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.
Today’s Wyoming sunrise was captured by Tom Boatman. Tom writes, “I took this at Goldeneye Reservoir. Pelicans enjoying the morning…”
To submit your Wyoming sunrise photo, email us at: News@CowboyStateDaily.com
NOTE: Please send us the highest-quality version of your photo. The larger the file, the better.
NOTE #2: Please include where you are from and where the photo was taken.
NOTE #3: Tell us about your sunrise. What do you like about it?
NOTE #4: We prefer horizontal (not vertical) photos. Thanks!
Chance of rain in parts of Wyoming on Sunday with some sun in the south. Breezy overnight with a chance of rain early. Highs from the mid 50s to near 80. Lows from the mid 20s to upper 40s.
Central:
Casper: Chance of rain, otherwise partly sunny and breezy today with a high near 71 and wind gusts as high as 34 mph. Partly cloudy and breezy overnight with a slight chance of rain before 8 p.m., a low near 43 and wind gusts as high as 31 mph.
Riverton: Chance of rain, otherwise mostly sunny and breezy today with a high near 72 and wind gusts as high as 33 mph. Mostly clear and breezy overnight with a slight chance of rain before 7 p.m., a low near 41 and wind gusts as high as 25 mph.
Shoshoni: Chance of rain, otherwise partly sunny and windy today with a high near 70 and wind gusts as high as 37 mph. Mostly clear and windy overnight with a slight chance of rain before 7 p.m., a low near 43 and wind gusts as high as 36 mph.
Southwest:
Evanston: Sunny today with a high near 61 and mostly clear overnight with a low near 33.
Green River: Sunny and breezy today with a high near 66 and wind gusts as high as 28 mph. Mostly clear and breezy overnight with a low near 38 and wind gusts as high as 24 mph.
Kemmerer: Breezy, gradually becoming sunny today with a high near 61 and wind gusts as high as 29 mph. Increasing clouds and breezy overnight with a low near 33 and wind gusts as high as 23 mph.
Western Wyoming:
Pinedale: Slight chance of rain, breezy, gradually becoming sunny today with a high near 59 and wind gusts as high as 28 mph. Mostly clear and blustery overnight with a low near 29 and wind gusts as high as 25 mph.
Alpine: Chance of rain, gradually clearing today with a high near 64 and wind gusts as high as 20 mph. Mostly clear overnight with a low near 35.
Big Piney: Breezy, gradually becoming sunny today with a high near 62 and wind gusts as high as 29 mph. Mostly clear and blustery overnight with a low near 27 and wind gusts as high as 25 mph.
Northwest:
Dubois: Chance of rain mainly after 1 p.m., otherwise mostly sunny and breezy today with a high near 57 and wind gusts as high as 37 mph. Mostly clear and windy overnight with a low near 34 and wind gusts as high as 40 mph.
Jackson: Chance of rain, gradually becoming mostly sunny today with a high near 62 and wind gusts as high as 20 mph. Mostly clear overnight with a low near 33.
Old Faithful in Yellowstone National Park: Rain likely today with a high near 50 and wind gusts as high as 24 mph. Gradually becoming mostly clear overnight with a chance of rain before 11 p.m., a low near 29 and wind gusts as high as 21 mph.
Bighorn Basin:
Thermopolis: Rain likely today with a high near 66 and mostly clear overnight with a slight chance of rain before 9 p.m. and a low near 43.
Cody: Rain likely, cloudy and breezy today with a high near 63 and wind gusts as high as 24 mph. Gradually becoming mostly clear overnight with a chance of rain before 10 p.m. and a low near 43.
Ten Sleep: Rain likely, breezy today with a high near 65 and wind gusts as high as 23 mph. Gradually becoming clear overnight with a slight chance of rain before 9 p.m., a low near 45 and wind gusts as high as 21 mph.
North Central:
Buffalo: Rain likely, breezy today with a high near 61 and wind gusts as high as 22 mph. Partly cloudy overnight with a slight chance of rain before 8 p.m., a low near 44 and wind gusts as high as 21 mph.
