DAO: Soon to be officially recognised as a business in Wyoming?
The US state of Wyoming is preparing to become a veritable mecca for companies in the crypto sector. Senator Cynthia Lummis can only be pleased.
Among the US states, Wyoming enjoys a certain special status due to its extremely crypto-friendly legislation. This is largely due to Senator Cynthia Lummis, who is not only loyal to Bitcoin & Co. but also to former President Donald Trump. A momentous decision is now Bitcoin Superstar app pending in the Wyoming House of Representatives. There is a bill before them that requests that the DAO (Decentralised Autonomous Organisation) be recognised as a form of enterprise.
DAO on the way to more legitimacy
DAOs are companies whose hierarchy is built on smart contracts. Decision-making within the organisation is shared, rather than being the sole responsibility of one boss or executive. Wyoming would be the first US state to enact such a law. If the bill passes the House of Representatives, it would allow any DAO to set up shop in Wyoming. Such crypto projects would thus gain greater legitimacy as businesses. The reputation of the state of Wyoming as a blockchain-friendly jurisdiction for new companies would be further strengthened.
In addition to its efforts in favour of DAOs, the state also introduced a bill in February to establish a blockchain-based system for businesses. The scheme would allow reports, data and other information required by law to be filed via blockchain. Cynthia Lummis recently confirmed her reputation as a great crypto advocate in an interview with Chainalysis. She firmly believes that Bitcoin is on its way to becoming a „mainstream product“.