Wyoming Bill to Recognize DAOs as Companies Approved by Senate Committee

The bill now proceeds to a vote in the Wyoming House of Representatives.

AccessTimeIconMar 10, 2021 at 6:02 p.m. UTC
Updated Sep 14, 2021 at 12:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Legislation recognizing decentralized autonomous organizations (DAOs) as companies was approved by the Wyoming state senate on Tuesday.

  • The bill now proceeds to a vote in the Wyoming House of Representatives, where it will become law if it is passed unaltered.
  • Wyoming would be the first U.S. state to pass such legislation into law.
  • DAOs are companies whose governance is built on smart contracts and where decision making is shared around the organization rather being centralized under a boss or executive.
  • This legislation would allow DAOs to set up in Wyoming, adding greater legitimacy to cryptocurrency projects and further enhancing the state's reputation as a blockchain-friendly jurisdiction for new companies.
  • The state also introduced a bill in February to build a blockchain-based system for companies to file reports, data and other information required by law.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about