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Legislators in the U.S. state of Wyoming enacted a law that provides official legal recognition to decentralized autonomous organizations (DAOs).
Mark Gordon, the Governor of Wyoming, endorsed a bill that creates a legal framework for the establishment and administration of decentralized autonomous organizations. The legislation stipulates that DAOs formed within the state can achieve legal recognition as Decentralized Unincorporated Nonprofit Associations (DUNA).
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The statute outlines the function of smart contracts in managing the operations and governance of DAOs. The DUNA is permitted to enter into legal agreements with external parties, establish bank accounts, and fulfill tax obligations. Furthermore, this legal designation facilitates the distinction between the legal entity and the individual members of the DAO, allowing the decentralized organization to be held accountable without implicating its members, thereby providing them legal protection in the event of litigation involving the organization.
Notably, despite their designation, DUNAs are permitted to engage in commercial endeavors. This is articulated in the bill drafted by the state Select Committee on Blockchain, Financial Technology, and Digital Innovation. Miles Jennings and David Kerr also highlighted this in their analytical report titled “The DUNA: An Oasis For DAOs,” prepared for a16z crypto. The researchers observed that while DUNAs are classified as non-commercial entities, they will have the capacity to undertake commercial activities as decentralized protocols facilitating exchange transactions with digital assets, thereby supporting the operations of SocialFi projects and others. Additionally, participants in the DAO can officially receive dividends from successful commercial ventures.
In late 2022, decentralized autonomous organizations were already able to be legally registered as commercial LLCs in the Marshall Islands. Soon after, experts from the World Economic Forum introduced the “Decentralized Autonomous Organization Toolkit,” a comprehensive guide addressing the operational aspects of DAOs from both theoretical and practical perspectives.
Сообщение DAOs Are Legalized in Wyoming появились сначала на CoinsPaid Media.
