DAOs Are Now Legally Recognized in Utah (It’s a Bigger Deal Than You’d Think)!
Article source, here.
TL;DR
Utah legally recognized DAOs and provided them with limited liabilities.
Meaning they've given DAOs clear rules to play by.
Which is a bigger deal than you'd think. This could start a domino effect friendly legislation, on a state-by-state basis.
For example: Utah embraces DAOs → more DAOs are started there → Utah's tax revenue increases → other states follow...
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BB g*ns
Fir*works
Motorized Scooters
These are all things that seems 'a little too fun to be allowed.'
Or better put: many local/state/federal governments have banned these things.
(Hell, even search engines don't like them - hence the *stars*)
Anyway - we've always worried that DAOs might eventually be added to this list, and considered 'a little too fun to be allowed.'
A group of people with a shared vision, freely organizing to achieve a common goal - where each individual member's monetary gain is proportionate to the work they do?
Surely someone's going to want to shut that down.
The good news is:
Our fears have been misplaced. DAOs are now being embraced! Or at least, they are in Utah.
The Utah State Legislature passed Act HB 357, the Utah Decentralized Autonomous Organizations Act (Utah DAO Act), which legally recognizes DAOs, and provides them with limited liabilities.
Translation: Utah has embraced DAOs, and given them clear rules to play by.
Which is a bigger deal than you'd think. This could start a domino effect of friendly legislation, on a state-by-state basis.
E.g. Utah embraces DAOs → more DAOs are started there as a result → which increases Utah's tax revenue → which makes other states want in on the action → so they pass DAO friendly legislation → and so on...
Who wants to chip in and buy Gary Gensler a flight to Utah, so they can show him how its done?