{"id":131457,"date":"2021-07-07T17:24:56","date_gmt":"2021-07-07T17:24:56","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131457"},"modified":"2021-07-07T17:24:56","modified_gmt":"2021-07-07T17:24:56","slug":"the-first-legally-recognized-dao-in-the-usa","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/the-first-legally-recognized-dao-in-the-usa\/","title":{"rendered":"The first legally recognized DAO in the USA"},"content":{"rendered":"

The American CryptoFed DAO is the very first decentralized autonomous organization (DAO) to be legally recognized in the United States.<\/span><\/p>\n

Wyoming\u2019s DAO bill paved the way for this cryptocurrency milestone; Wyoming\u2019s DAO bill was passed in March 2021, and legally recognized DAO\u2019s as a distinct form of an LLC. This means that DAOs that register in the state of Wyoming are legally recognized as business entities in the United States and therefore receive the same legal protections as an LLC.<\/span><\/p>\n

Wyoming\u2019s DAO bill went into effect on July 1st, 2021 at midnight; 11 minutes later (12:11 am), the American CryptoFED DAO became the first DAO to receive approval from the state of Wyoming.<\/span><\/p>\n

\u201cWyoming 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,” said Marian Orr, CEO of the American CryptoFed DAO and the former mayor of Cheyenne, Wyoming.<\/span><\/p>\n

It is important to note that a DAO is not supposed to have a business hierarchy and a CEO. Orr says,<\/span><\/p>\n

“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.\u201d<\/span><\/p>\n

What\u2019s a DAO?<\/b><\/p>\n

DAO stands for <\/span>Decentralized Autonomous Organization<\/span>. A DAO is an entity that is governed by its members via the creation of proposals that decide the DAO\u2019s next steps; subsequently members vote on those proposals, either in favor or against the decision being put forward.<\/span><\/p>\n

Some DAO\u2019s have a very broad mission when it comes to their existence and purpose, others, like Orr\u2019s American CryptoFed DAO, has a very specific goal. For example, the American CryptoFed DAO aims to create a monetary system with zero inflation, zero deflation, and zero transaction costs.\u00a0<\/span><\/p>\n

Wyoming\u2019s push to become a blockchain hub<\/b><\/p>\n

Wyoming\u2019s DAO law<\/span> is the latest step taken by the state to create a blockchain and digital currency-friendly legal environment. In 2019, Wyoming passed a law that allowed digital asset businesses to become<\/span> Special Purpose Depository Institutions (SPDI) in Wyoming<\/span>. An SPDI is similar to a custody bank; it primarily focuses on storing assets, fiduciary management, and conducting a variety of transactions. In addition, SPDIs are prohibited from making loans with customer deposits of fiat currency, and they must keep 100% of their assets in reserve.<\/span><\/p>\n

Wyoming is looking to be the home of businesses working with innovative technology like blockchain and digital assets; the regulatory clarity that the state is providing digital asset businesses with is attracting blockchain and cryptocurrency businesses around the globe to the Cowboy State.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The American CryptoFed DAO is the very<\/p>\n","protected":false},"author":3,"featured_media":131456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nThe first legally recognized DAO in the USA - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/the-first-legally-recognized-dao-in-the-usa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The first legally recognized DAO in the USA - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The American CryptoFed DAO is the very\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/the-first-legally-recognized-dao-in-the-usa\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T17:24:56+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/The-first-legally-recognized-DAO-in-the-USA-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/the-first-legally-recognized-dao-in-the-usa\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/the-first-legally-recognized-dao-in-the-usa\/\",\"name\":\"The first legally recognized DAO in the USA - 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