Crypto-friendly Wyoming approves first DAO in the US
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Crypto-friendly Wyoming approves first DAO in the US

Saudu Clement
Saudu Clement

Wyoming has continued to strengthen its position as one of the most crypto-friendly states in North America. State officials have now approved the first legally recognized decentralized autonomous organization (DAO) in the U.S.

According to a July 4 announcement, the American CryptoFed DAO received a notice of its approval as a legal entity from the Wyoming Secretary of State's office on July 1.

Commenting on the approval, Marian Orr, CEO of the American CryptoFed DAO, said:

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. What this means is that creating a true digital currency with mass acceptance is now possible.

The American CryptoFed DAO is the brainchild of mobile banking solutions provider mSHIFT. It was established on July 1, 2021, with a mission to create a monetary system that is immune to inflationary and deflationary influences. It also promotes a two-token economy.

Speaking of tokens, Orr noted that the DAO’s native stable token is the “Ducat.” It is based on EOS and is used to facilitate feeless transactions. New tokens are generated via interest paid to token holders. Furthermore, the reward and interest rates are dynamically adjusted by machine learning.

In addition to its stable token, the DAO has a governance token known as Locke. The token conforms to the Token Safe Harbor Proposal 2.0 outlined by SEC Commissioner Hester Peirce in April.