Wyoming to become closer to enacting a groundbreaking DAO regulation

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Wyoming legislators moved closer currently to enacting legislation that would give decentralized autonomous status (DAOs) to businesses.  

The Senate passed Bill 38, which was presented in January, via the first committee hearing at the Wyoming Legislature’s Corporations, Elections, and Political Subdivisions Meeting.

The bill aims to have state officials accept DAOs and give them the right to establish with the type of limited liability companies (LLCs).

However, there is already a considerable distance to go. While he was very happy, Matt Kaufman, a lawyer and associate at Hathaway&Kunz legal firm who outlined the legislation at the conference, informed Crypto Briefing that the legislation actually has a decent road to go until it’s finished.

 “Wyoming legislature continues to embrace the fast-changing digital asset landscape and think of ways we can help facilitate new innovation.”, he stated.

DAOs are basically business systems in which power is distributed among team members rather than concentrated in the hands of a single one.

The legislation is intended to give blockchain companies more legitimacy.

Some legislators, however, are opposed to the measure. Last month, Anderson Kill Law associate Preston Byrne slammed the legislation on Twitter, warning it will be used to “justify selling shitcoins and half-baked code.”

At the latest conference, Kaufman stated that the barrier for businesses wishing to file as DAOs will be strong. He added that, “There are projects that exist in the blockchain world where someone has started an entity or smart contract and fails to maintain it,”

“We don’t want to give those types of entities or those types of projects limited liability status. We’re setting the bar high, these have to be maintained projects to qualify for the status.” 

Wyoming is among the most crypto-friendly regions in the United States. Its banking committee was the first to authorize digital currency banks Kraken and Avanti in the previous year.

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