Wyoming approves the first DAO – and is aggressively vying for Bitcoin miners


The US state of Wyoming remains on the Bitcoin course. Senator Cynthia Lummis is not only vying for the mining industry’s favor, with “American CryptoFed” the crypto-affine Wyoming has now approved its first decentralized, autonomous organization (DAO).

It is not without a certain irony that, of all places, in the home country of the US dollar, Bitcoin adoption has made significant progress in recent years. After all, Bitcoin started at the time to contrast the world’s leading currency, which is at risk of inflation, with a transparent, censorship-resistant financial system with a predictable monetary base. Bitcoin has not yet managed to knock the USD off its socket. Whether BTC can or should compete with the USD at all is not only debated in crypto circles. But nowadays hardly anyone doubts that Bitcoin and the crypto-economy it founded has come to stay – probably not even the CCP.


Bitcoin in the US: Where is the key?

With over 20,000 Bitcoin ATMs, the USA is one of the pioneers in crypto adaptation. However, the states differ significantly in their enthusiasm for crypto and the level of regulatory severity. For example, companies in New York absolutely need a so-called BitLicense in order to be able to offer New Yorkers services for Bitcoin and Co.

Other states, however, are scrambling to make a name for themselves as a crypto location. At the forefront here is Wyoming. Its senator, Republican Cynthia Lummis, has been promoting the crypto Mecca of Wyoming for some time. It was not just warm words in the direction of Bitcoin and Co. Lummi’s crypto affinity has also been reflected in relatively progressive legislation. In 2019, for example, a law passed the Senate that gave Bitcoin the status of official money.

Wyoming waves the first DAO through …

But also crypto-typical organizational forms, above all the decentralized, autonomous organization (DAO), have recently been on a regulatory level with their centralized counterparts. A bill in early March paved the way for this.

On July 4th, Wyoming’s first DAO was given the go-ahead with “American CryptoFed”. As you can see from the name, the DAO is preparing to become a kind of crypto-based “central bank”. The focus is on two tokens, the stablecoin “Ducat” and the governance token “Locke”.

For State Secretary Edward Buchanan, however, recognition of the DAO as a company form is part of Wyoming’s progressive tradition:

Wyoming has a reputation for being a leader in business technology starting in 1977 with the recognition of LLCs. We pride ourselves on continuing this innovation by providing legal protection to decentralized autonomous organizations,

Buchanan says in a press release from the CryptoFed DAO quote.

… and aggressively advertises Bitcoin mining companies

If Cynthia Lummis has his way, the golden age of Bitcoin is still to come for Wyoming. In view of the documented closure of more and more Chinese Bitcoin mining farms, the Senator makes no secret of the country in which the mining industry could find a new home.

Across from the US news channel CNBC Lummis tried at the end of June to refute the narrative of the alleged climate killer Bitcoin.

Don’t condemn Bitcoin mining as an energy culprit, there are tons of innovations out there that prove otherwise.

U.S. Senator Lummis on June 30th via CNBC

A few days later, Lummis followed up with a tweet in which she addressed Bitcoin mining companies directly: “If you work in the Bitcoin mining sector, please get in touch. We WANT you in Wyoming, ”Lummis said via Twitter. Of course, it remains to be seen whether Lummis’ siren singing will reach the mining companies. One thing is certain: the recent record correction of the Mining Difficulty has made digging for digital gold significantly more lucrative again since July 3rd.