2024

<a href="https://bitcoinworld.co.in/wyoming-became-first-us-state-to-grant-legal-recognition-to-daos-thanks-to-the-new-bill/" title="Wyoming Became First US State To Grant Legal Recognition To DAOs, Thanks To The New Bill" rel="noopener noreferrer nofollow"></a>
Wyoming has become the first US state to grant legal recognition to Decentralized Autonomous Organizations (DAOs).&nbsp;
Governor Mark Gordon <a href="https://content.govdelivery.com/accounts/WYGOV/bulletins/38f683c" rel="noopener noreferrer nofollow">signed</a> the Wyoming Decentralized Unincorporated Nonprofit Association Act, also known as DUNA, into law on Thursday.
DAOs are internet-native communities with shared goals, typically managed by code and smart contracts.&nbsp;
Their decentralized nature has previously posed challenges for regulators, with the Commodity Futures Trading Commission successfully holding a DAO liable for legal violations in 2023.
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The DUNA act grants DAOs legal existence, allowing them to enter contracts, open bank accounts, appear in court, and pay taxes.&nbsp;
Importantly, it achieves this without interfering with the internal structure and operation of DAOs, preserving their core decentralized nature.
The new law is seen as a major breakthrough for DAOs, which have faced regulatory uncertainty in recent years.&nbsp;
Miles Jennings, general counsel for the crypto-focused venture capital firm a16z crypto, praised the legislation, highlighting its ability to “enable blockchain projects to operate within the bounds of applicable laws without compromising their decentralization.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 2/ Wyoming’s new law will enable blockchain projects to operate within the bounds of applicable laws without compromising their decentralization. It also keeps them permissionless.
 This is a major breakthrough.
 — miles jennings (@milesjennings) <a href="https://twitter.com/milesjennings/status/1766095660204626343?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
</blockquote>
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Wyoming Became First US State To Grant Legal Recognition To DAOs, Thanks To The New Bill

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