Sheridan: Rain likely, mostly cloudy today with a high near 64 and wind from 16-21 mph. Gradually becoming mostly clear overnight with a slight chance of rain before 9 p.m., a low near 38 and wind from 11-16 mph.
Big Horn: Rain likely today with a high near 62 and wind from 11-16 mph. Gradually becoming mostly clear overnight with a slight chance of rain before 9 p.m. and a low near 42.
Northeast:
Gillette: Rain likely today with a high near 63 and wind gusts as high as 26 mph. Partly cloudy overnight with a slight chance of rain before midnight, a low near 39 and wind gusts as high as 26 mph.
Newcastle: Rain likely today with a high near 69 and wind gusts as high as 23 mph. Partly cloudy overnight with a chance of rain before midnight, a low near 43 and wind gusts as high as 23 mph.
Upton: Rain likely today with a high near 67 and wind gusts as high as 22 mph. Partly cloudy overnight with a chance of rain before midnight, a low near 39 and wind gusts as high as 23 mph.
Eastern Plains:
Torrington: Sunny and breezy today with a high near 81 and wind gusts as high as 35 mph. Mostly clear and breezy overnight with a low near 48 and wind gusts as high as 30 mph.
Lusk: Chance of rain after noon, otherwise mostly sunny and breezy today with a high near 71 and wind gusts as high as 30 mph. Partly cloudy and breezy overnight with a slight chance of rain before 9 p.m., a low near 40 and wind gusts as high as 30 mph.
Midwest: Rain likely, otherwise partly sunny and breezy today with a high near 68 and wind gusts as high as 29 mph. Breezy, gradually becoming clear overnight with a slight chance of rain before 8 p.m., a low near 40 and wind gusts as high as 25 mph.
Southeast:
Cheyenne: Sunny and breezy today with a high near 75 and wind gusts as high as 40 mph. Mostly clear and breezy overnight with a low near 46 and wind gusts as high as 30 mph.
Laramie: Sunny and windy today with a high near 67 and wind gusts as high as 45 mph. Mostly clear and breezy overnight with a low near 38 and wind gusts as high as 40 mph.
Medicine Bow: Mostly sunny and windy today with a high near 68 and wind gusts as high as 50 mph. Mostly clear and windy overnight with a low near 37 and wind gusts as high as 45 mph.
South Central:
Rawlins: Mostly sunny and windy today with a high near 67 and wind gusts as high as 45 mph. Mostly clear and breezy overnight with a low near 40 and wind gusts as high as 40 mph.
Saratoga: Mostly sunny and windy today with a high near 68 and wind gusts as high as 45 mph. Mostly clear and breezy overnight with a low near 38 and wind gusts as high as 35 mph.
Hanna: Mostly sunny and windy today with a high near 66 and wind gusts as high as 50 mph. Mostly clear and windy overnight with a low near 38 and wind gusts as high as 40 mph.
Wyoming
Children’s Hospital Colorado hosts Wyoming Pediatric Mental Health Symposium in downtown Casper
CASPER, Wyo. — Children’s Hospital Colorado hosted the Wyoming Pediatric Mental Health Symposium, a first-of-its-kind event designed to shine a light on adolescent mental health in Wyoming and beyond.
The event, which took place over a two-day period May 13 and 14, was “designed for mental health, school, and healthcare professionals seeking to deepen their expertise in pediatric mental health,” according to a brochure from the hospital.
According to the FDA, pediatrics cover those ages 0-21, and that’s exactly who mental health professionals who attended the symposium wanted to reach. Professionals across a wide spectrum gathered at the Best Western Downtown to learn more about counseling and crisis centers, schools, hospitals, primary care practices and outpatient services. They received clinical updates and engaged in discussions regarding current, evidence-informed issues that impact the care of pediatric patients and mental health needs.
And, according to the professionals, there are a lot of mental health needs in Wyoming.
