The state of Wyoming has become the first in the US to approve and legally recognise a Decentralised Autonomous Organisation (DAO).
The move became official when the American CryptoFed DAO received notice from the Wyoming Secretary of State’s office that it had been acknowledged as a legal business entity.
Marian Orr, CEO of the American CryptoFed DAO, said the approval now brought wider adoption into focus for the country’s tenth-largest state.
“Wyoming 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,” she said.
“What this means is that creating a true digital currency with mass acceptance is now possible.”
The mission of the American CryptoFed DAO is to create and sustain a monetary system with zero inflation, zero deflation and zero transaction costs. The DAO operates on the EOS network and has two native tokens – Ducat, a stablecoin that will be used for daily transactions and a store of value, and Locke, a governance token used to stabilise Ducat and allow holders to participate in network rule and decision making.
