What Happened on Mar. 6th | Legal Status of DAO

TI Research

The Utah legislature narrowly passed H.B. 357 - the Decentralized Autonomous Organizations Amendment - after intense debate, marking the beginning of DAOs gaining independent legal status as a form of organization in the United States.

It is very common for DAOs to have legal entities, and more and more DAOs are taking this step, for example some DAOs are registered as LLCs in Delaware, U.S. In addition to LLCs, DAOs that are not involved in investment business more often choose to represent themselves as foundations, LCAs, UNAs, special purpose trusts, cooperatives, etc. in order to conduct business and achieve legal protection for DAO members. The DAO Act passed in Wyoming in 2021 will also bring DAOs under the LLC system.

Therefore, no matter which of the above forms is adopted, it is essentially a layer of existing legal entities wrapped outside of the DAO. That is, in the past there was no such thing as a DAO at the legal level, it was an LLC, a company, a cooperative, a foundation, a trust, but chose to operate as a DAO form of organization.

The passage of the legislation means that DAOs no longer need to be packaged as entities, and that DAOs themselves have become a unique form of organization recognized by Utah law.

Biggest Gainers & Losers

Source:TokenInsight Gainers and losers


Utah DAO Act Gives Limited Liability Protections and Legal Entity Status to DAOs: Utah has become the first state to pass legislation recognizing decentralized autonomous organizations (DAOs), following the passing of the "Utah Decentralized Autonomous Organizations" Act (Utah DAO Act).

Kraken Bank on Track to Launch Soon, Says Kraken Chief Legal Officer: Kraken's chief legal officer Marco Santori said on The Scoop podcast that the crypto exchange is going to launch its own bank.

Hot projects on the market

Gitcoin Launched a Liquid Staked $ETH Index, gtcETH

MUX Protocol will Aggregate with Synthetix on Optimism

EOS to Revive the Blockchain with EVM compatibility

Other news in case you missed it:

Binance Tried to Hire Current US SEC Chair as Advisor, Wall Street Journal Reports

Babel Finance Proposes 'Recovery Coin' to Repay Creditors Following Massive Loss


Policy and Regulation



TI Research

TokenInsight is a data and research organization for the digital asset market. TI provides comprehensive asset-related data and comprehensive and timely information and research services for digital assets.

Use TokenInsight App All Crypto Insights Are In Your Hands