U.S. state of Wyoming has legalized a decentralized autonomous organization (DAO) with effect from July 1, marking another in a series of steps that have made the state the most crypto-friendly jurisdiction in the United States. Wyoming became the first state in the U.S. to do so. American CryptoFed DAO, which runs a stablecoin on its network, received approval from the state to operate as a distinct type of limited liability company, according to the company’s statement.
“Creating a true digital currency with mass acceptance is now possible.”
DAOs are pieces of code on a blockchain that can execute a process automatically when a series of conditions are met, without the need for any outside decision-making or interference. “What this means is that creating a true digital currency with mass acceptance is now possible,” Marian Orr, CEO of the American CryptoFed DAO, said. The decision to legalize DOA Wyoming made further legitimizes it as a state that welcomes cryptocurrencies, which is in line with its pro-crypto Senator Cynthia Lummis.
Wyoming senator Cynthia Lummis invites crypto miners.
As reported earlier, the Republican U.S. Senator of Wyoming, Cynthia Lummis, has recently invited Bitcoin miners. The Republican Senator tweeted: “If you are in the Bitcoin mining space, please reach out. We WANT you in Wyoming”. Lummis has been vocal about her support for Bitcoin and the overall crypto space. Crypto miners are fleeing China as the government continues to intensify the crackdown. The Republican Senator is of the view that the leading cryptocurrency bitcoin allows investors to diversify their assets amid the U.S. dollar’s declining value concerns. Earlier, she had suggested the use of bitcoin in diversifying retirement funds.