Wyoming Legalizes New DAO, Goes Forwards With Crypto Initiatives

Wyoming legalizes EOS-based American CryptoFED DAO on Sunday according to a press release which clearly shows that it pushes forward with other crypto initiatives as we can see more in our latest cryptocurrency news today.

The US State of Wyoming legalizes the American CryptoFed DAO which is based on high-speed blockchain network EOS and operates in a dual-token system. Ducat is an algorithmic stablecoin with unlimited issuance proposed to be used for daily transactions and as a store of value and the other one is Locke which is a governance token with a 10 trillion circulating supply. The CEO of the DAO Marian Orr and former mayor of Wyoming said:

“Our digital currency enables municipalities, merchants, and consumers to engage in digital transactions without the cost of processing fees. As a former mayor, I can tell you those costs add up fast. This means cities and their constituents will no longer lose money through transaction fees, enabling increased revenues back to municipalities without raising taxes.”

We’re making news on this 4th of July! https://t.co/sSEurs1vbq

— Marian Smith Orr (@gofishwyo) July 4, 2021

The move came after Wyoming became the first state in the nation to pass legislation into law recognizing the distinct form of limited liability companies that DAO offers which became effective on July 1, 2021. DAOs are a new form of organization that relies on systems, smart contracts, and rules to ensure the smooth running of an operation without a need for a central body that drives decisions. This can make for a member or community-driven company that doesn’t operate at the whim but instead rewards contributors for their work as the DAOs meet the community governed goals.

The American CryptoFed DAO will be governed by the governance tokens issued pursuant to the token definition that is described in the token Safe Harbor Proposal 2.0 outlined by the current SEC Commissioner Hester Peirce. The rules are set by the consensus of the governance token holders and are not influenced by a central government, and transaction records are stored transparently and immutably on a designated blockchain. While at the same time, Orr’s CEO role is not that one that will go on forever:

 “In time, my role as CEO will vanish, as all governance token holders will be voting on governance matters without the influence of an executive team.”