The legislation “embraces innovation, protects participants, and empowers internet-native communities to compete with big tech incumbents,” said a16z’s Miles Jennings.
The US state of Alabama has become the second US jurisdiction after Wyoming to grant decentralized autonomous organizations (DAOs) legal status under the DUNA Act.
The Decentralized Unincorporated Nonprofit Association (DUNA) Act (Senate Bill 277) was introduced in February by Republican Senator Lance Bell. The House passed it 82-7 with 16 abstentions on March 17, and has now been signed by Alabama Governor Kay Ivey, according to a16z Crypto.
Speaking about the bill’s passage, a16z Crypto’s head of policy and general counsel, Miles Jennings, said on Wednesday that “Decentralized governance is essential to crypto’s future—it’s one of the core constructs in market structure legislation.”
