Wyoming further strengthens its position as the most cryptocurrency-friendly state in the US. Local authorities legally recognized the first DAO in the United States.
DAO in Wyoming
The cryptocurrency-friendly state of Wyoming has just approved the first Decentralized Autonomous Organization (DAO) in the United States. It’s about the American CryptoFed DAO. The project has already received official notification of the Wyoming Secretary of State of July 1, which shows that it was recognized as a legal entity.
Marian Orr, CEO of CryptoFed DAO, stated:
Wyoming is the leading jurisdiction when it comes to digital assets in the US, and now with this DAO decision, Wyoming is arguably the best jurisdiction for blockchain in the world. This means that creation is now possible [tam] real digital currency with mass acceptance.
The Merchant Advisory Group (MAG), which represents the 165 largest US sellers, also expressed support for the new decision. MAG CEO John Drechny stated that the group has always advocated greater competitiveness in the area of payment acceptance.
The American CryptoFed DAO was founded by the mobile banking solution provider mSHIFT on July 1, 2021. The project describes its mission as “Promoting a two-token economy that is resistant to inflationary or deflationary influences.”
Orr stressed that the native, stable DAO algorithmic token, Ducat, allows transactions to be made free of charge. Ducat is based on EOS, which uses Delegated Evidence of Participation (DPoS) consensus to achieve fast transactions at the expense of decentralization.
The DAO also issues its second token, Locke, which is used to stabilize the Ducat. The token is issued in accordance with the Token Safe Harbor 2.0 standard.
Wyoming – the capital of blockchain in the US
In recent years, Wyoming has been at the forefront of US states in terms of cryptocurrency liberalization. State regulators are working with Avanti Bank & Trust’s Caitlin Long to develop a bank card framework for cryptocurrency companies.
In September 2020, the Kraken exchange received a bank charter in Wyoming, making it the first cryptocurrency company to act as a bank in the United States. Avanti followed suit in October.
In turn, in March this year, Wyoming became the first state in the country to pass a law recognizing DAO as a separate form of limited liability companies.