CHEYENNE, Wyoming (press release) – On July 1, 2021, the U.S. CryptoFED DAO received a notice from the Wyoming Secretary of State’s office that the new Decentralized Autonomous Organization is the first legally recognized DAO in the United States.
Earlier this year, Wyoming became the first state in the country to pass legislation recognizing DAOs as a separate form of Limited Liability Companies (LLC). The law entered into force on July 1, 2021 at midnight.
Wyoming Secretary of State Edward Buchanan underscored the state’s innovative spirit when he said, “Wyoming has a reputation for being at the forefront of commercial technology, since 1977 with the recognition of LLC. 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 Office of the Secretary of State,” he said.
Marian Orr, CEO of American CryptoFed DAO, said, “Wyoming is the primary jurisdiction for digital assets in the United States, and now with this DAO law, Wyoming is arguably the number one blockchain jurisdiction in the world. This means that creating a true digital currency with mass acceptance is now possible. “
The Merchant Advisory Group (MAG), representing 165 of the largest traders in the United States, also expressed support for the filing.
“The Merchant Advisory Group has always advocated for more competition in the payment acceptance space. With the announcement of American CryptoFed becoming Wyoming’s first decentralized autonomous organization, we can see a path in which merchants will have more choice for accepting payments, ”said John Drechny, CEO of MAG.
He added, “Wyoming is leading the way in creating legal certainty in the crypto space, and the American CryptoFed DAO is focused on providing merchant free choice of payment. We look forward to what the future holds as more competition through innovation is introduced into the payment acceptance market. “
“Our digital currency enables municipalities, merchants and consumers to engage in digital transactions without the cost of processing fees,” said Orr. “As a former mayor, I can tell you that these costs add up quickly. This means that cities and their constituents will no longer lose money on transaction fees, which will return increased revenues to municipalities without raising taxes. “
American CryptoFed DAO will be governed by its governance tokens issued in accordance with the definition of tokens outlined in the Safe Harbor 2.0 proposal outlined by SEC Commissioner Hester Peirce. Rules are set by consensus of governance token holders and are not influenced by a central government, and transaction records are stored transparently and immutable on a designated blockchain.
“In time, my role as CEO will disappear, as all governance token holders will vote on governance issues without the influence of a management team,” said Orr.
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