The Wyoming Decentralized Unincorporated Nonprofit Association Act, Section-by-Section – Preston Byrne
prestonbyrne.com/2024/03/08/dunaa
What Jamie wrote
I continue to think that Decentralized Autonomous Organizations (DAOs) have large potential in the future to "organize collective action." I think it is limiting to call them companies or one specific form of an entity. I think more broadly thinking about "organizing collective action" feels right to me. Wyoming has been leading the way with legal recognition of DAOs, and now has taken an even bigger step with Decentralized Unincorporated Nonprofit Association Act.
… this is the first serious attempt to take blockchain organizations which mimic the functions of a corporation, but aren't corporations, and allow them to avail themselves of certain protections afforded to corporations in a crypto-native way …
there is a lot here worth reading, and it is explicit on how this can be done.
"A DUNA may provide for its governance, in whole or in part, through distributed ledger technology, including smart contracts."
Nicely done Wyoming. Signed into law on March 7, 2024! There is still a lot to figure out but this is a giant step.