Wyoming established new legal framework Cryptocurrency investment giant Andreessen Horowitz (a16z) has called the state an “oasis” for the decentralized autonomous organization (DAO) nonprofit group in the state.
Governor Mark Gordon signed the bill Enacted state law that adds provisions for Wyoming’s growing number of DAOs. Already cleared Therefore, we will establish it as a limited liability company. Currently, DAOs can also secure status as unincorporated nonprofit organizations.
Myles Jennings, general counsel for a16z Crypto, said this is a “major development” that gives the group “much-needed protection and the power to keep the blockchain network open.” Blog entry posted on Friday. This new designation as a “decentralized unincorporated non-profit organization” (DUNA) will help blockchain administrators ensure that “the network remains open, is non-discriminatory and does not unfairly extract value.” Jennings argues that this will help.
“DUNA will help accomplish this by solving three key challenges facing DAOs: It gives DAOs a legal existence and allows them to contract with third parties to appear in court. It gives the DAO limited liability. “The actions of other members.” Jennings and David Carr wrote on the company’s website.
A16z has indicated that it will steer its associated DAOs toward this legal status and restrict future DAO investments to entities pursuing this legal path.
Among U.S. states, Wyoming is particularly friendly to cryptocurrency businesses and has led the way in licensing efforts. And fellow Sen. Cynthia Lummis (R-Wyo.) is seeking to regulate cryptocurrencies at the federal level, including this week’s bill that would create rules for stablecoin issuers.
Despite having clear enforcement goals to focus on, federal regulators, including the U.S. Commodity Futures Trading Commission, pursue DAOs that: Lawsuit against Oki DAO.
