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Wyoming Bill to Recognize DAOs as Companies Approved by Senate Committee
The bill now proceeds to a vote in the Wyoming House of Representatives.
Legislation recognizing decentralized autonomous organizations (DAOs) as companies was approved by the Wyoming state senate on Tuesday.
STORY CONTINUES BELOW
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- The bill now proceeds to a vote in the Wyoming House of Representatives, where it will become law if it is passed unaltered.
- Wyoming would be the first U.S. state to pass such legislation into law.
- DAOs are companies whose governance is built on smart contracts and where decision making is shared around the organization rather being centralized under a boss or executive.
- This legislation would allow DAOs to set up in Wyoming, adding greater legitimacy to cryptocurrency projects and further enhancing the state's reputation as a blockchain-friendly jurisdiction for new companies.
- The state also introduced a bill in February to build a blockchain-based system for companies to file reports, data and other information required by law.
See also: Why Wyoming’s Governor Supports the State’s Crypto Banking Law
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
