFed DAO has received strong backing from the Merchant Advisory Group (MAG). This group represents 165 of the largest merchants in the United States. Extending his support further, John Drechny, CEO of the MAG said:

“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”.

He further praised Wyoming from bring “legal certainty” to the US crypto landscape. Besides, Drenchny noted that the American CryptoFed DAO also focuses on getting a free payment choice for merchants. The MAG CEO is confident about the future innovations taking place in the digital payments market.

The CryptoFed DAO shall be governed by its own governance tokens. The governance token holders have set the consensus rules without any central government influence. “In time, my role as CEO will vanish, as all governance token holders will be voting on governance matters without the influence of an executive team,” Orr said.

Inviting Bitcoin Miners to Wyoming

Last Saturday, July 2, Wyoming State Senator Cynthia Lummis invited Bitcoin miners to the state. “If you are in the #Bitcoin mining space, please reach out. We WANT you in Wyoming,” she tweeted. 

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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