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Wyoming's world-first law on DAOs is the start of recognizing these legal entities worldwide, says a lawyer specializing in such arrangements.

July 1 marks the first time individuals and organizations in the blockchain industry can create a legally recognized Decentralized Autonomous Organization (DAO) in Wyoming. Prior to the law, which passed in April, no formal legal recognition of DAOs existed anywhere in the world.

Wyoming’s DAO LLC legislation represents the boldest attempt to close the gap between formalized corporate structures and unincorporated groups governed by rules coded in smart contracts. Regulators around the world should consider passing equivalent laws in their jurisdictions to ensure legal protection for those developing and participating in DAOs.
Failing to do so will result in continued regulatory ambiguity and increased risk for those operating in the blockchain industry.

Now, the Wyoming DAO Law formalizes protection for DAO developers by prohibiting lawsuits against DAOs as general partnerships as well as enforcing the rights of DAOs as legal persons in state court, thereby protecting the developers individually. No longer do developers have to grabble with the uncertainty of whether they could be held personally liable simply by creating a DAO. Wyoming provides DAO members with the same limitations on individual liability afforded to members of limited liability companies (LLCs).
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