Wyoming
Wyoming wants to become the Delaware of DAOs with new crypto law for decentralized autonomous organizations
On Thursday, Wyoming’s Republican governor, Mark Gordon, signed into law the Decentralized Unincorporated Nonprofit Association Act, a landmark bill that establishes a framework for recognizing DAOs as legal entities.
Wyoming has long positioned itself as the friendliest state toward the crypto industry—not unlike Delaware’s attitude toward corporations—and the new law is the latest in a series of measures to attract blockchain firms to the Cowboy State. With support from a16z crypto, the legislation tackles one of the thorniest legal issues in the nascent sector: how to fit decentralized organizations into existing financial regulation.
In an exclusive interview with Fortune, state Sen. Chris Rothfuss, a Democrat and cochair of the Select Committee on Blockchain that sponsored the bill, said the measure reinforces Wyoming’s nation-leading approach to digital asset regulation as the federal government remains gridlocked.
“This DUNA legislation is just the most recent puzzle piece,” he said. “We wanted to make sure that we had the flexibility to figure out what the best practices and policies and use cases were in a legislature that was actually capable of being responsive and adaptive.”
The DAO problem
Decentralized autonomous organizations, or DAOs, are a unique structure born from the blockchain industry. Rather than deploying a traditional corporate structure, with a board of directors responsible for investors’ fiduciary interests, DAOs are composed of community members who vote on how to manage an organization, generally through holding governance tokens that are native to the group.
The concept may seem esoteric, but there have been high-profile instances in the past few years, including ConstitutionDAO, where people banded together in an attempt to buy one of the last remaining copies of the U.S. Constitution.
The novel structure has also created legal headaches for both crypto acolytes and regulators, most notably in an enforcement action by the Commodity Futures Trading Commission against Ooki DAO, which the agency charged with operating an illegal trading platform. In an unprecedented step, the CFTC held every token holder liable for the actions of the organization and served its members via a help chat box on the organization’s website.
“It is possible that DAOs are just the worst of all worlds: Their tokens are similar enough to corporate shares to be subject to securities laws, but different enough to create unlimited liability for their holders,” Bloomberg’s Matt Levine wrote at the time.
As Rothfuss told Fortune, Wyoming has a history of creating new rules around corporate structures, including becoming the first state to adopt the limited liability corporation, or LLC. Among its crypto initiatives, Wyoming also created a digital asset-focused banking charter called the Special Purpose Depository Institution, which took on national prominence after one charter holder, the Caitlin Long-led Custodia Bank, sued the Federal Reserve over being denied a master account.
Wyoming attempted to address DAO supervision previously with a 2021 law that created an LLC structure for the decentralized organizations. In an interview with Fortune, a16z crypto general counsel Miles Jennings explained that the framework created potential complications under securities laws, because the membership interests in LLCs—tokens, in this case—are generally considered securities. Furthermore, the Corporate Transparency Act, passed by Congress in 2021, required LLCs to report ownership—an impossibility for DAOs, some of which have hundreds of thousands of members scattered across the world. The 2021 legislation ultimately failed to attract DAOs to Wyoming.
DUNA
Instead of structuring DAOs as LLCs, the new law uses the model of unincorporated nonprofit associations, which means its purpose is not to generate profits for its owners—although it can still generate revenue and compensate DAO members.
Jennings explained why the new structure is necessary: It gives DAOs legal existence, it enables them to contract with third parties and appear in court, and it enables them to pay taxes and have limited liability from the actions of other members.
The structure would not prevent regulatory enforcement if DAOs break the law. Instead, it would allow the DAO to hire legal counsel and appear in court, and it would mean that every voting member of the organization wouldn’t necessarily be liable for the DAO’s actions—like how Enron shareholders weren’t held liable for fraud.
Jennings described DUNA as a “boon” for the government, as it would bring DAOs into the existing tax framework and generate revenue. The law attempts to circumvent the pesky question of whether crypto tokens should be considered securities, with DAOs having no directors, officers, or mission to maximize profits. Still, Jennings admitted that the structure may not escape the attention of the Securities and Exchange Commission, which has attempted to establish oversight over the vast majority of crypto assets.
The biggest challenge for Wyoming may be convincing existing DAOs—many of which reflect the “degen” spirit of rebellion endemic to the crypto industry—to adopt the new structure. Jennings said a16z crypto plans to work with portfolio companies on doing so and make it a condition for future investments.