“We’re here to work with folks in Wyoming about pediatric mental health concerns,” said Sandra Fritsch, MD, MSEd, DFAACAP. “May is mental health awareness month, so what a great two days to be here to talk about that during this time, as well as the challenges for access to care for pediatric mental health that exists nationally.”
Fritsch said the goal she and her peers had was to increase knowledge and awareness for everyone who attended the conference, whether they work at a school or a hospital or are a community health worker. She said she wanted to foster a commitment in the community to have real, open conversations about pediatric mental health.
Geographic densities are big reasons that mental health assistance is so hard to find in Wyoming, Fritsch said. However, they’re not the only reasons.
“I think awareness and then knowing the resources you can tap into is really important when it comes to pediatric mental health,” she said. “I do think that we need to have a dedicated approach to increasing the workforce, and that’s the workforce of everyone, whether it be a community health worker who can do screenings, therapists who can be in schools, traditional therapists, child psychiatrists or psychiatric nurse practitioners who can help assess and treat. I think building workforce is something that’s really essential.”
Fritsch said that the suicide rate in Wyoming is staggering, especially for youth, but the pandemic reminded people about the notion of mental health and its importance among the community.
“It actually created awareness and opportunities for a conversation that more people are willing to engage in,” she said. “And the other thing, too, is the notion of putting the head back on the body. Looking at the whole being is really important, and seeing more of that from a prevention and early intervention standpoint, that’s what I would love to see a lot more of.”
Early prevention in adolescence, Fritsch said, begins with parents.
“How are we working with families before they’re even having kids?” she asked. “Being a parent is the hardest job in the world. It’s an apprenticeship program. It’s trial by fire. You think you’ve got it straight with one kid and then you get the next one and it could be completely different. So how do we help support that as well?”
Fritsch said there are no simple solutions, but there there are things people can try.
“One thing I would want is for families to have plans for how they’re together and when they’re together, how they’re off screen, etc.,” she said. “So family meal times, family activity times, things like that. And working on ensuring good, quality sleep I think is really important for all concerned, from that standpoint.”
She also said it’s important to help caregivers meet kids where they’re at developmentally.
“It’s about understanding that and promoting positive success and celebrating those successes and moving forward from that standpoint,” she said. “The other thing, too, is earlier identification and treatment for mild to moderate conditions. You can have anxiety as a preschooler. It’s different than what it looks like as an adult, but being able to address that may offset that depression you would otherwise have when you’re a teenager.”
Fritsch herself spoke at the symposium, heading a talk called “Assessment and Treatment of Depression in Pediatric Primary Care.” The following day, she gave a talk called “Putting Evidence Into Practice: Approaches for Pediatric Anxiety and Trauma Related Disorders.”
Both of these presentations offered insight into mental health needs across Wyoming, Colorado and the entire country.
“I just want people to have an awareness of the breadth of what our understanding of mental health is for the youth population,” she said. “How it can play out in the school setting, how it can play out in the primary setting, how it can play out in the community. And then I want to bring that information back to where they’re at and come up with some commitments to how they way want to do things differently based on what they’ve learned.”
For more information on pediatric mental health, visit www.childrenscolorado.org/.
Related
-
Alabama2 minutes agoAlabama troopers launch 101 Days of Summer Safety campaign
-
Alaska5 minutes agoReporting From Alaska- Don’t be fooled by ‘Build the Line!’ propaganda
-
Arizona17 minutes agoArizona to start seeing average 100-degree highs ahead of June
-
Arkansas20 minutes agoArkansas baseball notebook: Pitching depth catches up with Razorbacks in Kansas | Whole Hog Sports
-
California25 minutes ago‘Sneaker wave’ sucks California fisherman out to sea
-
Colorado32 minutes ago
Colorado elections clerk set to be released from prison Monday based on her sentence commutation
-
Connecticut35 minutes agoMan shot while riding a moped in North Haven
-
Delaware40 minutes agoWas Taylor Swift in Dewey Beach, Delaware, this weekend? What we know
