On March 7, 2024, Wyoming Governor Mark Gordon signed into law SF0050, the Wyoming Decentralized Unincorporated Nonprofit Association Act (Bill SF0050). This law establishes the formation and management of decentralized unincorporated nonprofit associations (DUNAs) under Wyoming state law and is designed to enable blockchain networks such as decentralized autonomous organizations (DAOs) to operate within the bounds of applicable law without compromising their decentralization. With this law, which becomes effective on July 1, 2024, Wyoming becomes the first state to grant legal status to blockchain networks.

The state of Wyoming has been a pioneer in state crypto legislation. In 2021, Wyoming become the first state to regulate DAOs and recognize them as a form of limited liability company (LLC) and in 2022 the state passed amendments seeking to clarify these regulations (see Legal Update, Wyoming Passes DAO Supplement Recognizing Decentralized Autonomous Organizations (DAOs) as LLCs and Cryptocurrency and Virtual Currency Regulatory Tracker: Wyoming).

The law provides that DUNAs are a legal entity separate from its members. As such, DUNAs can manage their affairs and "engage in profit-making activities" by entering into contracts, managing real or personal property, and opening bank accounts. The law specifies that a DUNA may provide for its governance, in whole or in part, through distributed ledger technology (DLT), including smart contracts.

The law specifies that a DUNA member may not be held liable for the DUNA's offenses merely by being a member of the DUNA. Additionally, the law provides that DUNA itself can be held liable by a member, administrator, or person authorized to participate in the management of the DUNA's affairs.

A DUNA is defined under the law as an unincorporated nonprofit association that:

Once established, a DUNA remains in existence in perpetuity unless its governing principles otherwise specify.

The law provides that a DUNA may be dissolved: