Legislation recognizing DAOs [Decentralized Autonomous Organizations] as companies were approved by the Wyoming state senate earlier on Tuesday.
The bill now proceeds to choose the Wyoming House of Representatives, where it’ll become law if it’s passed unaltered.
Wyoming would be the primary United States state to pass such legislation into law.
DAOs are firms whose governance is made on smart contracts and where deciding is shared around the organization rather than being centralized under a boss or executive.
This legislation would permit DAOs to line up in Wyoming, adding greater legitimacy to crypto-asset projects and additional enhancing the state’s reputation as a blockchain-friendly jurisdiction for brand new businesses.
The state also introduced a bill earlier in February to create a blockchain-based system for firms to file reports, data & other information as required by law.