Wyoming, USA, establishes a new legal framework for DAO! a16z: Will be used as a condition for future investment

The state of Wyoming in the United States has established a new legal system for DAOs. a16z has expressed strong interest in this development and hopes that other DAOs can also adopt this structure. They believe that this move is expected to become an important condition for future a16z investment projects.

Oregon legislation, DAO becomes a legal entity

According to Fortune Magazine, Oregon Governor Mark Gordon has signed the "Decentralized Unincorporated Non-Profit Organizations Act", aiming to further regulate the state The DAO is growing day by day.

DAO can use unregistered nonprofit associations as legal entities, with an effective date of July 1, 2024.

Note: The bill is the Decentralized Unincorporated Nonprofit Association Act (DUNA)

a16z Crypto: A major breakthrough, voters are no longer implicated

a16z Crypto General Counsel Miles Jennings writes pointed out that this bill can provide DAO with much-needed protection and enable DAO to remain open to the blockchain network.

Mainly solves three major problems:

• Give DAO legitimacy

• Enable DAO to have tax obligations

• Provide members with limited liability protection (free from legal liability caused by the actions of other members)

##Miles Jennings mentioned: The purpose is not to create profits for the DAO (Although the DAO can still generate income and distribute it to members), if the DAO violates the law, this structure will not prevent regulatory enforcement. Instead, it will allow the DAO to hire legal counsel and appear in court; this also means that DAO voters are not necessarily responsible for the actions of the DAO. , just like Enron shareholders are not liable for corporate fraud.

The biggest challenge: Convincing the DAO to adopt a new structure

Miles Jennings said that the current structure will try to circumvent the thorny issue of "whether cryptocurrencies are classified as securities." He believes that the DAO has no directors, management personnel and have no mission to maximize profits, so tokens should not be classified as securities.

But he also admitted that this structure may still not escape the attention of the SEC.

He pointed out that the biggest challenge at present may be to convince existing DAOs to adopt a new structure: a16z crypto plans to cooperate with invested projects and use it as a condition for future investments (adopting a new DAO structure).

The above is the detailed content of Wyoming, USA, establishes a new legal framework for DAO! a16z: Will be used as a condition for future investment. For more information, please follow other related articles on the PHP Chinese website!