By Tyler G. MacKay and Chad West
Until last year, operating a DAO was exceedingly risky from a legal and regulatory standpoint (and nearly impossible to obtain a bank account). But in 2021, the State of Wyoming enacted legislation recognizing DAOs as a type of LLC, becoming the first state to recognize DAOs as legal entities. Under the Wyoming statutory framework, DAOs are classified as LLCs, providing the limited liability and reliability of a typical business structure, while allowing management by a combination of humans and smart contracts. In a sign that DAO legislation is gaining traction around the country, read more here
