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Wyoming’s ‘DAO law’ passes State Senate in a 28-2 vote

Wyoming’s ‘DAO law’ passes State Senate in a 28-2 vote



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  1. >The upper chamber of Wyoming’s legislature has passed a bill that, if approved, would clear the way for decentralized autonomous organizations, or DAOs, to become incorporated under state law.
    >
    >The 28-2 vote took place on Wednesday, [public records show](https://www.wyoleg.gov/Legislation/2021/SF0038#-408), and was sent to the State House of Representatives the same day. On Thursday, the bill was formally introduced and transferred to that chamber’s Minerals, Business & Economic Development committee.
    >
    >Should the House of Representatives clear the bill, any differences would need to be hammered out between the two chambers before being sent to Wyoming Governor Mark Gordon for signature.
    >
    >The bill, as The Block reported in early February, is the first of its kind, and would create a legal link between would-be decentralized organizations and a U.S. state. Wyoming has gained a reputation as an industry-friendly state following previous legislative developments and the establishment of [crypto-focused](https://www.theblockcrypto.com/linked/56793/wyoming-digital-asset-bank-avanti-blockstream-bitcoin) [banks](https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming) there. 
    >
    >The so-called DAO law has attracted both supporters and critics. As [Decrypt](https://decrypt.co/60883/wyoming-bill-granting-crypto-daos-legality-nears-approval) noted when the State Senate’s bill passed a committee vote earlier this month, some believe that the law, if approved, would set the stage for a new host of decentralized organizations to form. Cardozo School of Law professor and OpenLaw co-founder Aaron Wright helped draft the bill, telling the Decrypt: “It still takes a lot of work to set one of these up lawfully, and that’s what the whole Wyoming bill is trying to do — make it a lot easier, cheaper to do.”
    >
    >Anderson Kill partner [Preston Byrne](https://twitter.com/prestonjbyrne/status/1357694539281145856?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1357694539281145856%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F60883%2Fwyoming-bill-granting-crypto-daos-legality-nears-approval), on the other hand, has argued that the state should “scrap this bill.” 

    tldr: Wyoming making moves to enable the development of crypto

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