Wyoming issues US’s first DOA permit

Wyoming has issued a permit to the first Decentralized Autonomous Organization (DAO) in the US, consolidating its status as a crypto-friendly state.

The American CryptoFed DAO is now legally allowed to operate in the state following a permit issued by the Wyoming Secretary of State.

As a regulated entity, American CryptoFed will benefit from the same legal protection in carrying out its operation within the mandated regulatory framework and offer a better overall product to consumers.

Commenting on the milestone, American CryptoFed CEO Marian Orr praised Wyoming for its progressive stance on digital assets, focusing on the new DAO law that has transformed the state into the “top blockchain jurisdiction in the world”.

Orr is not the only executive to have supported the move, with Merchant Advisory Group chief executive John Drechny welcoming the development as well.

According to Orr, DAO's native algorithmic stable token offers distinct advantages to moving digital assets, using fee-free transactions.

New tokens are generated through interest that is paid to already existing Ducat holders and rewards that are offered to network users. Apart from the Ducat token, DAO also has a governing token – Locke.

Wyoming has repeatedly made the headlines through various regulatory moves focusing on crypto regulation.

The state actually legalized blockchain-powered payments for various entertainment products, including sports gambling. So, when sports betting goes live in Wyoming, it will support bitcoin, ethereum, and other tokens.

If you are keen to bet on sports through crypto right now, you can do so at Sportsbet.io, 1xBit and FortuneJack.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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