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The crypto-friendly state of Wyoming approves the first DAO in the U.S.
Wyoming continues to consolidate its position as one of the most cryptocurrency-friendly states in North America. State officials have now approved the first legally recognized Decentralized Autonomous Organization (DAO) in the United States
According to the announcement on July 4, the U.S. CryptoFed DAO received a notice from the Office of the Secretary of State of Wyoming to become a legal entity on July 1.
Marian Orr, CEO of CryptoFed DAO in the United States, commented on the approval:
Wyoming is the leading digital asset jurisdiction in the United States. Now with the DAO law, Wyoming is arguably the largest blockchain jurisdiction in the world. This means that it is now possible to create a digital currency that is truly accepted by the public.
The American CryptoFed DAO is the idea of mSHIFT, a mobile banking solution provider. It was established on July 1, 2021, and its mission is to create a monetary system that is not affected by inflation and deflation. It also promotes a dual-token economy.
Speaking of tokens, Orr pointed out that DAO’s native stable token is “Ducat”. It is based on and used to facilitate no-fee transactions. New tokens are generated through interest paid to token holders. In addition, rewards and interest rates are dynamically adjusted by machine learning.
In addition to stable tokens, DAO also owns a governance token called Locke. The token complies with the Token Safe Harbor Proposal 2.0 outlined by SEC Commissioner Hester Peirce in April.
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