The Wyoming Secretary of State has recently legally recognized the American CryptoFed DAO as the first Decentralized Autonomous Organization in the US.
During early 2021, Wyoming became the first US state to pass a legislation into law that recognizes DAO’s as a unique type of limited liability companies (LLC). The law became effective on July 1, 2021.
Wyoming has a reputation for being on the leading edge of business technology, beginning in 1977 with the recognition of LLCs. 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 Secretary of State’s Office.
Edward Buchanan, Wyoming’s Secretary of State
The Merchant Advisory Group (MAG) — made up of 165 of the largest merchants in the US — also voiced its support of the filing.
The Merchant Advisory Group has always advocated for more competition in the payment acceptance space. With the announcement of the American CryptoFed becoming the first Decentralized Autonomous Organization in Wyoming, we can see a path in which merchants will have more choices for payment acceptance.
John Drechny, MAG CEO
Marian Orr, CEO of the American CryptoFed DAO, stated that their digital currency allows municipalities, merchants and consumers to make digital transactions without being charged for processing fees. This means that cities and their constituents would no longer be losing money via transaction fees, raising the revenues back to municipalities without increasing tax.
In accordance to the token definition described in the Token Safe Harbor Proposal 2.0 defined by SEC Commissioner Hester Peirce, the American CryptoFed DAO will be governed by its governance tokens issued.