Wyoming's law is seen as a major breakthrough for blockchain innovation, offering a model for other jurisdictions to follow in recognizing and facilitating the operation of DAOs within a legal framework.

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Wyoming's law is seen as a major breakthrough for blockchain innovation, offering a model for other jurisdictions to follow in recognizing and facilitating the operation of DAOs within a legal framework.

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"Miles Jennings, general counsel for the crypto-focused venture capital firm a16z crypto, praised the legislation, highlighting its ability to 'enable blockchain projects to operate within the bounds of applicable laws without compromising their decentralization.'"
Wyoming’s legislative move underscores its ambition to become a hub for blockchain technology and cryptocurrency enterprises, mirroring Delaware’s esteemed position in the corporate sector."
"Wyoming governor Mark Gordon approved a March 7 state bill acknowledging decentralized autonomous organizations (DAOs) as legal entities under the Decentralized Unincorporated Nonprofit Association Act (DUNA). The law will come into effect on July 1."

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DAOs' impact on legal and regulatory innovation