United States

Wyoming's DUNA Act creates a statutory legal entity form designed for decentralised unincorporated nonprofit associations, including DAOs. It provides governance, property, contracting and legal-capacity rules for DUNAs, and addresses member and administrator liability. A DUNA is distinct from Wyoming's DAO LLC framework and applies specifically to nonprofit-structured decentralised organisations.

Texas HB 1666, codified as Texas Finance Code Chapter 160, governs covered digital-asset service providers meeting customer or asset thresholds in Texas. It restricts commingling and misuse of customer funds, requires sufficient reserves, mandates quarterly accounting disclosures to customers, and requires annual reporting and auditor attestation for covered providers.

California's Digital Financial Assets Law (DFAL), enacted through AB 39 and SB 401 as consolidated legislation, creates a state licensing regime for digital financial asset businesses operating in California. General licensing requirements apply from 1 July 2026; earlier staged dates apply to digital-asset transaction kiosks. Do not assign a single blanket effective date.

New York State's BitLicense regulation, codified at 23 NYCRR Part 200, requires a BitLicense or qualifying New York banking/trust charter for persons conducting covered virtual-currency business activity involving New York or New York residents. It covers exchange, transfer, custody and specified administration activities, and sets capital, AML, cybersecurity, recordkeeping, disclosure and examination requirements.

The GENIUS Act establishes the first federal framework in the United States for the issuance and regulation of payment stablecoins. It creates permitted payment stablecoin issuers, requires reserve backing, governs redemption practices and mandates supervisory compliance across both federal and state pathways. Implementing rulemaking by the US Treasury and federal banking regulators is underway.