- Wyoming grants its first DAO approval as CryptoFED DAO becomes a legal entity in the US.
- The recent crypto-related approvals were lauded by the Merchant Advisory Group (MAG), a representative of 165 of the largest merchants in the US.
Wyoming is fast cementing its status as the most crypto-friendly state in the US with its recent regulatory flexibility. In March, Wyoming became the first to legally recognize Decentralized Autonomous Organizations as a unique form of Limited Liability Companies (LLC). Soon after that step, CryptoFED DAO has become the first DAO to be approved by the Wyoming Secretary of State‘s Office to operate as a legal entity.
CEO of the American CryptoFED DAO Marian Orr soon after regulatory greenlight stated:
Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a truly digital currency with mass acceptance is now possible.
According to the official announcement, the American CryptoFED DAO will be governed by its issued governance token by the token definition captured in the Token Safe Harbor Proposal 2.0 explained by Hester Pierce, the Commissioner of SEC. The rules are carefully formulated by the consensus of governance token holders and will function outside the influence of the central government. Also, there will be a designated blockchain on which transaction records will be stored transparently and immutably.
The Ducat token to encourage free transactions
When explaining the token of the organization, Orr mentioned that their asset makes it easy for merchants, consumers, and municipalities to engage in digital transactions without paying fees.
As a former mayor, I can tell you those costs add up fast. This means cities and their constituents will no longer lose money through transaction fees, enabling increased revenues back to municipalities without raising taxes.
The native algorithm stable token of the DAO is Ducat. It is based on EOS and uses the Delegated Proof-of-Stake (DPoS) consensus mechanism to achieve high-speed transactions. The issuing of the new tokens is done through the interest of the Ducat holders as rewards are also issued to the network users. It is designed to appreciate against the USD based on the inflation experienced by the dollar. Moreover, its reward and interest rates are dynamically adjusted by machine learning.
The recent crypto-related approvals were lauded by the Merchant Advisory Group (MAG), a representative of 165 of the largest merchants in the US. In the past few years, MAG has been a strong advocate of a competitive environment of payment acceptance. The latest approval for CryptoFED DAO to operate is a step in the right direction according to John Drechny, CEO of the MAG.
This will open up many choices for Merchants to access more payment acceptance. Wyoming is leading the way to create legal certainty in the crypto space, and the American CryptoFed DAO is focused on delivering a fee-free payment choice for merchants. We look forward to what the future brings as more competition through innovation is brought to the payment acceptance market.
CryptoFED DAO was created by mSHIFT, a mobile banking solutions provider aiming to promote two token economies not affected by inflationary and deflationary influences.
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