Wyoming is considered the US state with the most favorable regulation for the development of digital assets since its legislation recognizes cryptocurrencies as a form of money. Wyoming is the United States’ first state to pass legislation that recognizes Decentralized Autonomous Organizations (DAO) as a different form of limited liability company (LLC). The law came into force from midnight on July 1, 2021, and the company, American Crypto Fed, and its cryptocurrency were recognized by the entity as the first DAO in the United States are endorsed by the Secretary of State and Governor Mark Gordon. Wyoming is the first to spearhead this new currency that could modernize the way all do business.
Secured and backed by Blockchain technology, this DAO coin will introduce zero inflation or deflation on purchases and transaction fees at no cost to customers and merchants. It will also stabilize the currency and will be immune to government votes on the change in resource values as an independent entity. Edward Buchanan, who is Wyoming’s Secretary of State, went onto praise the continuous effort and work of the government to give the state status of a recognized leader of technology. He emphasized and glorified Wyoming’s leading reputation on the edge of business technology, which began in 1977 and is still intact with the recognition of LLCs. Adding further, he said that the state is extremely proud to continue contributing towards this innovation by offering legal protections to Decentralised Autonomous Organisations.
In June, El Salvador became the first country to adopt bitcoin as legal tender, making cryptocurrency a valid method to comply with any kind of financial obligation in the country. Wyoming is once again leading the economic and business frontier with this Blockchain technology currency by protecting its transactions against money laundering by verifying and blocking the identity of all customers. The American Crypto Fed will also soon launch its own currencies, the Ducat and the Locke, which are still organizing with federal regulators. The CEO of the American Crypto Fed DAO, Arian Orr, stated that the new approval had opened a wider scope as it will enable adoption into focus for the 10th largest state of the country. She also remarked that Wyoming is among the leading digital assets jurisdiction in the entire USA. With the advent of the DAO law, she added, Wyoming has arguably become the top blockchain jurisdiction in the entire world. Several companies like Ripple and Kraken have registered as cryptocurrency companies in Wyoming and have set up headquarters in their capital. In addition, regulators have approved the constitution of several cryptocurrency banks such as Avanti Bank & Trust or Kraken Financial.