On July 1, 2021, the American CryptoFED DAO received notice from the Wyoming Secretary of State’s office that the newly formed Decentralized Autonomous Organization is the first DAO legally recognized in the United States.
Earlier this year, Wyoming became the first state in the nation to pass legislation into law recognizing DAO’s as a distinct form of limited liability companies (LLC). The law became effective at midnight on July 1, 2021.
Wyoming’s Secretary of State Edward Buchanannoted the state’s spirit of innovation when he said, “Wyoming has a reputation for being on the leading edge of business technology, beginning in 1977 with the recognition of LLCs. We are proud to continue this innovation by offering legal protections to Decentralized Autonomous Organizations.
I congratulate American CryptoFed DAO, LLC, the first legally recognized DAO filed in Wyoming with the Secretary of State’s Office.”
Marian Orr, CEO of the American CryptoFed DAO, stated, “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 Merchant Advisory Group (MAG), representing 165 of the largest merchants in the United States, also expressed its support of the filing.
“The Merchant Advisory Group has always advocated for more competition in the payment acceptance space. With the announcement of the American CryptoFed becoming the first Decentralized Autonomous Organization in Wyoming, we can see a path in which merchants will have more choices for payment acceptance,” said John Drechny, CEO of the MAG.
He added, “Wyoming is leading the way to create legal certainty in the crypto space, and the American CryptoFed DAO is focused on delivering a fee free payment choice for merchants. We look forward to what the future brings as more competition through innovation is brought to the payment acceptance market.”
“Our digital currency enables municipalities, merchants and consumers to engage in digital transactions without the cost of processing fees,” Orr said. “As a former mayor, I can tell you those costs add up fast. This means cities and their constituents will no longer lose money through transaction fees, enabling increased revenues back to municipalities without raising taxes.”
The American CryptoFed DAO will be governed by its governance tokens issued pursuant to the token definition described in the Token Safe Harbor Proposal 2.0 outlined by SEC Commissioner Hester Peirce. The rules are set by the consensus of the governance token holders and not influenced by a central government, and transaction records are stored transparently and immutably on a designated blockchain.
“In time, my role as CEO will vanish, as all governance token holders will be voting on governance matters without the influence of an executive team,” Orr said.
Source: American CryptoFed DAO