{"id":11445,"date":"2024-03-09T11:07:33","date_gmt":"2024-03-09T09:07:33","guid":{"rendered":"https:\/\/forklog.com\/en\/wyoming-legalizes-dao-operations\/"},"modified":"2024-03-09T11:07:33","modified_gmt":"2024-03-09T09:07:33","slug":"wyoming-legalizes-dao-operations","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wyoming-legalizes-dao-operations\/","title":{"rendered":"Wyoming Legalizes DAO Operations"},"content":{"rendered":"<p>The Governor of Wyoming, USA, Mark Gordon, <a href=\"https:\/\/content.govdelivery.com\/accounts\/WYGOV\/bulletins\/38f683c\">signed<\/a> the Decentralized Unincorporated Nonprofit Association Act (<a href=\"https:\/\/www.wyoleg.gov\/2024\/Introduced\/SF0050.pdf\">DUNA<\/a>), granting legal status to <span data-descr=\"Decentralized Autonomous Organization\" class=\"old_tooltip\">DAOs<\/span>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?Big News?Wyoming just enacted a game-changing law for web3.<\/p>\n<p>It creates a new entity for DAOs \u2013 the Decentralized Unincorporated Nonprofit Association (DUNA) \u2013 that\u2019s been years in the making.<a href=\"https:\/\/twitter.com\/CowrieLLC?ref_src=twsrc%5Etfw\">@CowrieLLC<\/a> and I provide everything you need to know below:<a href=\"https:\/\/t.co\/ah7uA78mc2\">https:\/\/t.co\/ah7uA78mc2<\/a><\/p>\n<p>\u2014 miles jennings (@milesjennings) <a href=\"https:\/\/twitter.com\/milesjennings\/status\/1766095658640195821?ref_src=twsrc%5Etfw\">March 8, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The document will allow DAOs to operate within existing US legislation, enter into contracts with third parties, open bank accounts, engage in legal proceedings, and pay taxes, noted a16z Crypto&#8217;s chief legal counsel, Miles Jennings.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cDespite the term \u2018nonprofit\u2019 in its name, DUNA can engage in commercial activities and pay reasonable compensation to its participants for any services to the ecosystem. This opens up a vast area for designing economic models of protocols,\u201d he explained.<\/cite><\/p><\/blockquote>\n<p>The lawyer described the document as a \u201cmajor breakthrough\u201d amid regulatory challenges.<\/p>\n<p>The bill classifies DUNA as a separate legal entity, allowing DAOs to be accountable for their actions without involving individual participants.<\/p>\n<p>The document will come into effect on July 1, 2024.<\/p>\n<p>In September 2022, the <span data-descr=\"United States Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> filed a lawsuit against Ooki DAO. The regulator described the structure as an \u201cunincorporated association comprised of Ooki token holders.\u201d<\/p>\n<p>In October 2023, the <span data-descr=\"European Central Bank\" class=\"old_tooltip\">ECB<\/span> described the future of DAOs as \u201climited\u201d due to the lack of a regulatory framework.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Governor of Wyoming, USA, Mark Gordon, signed the Decentralized Unincorporated Nonprofit Association Act (DUNA), granting legal status to DAOs. ?Big News?Wyoming just enacted a game-changing law for web3. It creates a new entity for DAOs \u2013 the Decentralized Unincorporated Nonprofit Association (DUNA) \u2013 that\u2019s been years in the making.@CowrieLLC and I provide everything you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[80,36,26],"class_list":["post-11445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dao","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11445"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11444"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}