Decentralized unincorporated nonprofit associations (DUNAs)

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Wyoming has established a new legal framework for in-state decentralized autonomous organization (DAO) nonprofits that has crypto investment giant Andreessen Horowitz (a16z) calling the state an "oasis."

Gov. Mark Gordon signed a bill into state law that adds to Wyoming's growing codes for DAOs, which were already cleared to establish themselves as limited-liability corporations there. Now DAOs can also secure themselves as unincorporated nonprofit associations.
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https://www.coindesk.com/policy/2024/03/08/wyoming-grants-daos-new-legal-structure/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Everyone active in web3 has heard the term “DAO”, short for decentralized autonomous organization. DAOs are a critical tool for keeping blockchain networks open, but they’ve also struggled to achieve success in web3 and have become a target of legal and regulatory actions.

This week, Wyoming passed a new law to recognize DAOs as legal entities, enabling blockchain networks to operate within the bounds of applicable laws without compromising their decentralization. This is a major breakthrough as it will provide DAOs with much-needed protections and empower them to keep blockchain networks open.

Wyoming has a long history of supporting innovative legal entity structures. The state was the first to adopt the limited liability company (LLC), the first to adopt the unincorporated nonprofit association (UNA), and the first to introduce a subset of its LLC statute to be utilized by DAOs. The new Wyoming law incorporates many of the provisions we proposed in the model legislation published here.

This new entity structure is likely to become the industry standard for blockchain networks created in the United States. So, here’s everything you need to know about Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA).
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More (long and informative):

The DUNA: An Oasis For DAOs - a16z crypto

a16z crypto is a venture capital fund that has been investing in crypto and web3 startups — across all stages — since 2013.

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