“Some within the industry think that if you don’t subject yourself to the regulatory regime of a given jurisdiction that you’re somehow not subject to it,” Jennings told Fortune. “By doing that, you’re actually subjecting yourself to all jurisdictions.”
“If you want to provide for yourself all the legal protections that exist, for ordinary businesses, this is a much better way to achieving that,” he added.
Wyoming
Wyoming Reporter Now Facing An Additional 10 Felony Charges
The Platte County Attorney’s Office has nearly doubled the possible penalties for a Wyoming reporter accused of forging exhibits in an environmental case tied to her staunch opposition to a wind farm.
The 10 new counts against April Marie Morganroth, also known as the Wyoming-based reporter Marie Hamilton, allege that she convinced her landlords that she’d been approved for a home loan to buy their property, and grants to upgrade it.
Hamilton was already facing 10 felony charges in a March 9 Wheatland Circuit Court case, as she’s accused of submitting forged documents and lying under oath before the Wyoming Industrial Siting Council.
That’s an environmental permitting panel that granted a permit to a NextEra Resources wind farm, which Hamilton has long opposed. She’s also reported on NextEra’s efforts and the community controversies surrounding those.
Then on Wednesday, Platte County Attorney Douglas Weaver filed 10 more felony charges: five alleging possession of forged writing, and five more alleging forgery.
The former is punishable by up to five years in prison and $5,000 in fines; the latter by up to 10 years in prison and up to $10,000 in fines.
Hamilton faces up to 65 years in prison if convicted of all charges in her March 9 case. The March 25 case would add up to 75 years more to that.
Both cases are ongoing.
Hamilton did not immediately respond to a voicemail request for comment left Thursday afternoon on her cellphone. She bonded out of jail earlier this month. The Platte County Detention Center said Thursday it does “not have her here.”
The Investigative Efforts Of Benjamin Peech
Converse County Sheriff’s Lt. Benjamin Peech investigated both cases at the request of Platte County authorities, court documents say.
When he was investigating evidence that Hamilton submitted forged documents and lied under oath for Industrial Siting Council proceedings, Peech also pursued Hamilton’s claim that she owned property on JJ Road, and that she’d bought it with a U.S. Department of Agriculture loan.
The property, however, is registered under Platte County’s mapping system to a couple surnamed Gillis, says a new affidavit Peech signed March 19, which was filed Wednesday.
Peech spoke with both husband and wife, and they said they had the home on the market to sell it, and Hamilton contacted them in about July of 2025.
Hamilton told the pair that she and her husband wished to buy the property and were pre-qualified for a USDA loan through Neighbor’s Bank, wrote Peech.
But the property didn’t meet the standard of the loan, Hamilton reportedly continued. Still, she’d been approved for a USDA grant to work on the problems with the property and bring it up to the standards to qualify for the loan, she allegedly told the homeowners.
Papers
Hamilton provided the couple and their realtor with letters from USDA showing her loan pre-approval and grant approvals, the affidavit says.
During the lease period that followed, Hamilton was late “often” with rent and didn’t provide the couple with work logs until pressed, Peech wrote.
In early 2026, the lieutenant continued, the homeowners became concerned and asked Hamilton about her progress improving the property.
Hamilton reportedly sent the homeowners two invoices from contractors, showing she’d paid for work to be done. She said the wind had delayed that work, wrote Peech.
The affidavit says the Gillis couple sent Peech the documents Hamilton had reportedly given them, along with supporting emails showing those had come from one of Hamilton’s email addresses.
The Loan approval documents showed the respective logos for USDA Rural Development and Neighbor’s Bank at the top of each page, the lieutenant wrote, adding that the documents assert that Hamilton and her husband had been approved for the loan.
“There was then a list of items that needed to be completed — 14 items — prior to Final Loan Approval,” related Peech in the affidavit.
A signature at the bottom reportedly read, “Sincerely, USDA Rural Development Neighbors Bank Joshua Harris Homebuying Specialist.”
Grant Document
The documents purporting Hamilton had received a grant also showed the USDA Rural Development logo at the top of each page, with the names of Hamilton and her husband, other boilerplate language and a description of a $35,000 home buyer’s grant.
The project was about 65% complete at the time of review, the document adds, according to Peech’s narrative.
Peech describes more documents: a January notice, an invoice bearing the logo and name of “Cowgirl Demolition and Excavation, LLC,” and another invoice bearing the logo and name of “Pete’s Builders Roofing and Restoration.”
