Wyoming Enacts Groundbreaking Law for DAOs as Nonprofits

The new legislation provides a legal framework for decentralized autonomous organizations, aiming to foster growth within the blockchain industry.

Wyoming has enacted the Decentralized Unincorporated Nonprofit Association Act, establishing a legal framework for DAOs as nonprofits.
The law allows DAOs to engage in profit-making activities, acquire property, and have limited liability, aiming to integrate them into the legal and tax systems without compromising decentralization.
Governor Mark Gordon signed the bill into law, emphasizing Wyoming's commitment to being a crypto-friendly state and attracting blockchain firms.
The legislation is seen as a major breakthrough for the blockchain industry, providing DAOs with legal existence and the ability to operate within legal boundaries.
Critics and supporters alike acknowledge the law's potential to navigate the complex legal landscape of digital assets, despite ongoing regulatory challenges.