Cryptocurrency Q&A
Is DAO legal in US?
Is DAO legal in US?
Raffaele
Mon Aug 12 2024
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7 answers
1816
I'm curious to know, is the concept of a Decentralized Autonomous Organization (DAO) legally recognized and permissible within the jurisdiction of the United States? Are there any specific laws or regulations that govern the operation of a DAO in the US, and if so, what are the key points that DAO founders and participants need to be aware of in order to ensure compliance? Additionally, have there been any notable legal cases or rulings that have impacted the status of DAOs in the US, and what are the implications of these decisions for the future of decentralized organizations in the country?
7 answers
PulseRider
Wed Aug 14 2024
Prior to the act's passage, the legal status of DAOs was uncertain and varied widely across different countries and states. This uncertainty created a challenging environment for DAOs, making it difficult for them to attract investors and partners.
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Valentina
Wed Aug 14 2024
With the Wyoming DAO LLC framework in place, DAOs can now benefit from the protections and advantages offered by limited liability companies. This includes limited personal liability for members, asset protection, and the ability to raise capital through equity and debt offerings.
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MysticRainbow
Wed Aug 14 2024
The Wyoming Decentralized Autonomous Organization Supplement Act, enacted in 2021, presents a groundbreaking opportunity for DAOs. It enables them to register in Wyoming as a DAO LLC, marking a significant step towards official recognition and legal status.
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EchoWhisper
Wed Aug 14 2024
The Wyoming DAO LLC model also provides a clearer path for DAOs to engage with regulators and comply with applicable laws. This can help to build trust and confidence in the DAO ecosystem, making it more attractive to potential investors and stakeholders.
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SilenceStorm
Wed Aug 14 2024
By allowing DAOs to operate under Wyoming's existing LLC laws, the act introduces a level of predictability that was previously lacking in other jurisdictions. This predictability can be instrumental in fostering growth and development within the DAO ecosystem.
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