Real Estate Agent
Peech spoke with the Gillises’ real estate agent, Kay Pope, and she said she’d tried to verify the USDA grant and pre-approval by calling Susan Allman, who was listed in the documents as the Casper-based USDA agent. Pope left several messages without response, the affidavit says.
Pope spoke with Hamilton’s real estate agent, and he said he’d spoken to Allman, and he gave Pope a phone number.
Cowboy State Daily has identified Hamilton’s real estate agent and tried to contact him for further clarification.
Pope called that number and left messages without response, wrote Peech.
Peech then called a USDA Rural Development office and spoke with a Janice Blare, deputy state director, he wrote.
Peech sent the three USDA letters to Blare and gave her “all of Hamilton’s names and aliases,” he added.
The lieutenant wrote that Blare later told him the USDA investigated the letters and determined no evidence existed to show the USDA had issued them.
No records existed either, of Hamilton “using all her alias permutations” or her husband within either the USDA loan program or grant program, wrote Peech.
The USDA didn’t have an office at the address listed in two of the letters. The address pertains, rather, to a dirt lot. The USDA Rural Development office didn’t have a program titled “Rural Communities Home Buyer Program” as listed on two of the letters.
On Nov. 6, 2025, the date of the first letter purporting Hamilton had been approved for the grant program, all U.S. government offices including USDA were on furlough, noted Peech from his discussion with Blare.
A person named Susan Allman didn’t appear in USDA’s employee records, Blare reportedly added.
The Phone Call
Peech called the cellphone number one of the letters listed for Allman, “and this was disconnected,” he wrote.
The number Hamilton’s real estate agent had given was a voice over internet protocol number that Bandwidth LLC operates but is assigned to Google, added Peech.
Meanwhile, Converse County Investigator Amber Peterson spoke with the construction and roofing companies listed in the documents.
Chad Derenzo of Pete’s Roofing confirmed the logo and name listed on the documents were his company’s own — but said his company hadn’t issued the bid listed in those documents, according to the affidavit.
“Their company had never contracted to do work for Hamilton or at the… JJ Road address,” the document says.
The invoice also bore an address in Torrington, Wyoming, and his company doesn’t have a Torrington office, said Derenzo, reportedly.
Jessica Loge of Cowgirl Demolition and Excavation gave similar statements, saying the documents bore her logo, but her company hadn’t issued the bid or contracted with Hamilton.
Clair McFarland can be reached at clair@cowboystatedaily.com.
Wyoming
Wyoming State Parks announces pause on potential visitor center project at Sinks Canyon State Park
Wyoming
Coyote Flats Fire near containment as critical fire danger hits Black Hills, Wyoming counties
RAPID CITY, S.D. (KOTA) – The grass is starting to return in the Black Hills, but the damage left behind by last week’s wildfire is still visible beneath the surface. The Coyote Flats Fire is now almost completely contained, but fire officials say the work for crews who battled the flames is far from finished.
“It’s been a long week,” said Gail Schmidt, fire chief for the Rockerville Volunteer Fire Department. Schmidt said firefighters worked the Coyote Flats Fire for multiple days as the blaze forced hundreds of people to leave their homes.
Schmidt also warned the timing is concerning.
“It’s early,” she said. “It’s early — and that’s the more concerning part. We haven’t even hit summer yet.”
Some of the same crews, Schmidt said, have moved from the Black Hills to a second wildfire — the Qury (pronounced “Koo-RAY”) Fire. That fire has burned nearly 9,200 acres and was holding at 70% containment as of Monday.
Between multiple wildfires and routine emergency calls, Schmidt said the pace doesn’t slow down.
“The world does not stop just because there was a fire,” she said. “Life continues. We still have our day jobs that we need to go take care of.”
Another challenge arrives Wednesday, with critical fire danger forecast across the Black Hills and into parts of Wyoming, including Sheridan, Campbell, Crook and Weston counties. Forecast conditions include wind gusts up to 40 mph and humidity as low as 12%.
Schmidt said she believes fire lines are in good shape, but she’s watching the weather closely after recent high-wind events.
“Saturday night, 50 mile an hour winds — that was multiple days ago, and there’s been a lot of work done since,” she said. “I personally am pretty confident that we’re going to be able to hold this fire through today.”
While spring is typically the region’s wetter season — which can help reduce fire behavior — Schmidt urged residents not to become complacent as wildfire season ramps up.
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