The pro-crypto state of Wyoming has reportedly granted the regulatory greenlight to the first legally accepted decentralized autonomous organization (DAO) in America. 

Specifically, The American CryptoFed DAO has reportedly received the recognition by the Wyoming Secretary of State’s office to function as a legal entity. 

“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”

The Merchant Advisory Group (MAG) – the current representative of 165 of the top-tier US-based merchants – reportedly backed the filing. John Drechny, Head of the MAG, shared that the group has always been in favour of extensive competitiveness across the payment-acceptance sphere. 

The American CryptoFed DAO was reportedly formed by mobile banking solutions provider mSHIFT on July 1, 2021. The initiative reportedly revealed its primary mission to be running promotion for a two-token economy, which is unaffected by inflationary or deflationary influences.

The DAO’s native algorithmic stable token, the Ducat, reportedly offers supporting features for zero-cost transactions. The Ducat is an EOS-based token, which employed a delegated-proof-of-stake (DPoS) consensus to carry out the accelerated transactions, at the expense of decentralization.

The issuance of new tokens will be completed via interest payout to Ducat owners, and rewards sent to the network’s users. Ducat rewards and interest rates will have adjustments in a dynamic manner using machine learning. 

The DAO also issues its governance token, Locke, which is used to stabilize Ducat.