Thread by @CaitlinLong_

AND IT’S OFFICIAL!! 🤠#Wyoming will recognize #DAOs as a new type of LLC, effective July 1! Thank you legislators & @GovernorGordon for building on Wyoming’s history of inventing the LLC, which all other states followed roughly a decade later. We’re doing it again! A thread👇. 1/

What problem does #Wyoming’s #DAO law solve? It’s the prob of joint-&-several liability for all participants in a DAO, if the DAO were ever deemed by a court to be a general partnership 😱New law handles this by applying LLC liab protections to DAOs that meet the requirements. 2/

KEY is that, unlike regular LLCs, #Wyoming Secretary of State can yank the liability protection from a DAO that commits fraud or engages illegal activities (unlike with a regular LLC). So, only use this law for valid projects & get counsel—it won’t be useful for invalid ones. 3/

Another cool aspect is that #Wyoming was also a leader in giving #Bitcoin, #ETH, #ADA & other #cryptos clear legal protection as property under commercial law—& we took LOTS of heat for doing that 2 years ago. Now rest of US is moving there—that didn’t take a decade to spread. 4/

I wonder how long it will take before the #DAO law spreads to rest of US too!

If you think this is cool—&/or the 23 other #blockchain-enabling laws #Wyoming has enacted to date—you can thank Wyoming by domiciling your company here, moving here, &/or sponsoring @wyohackathon! 5/

#WyoHackathon is non-profit event hosted by Univ of Wyoming. It’s in person in Laramie Sep 22-26. The first @wyohackathon in 2018 was @ethereumJoseph’s idea-@Consensys team helped get it off the ground. Joe, the #DAO law is good reason for you to come back again this year! 😉 6/

I can’t wait to see what type of innovation is unleashed by this new law! It will be useful for open-source software projects of all kinds, & it solidifies #Wyoming’s spot as the #2 domicile for biz entity registrations behind Delaware. Let’s make this a smashing success!! 🤠