Wyoming Senate Passes New DAO LLC Bill!

in LeoFinance2 months ago (edited)

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.


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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.

For more info I recently wrote about the rise of "collector" DAO's, and also how DAO's will change everything.

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,

@agr8buzz


Sources:
https://www.coindesk.com/wyoming-dao-llc-law-passed https://coingeek.com/wyoming-senate-passes-dao-law/


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Wyoming is taking the lead and kicking the hell out of the rest of the states on this matter.

It is effectively creating a completely new business structure outside the traditional corporation. We will see a new governance model being accepted.

This is a big step forward.

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Definitely. I think they have passed other favorable laws before this.

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Yeah great to see someone step up and do something actually progressive.

Looks like the bill was sponsored by Wyoming's joint select committee on Blockchain, Financial Technology and Digital Innovation Technology. One of their mandates is to develop and introduce legislation as necessary to promote blockchain, how cool is that.

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Interesting news,
Thanks

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cheers, I think for most this seems insignificant but in actuality it's kind of a big deal. Legally recognized decentralized business structures, enough said 😄

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Your post was promoted by @taskmaster4450le

DAOs sure are interesting but its still in the experimental stage. I think they will succeed and there is a ton of potential since it is different from the current economic system. I think even if they do fail, the rest of the followers can work to resolve those issues and continue onwards.

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