It's important that DAO's be legally recognized under state law. The legislation recently passed by the Wyoming senate should help push things forward.
The New DAO LLC Law
Earlier this week the Wyoming senate passed a new bill that allows Decentralized Autonomous Organizations to be legally recognized within the United States.
The bill (Bill 38) still needs to pass through the states house of representatives before being minted into law but as it stands it's expected to pass without issues and take effect July 1st, 2021.
Assuming it passes the house and becomes law the "Wyoming DAO bill" should open the flood gates for legally structured DAO's. Hopefully with these DAO's we see a wide range of implementations, and for use cases nearly beyond our imaginations.
What Is a DAO?
Found this short video that I thought gives a good explanation of DAO's with some fun ways they could be used in the future.
DAO API Being Considered
How awesome is that! The state is considering creating an API that developers can tap into in order to register their DAO.
Wyoming is exploring creating an API that presumably would enable folks to register DAOs. If so, in the not-so-distant future, folks will be able to set up their organizations from [the] command line. -https://coingeek.com/
Being able to register a DAO electronically through a command line will save both time and money and would inevitably be automated. At least that's the idea.
Regardless, it's awesome to witness revolutionary tech and a completely new business structure begin to be recognized legally.
While Wyoming isn't known for it's business law this is cutting edge legislation that puts them on the map. Personally I haven't read the bill so I can't vouch for it's contents but it was passed by a large majority.
Once the bill is passed there will no doubt be a flood of new DAO's being registered in the state, and that law will eventually create precedence once it has a chance to be tested over time through the courts.
I get excited about these things because I know how important these little steps are, and just how powerful and revolutionary this tech really is. aaaand it's happening!
Ciao for now,
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