Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Wyoming’s governor signed a bill granting DAO legal status in the state.
ADOPTION NEWS

Wyoming’s governor signed a bill granting DAO legal status in the state.

By Crypto FlexsMarch 8, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Wyoming’s governor signed a bill granting DAO legal status in the state.
Share
Facebook Twitter LinkedIn Pinterest Email

A new bill granting decentralized autonomous organizations legal status in the cryptocurrency-friendly state has been signed into law in Wyoming.

The bill, called the Wyoming Decentralized Unincorporated Nonprofit Association Act, also known as DUNA. signed Gov. Mark Gordon signed the bill into law Thursday.

a16zcrypto general counsel Miles Jennings said the bill was a “significant breakthrough.” friday on X. The venture capital fund advised on the bill and testified before state Senate and House committees.

“Wyoming’s new law will allow blockchain projects to operate within the scope of the law without compromising decentralization,” Jennings posted on X.

DAO has drawn the ire of U.S. regulators over the past few years. The Commodity Futures Trading Commission won a case involving Ooki DAO last year after the group failed to respond. that much Referee Set a precedent that other DAOs can be held liable for legal violations as “persons” under the Commodity Exchange Act.

Wyoming’s bill would give DAOs a legal existence, allowing them to enter into contracts with third parties, open bank accounts, appear in court and pay taxes, Jennings said. post About the new law.

“We achieve all of this without disrupting the way DAOs are currently launched and operate. It protects decentralization and positions DAOs to effectively grow the ecosystem of the underlying blockchain network,” Jennings said.

What does securities law mean?

The Securities and Exchange Commission often calls the Howey test. It is based on a 1946 U.S. Supreme Court case that the SEC often cites to determine whether assets qualify as securities. This test states that money must be invested in an ordinary business with the reasonable expectation that the asset will benefit from three components: the efforts of others;

Jennings said DUNA supports the argument that Howey’s third component is not satisfied. In part, this is because DUNA is “an inherently decentralized entity” and has no management functions such as officers and directors.

“Although the SEC’s theory of the applicability of U.S. securities laws to digital asset transactions is amorphous and constantly changing, the fact remains that it is bound by the Howey case law and subsequent case law. Pursuant to that case law, the adoption of DUNA is “It could be used by DAOs to strengthen the community’s argument against applying securities laws to their digital assets,” Jennings said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Hong Kong Monetary Report Rising in April 2025

May 31, 2025

The macroeconomic problem stimulates investment in SPOT BITCOIN ETF.

May 31, 2025

Major trends in open source funding: Insight for managers

May 31, 2025
Add A Comment

Comments are closed.

Recent Posts

Bitcoin difficulty set another jump. How high is it this time?

May 31, 2025

Hong Kong Monetary Report Rising in April 2025

May 31, 2025

The macroeconomic problem stimulates investment in SPOT BITCOIN ETF.

May 31, 2025

Solana’s strategic moment: Can Sol copy the institutional interests of BTC?

May 31, 2025

Trump’s memes, which were questioned by the Supreme Democratic Party at the House Judicial Committee,

May 31, 2025

Major trends in open source funding: Insight for managers

May 31, 2025

ETH, SOL ‘very rare’ Staying ETF may start temporarily -analysts

May 31, 2025

Bitcoin heads for $ 100k, but BTF futures predict recovery

May 31, 2025

The optimistic candlelight formation suggests that the XRP price can touch $ 22.

May 31, 2025

US sanctions technology companies are related to millions of dollars of encryption fraud.

May 31, 2025

LUNC News: Coingecko adds a new Defi site from Terra Luna Classic.

May 31, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitcoin difficulty set another jump. How high is it this time?

May 31, 2025

Hong Kong Monetary Report Rising in April 2025

May 31, 2025

The macroeconomic problem stimulates investment in SPOT BITCOIN ETF.

May 31, 2025
Most Popular

Trader Says Altseason Is Around the Corner, Updates Outlook on Dogecoin and Solana

September 23, 2024

Despite the Solana staking incident, SOL is not affected. Why?

August 30, 2024

BCHMiner will help you earn $2,000 per day

December 22, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.