WhyDRS: The First DUNA
WhyDRS has taken it's first steps and filed as a legal entity called a DUNA - a nonprofit structure with decentralized governance and focused on education.
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Wyoming is the first U.S. state to recognize this kind of structure. While there have been similar entity types based outside the U.S., this was the first domestic option. WhyDRS was the first to file and meet all requirements.
What is a DUNA?
A 'DUNA' is a new type of legal entity pioneered by the State of Wyoming.
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DUNA stands for: Decentralized Unincorporated Nonprofit Association.​​​​
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This will enable blockchain networks to operate in America and within the bounds of applicable laws without compromising their decentralization by creating a centralized LLC or governing body.
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This is a massive step forward in the ecosystem of decentralized governance structures in America. ​
WhyDRS Filing Information
Since the submission of paperwork to Wyoming, the WhyDRS Certificate of Organization and Statement of Authority are available for public review.
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While a single organizer needed to be named on the filing, the entity itself will operate as a decentralized assembly of a fluid member body. These members can begin and end their participation at will with the governance structure, whose principles will be transparent and collectively maintained on a public blockchain.
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As a community, we are currently in the midst of developing the details of that structure within our Discord community, and hosting code on our GitHub. Join us!
7/2/24 - WhyDRS files in person. Cheyenne WY
Wyoming's History of Innovation
The DUNA legislation is not the first time that Wyoming has blazed a new legislative path in America. In fact, it is normal for Wyoming to pave the way.
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In 1977, Wyoming was the first U.S. State to authorize the creation of Limited Liability Companies, which today are extremely common throughout America.
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In 2019, Wyoming was also the first to formalize Special Purpose Depository Institutions, which are a financial entity which must operate with 100% backing and provide custody services for digital assets without needing to engage with FDIC.
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In 2021, Wyoming passed a law recognizing DAOs as legal entities in America for the first time.
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In 2024, Wyoming took another step forward with the DUNA legislation, which adds the potential for nonprofit operation - and WhyDRS was the first to utilize it.