- The American CryptoFed is recognized as the legal entity.
- The crypto-friendly state Wyoming accepts DAO.
- The Ducat, the DAO’s native stable token, enables fee-free transactions.
The crypto-friendly state Wyoming is the first state to accept DAO in the United States. The Wyoming Secretary of State’s have recognized and issued a notice that the America CryptoFed DAO is a legal entity on July 1, 2021.
On the same day, the American CryptoFed DAO created a mobile banking solution provider, mSHIFT. Besides, the mission of the project is to promote a two-token economy that is immune to inflationary or deflationary influences.
According to Marian Orr, CEO of the American CryptoFed DAO:
“Wyoming is the leading digital asset jurisdiction in the United States, and with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. This means that it is now possible to create a true digital currency with widespread acceptance.”
Besides, Orr specifically mentioned Ducat, the DAO’s native algorithmic stable token, and stated that it allows fee-free transactions. The Ducat is built on EOS, which uses delegated-proof-of-stake (DPoS) consensus for high transaction speeds at the expense of decentralization.
As a result of interest paid to Ducat holders, new tokens are created and rewards are distributed to network users. Machine learning adjusts Ducat rewards and interest rates dynamically, with the Ducat expected to appreciate against the USD in proportion to the amount of inflation experienced by the dollar.
Wyoming – A Pioneer State To Legalize Crypto
Wyoming has been the groundworker in the implementation process of crypto regulations in the United States recently. Consequently, they created a banking charter framework for crypto-firms with state regulators namely, Caitlin Long of Avanti Bank & Trust.
Significantly, Kraken received a Wyoming bank charter in September 2020, which is the first cryptocurrency company permitted to function as a bank. Avanti did the same in October.
Additionally, Wyoming became the first state in the country to pass legislation recognizing DAOs as a different origin of limited liability company in March of this year.
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