Crypto-friendly Wyoming Approves First US BTC Peer DAO

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Crypto-friendly Wyoming Approves First U.S. DAO

Wyoming continued to strengthen its position as one of the most crypto-friendly states in North America. State officials have now approved the first legally recognized Decentralized Autonomous Organization (DAO) in the United States

According to a July 4 announcement, the American CryptoFed DAO received notice of its approval as a legal entity from the Wyoming Secretary of State’s office on July 1.

Commenting on the approval, Marian Orr, CEO of US-based CryptoFed DAO, said:

Wyoming is the primary jurisdiction for digital assets in the United States, and now with this DAO law, Wyoming is arguably the number one blockchain jurisdiction in the world. This means that creating a true digital currency with mass acceptance is now possible. The American CAD CryptoFed is the brainchild of the mobile banking solutions provider mSHIFT. It was created on July 1, 2021, with the mission of creating a monetary system free from inflationary and deflationary influences. It also promotes a two-token economy.

Speaking of tokens, Orr noted that DAO’s native stable token is the “Ducat”. It is based on and is used to facilitate sentiment-free transactions. New tokens are generated through interest paid to token holders. In addition, the reward and interest rates are dynamically adjusted by machine learning.

In addition to its stable token, the DAO has a governance token called Locke. The token complies with the Token Safe Harbor 2.0 proposal outlined by SEC Commissioner Hester Peirce in April.

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