The American CryptoFed DAO is the first DAO that has been recognized as a legal entity in the US, specifically in the state of Wyoming, and uses the EOS blockchain.
The Wyoming Secretary of State's office has sent word to the American CryptoFed DAO of its recognition as a legal entity, specifically as a separate form of limited liability company (LLC). The law is already in effect, effective July 1, 2021.
"Wyoming has a reputation for being on the leading edge of business technology, beginning in 1977 with the recognition of LLCs. We are proud to continue this innovation by offering legal protections to Decentralized Autonomous Organizations. I congratulate American CryptoFed DAO, LLC, the first legally recognized DAO filed in Wyoming with the Secretary of State's Office." - Wyoming's Secretary of State Edward Buchanan
The American CryptoFed DAO wants to create and sustain a monetary system without inflation, deflation, and transaction costs by offering a new fee free choice for payments. Their payment system is based on EOSIO, used to develop the CryptoFed Blockchain (sister-chain).
"To build an enterprise-grade financial product using blockchain with high scability, low latency and zero transaction fee, EOS was our choice" - Why we built our blockchain business on EOS instead of Ethereum
The DAO will be governed using the governance token, and token holders will be able to set the consensus of the governance and all transaction records will be recorded directly within the CryptoFed Blockchain.