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Corporations; decentralized autonomous organizations. Creates a regulatory framework for decentralized autonomous organizations, defined in the bill as a distinct legal entity that operates through blockchain-based governance frameworks, incorporating self-executing smart contracts and decentralized decision-making mechanisms. The bill provides that an entity seeking to become a decentralized autonomous organization must file its articles of organization with the State Corporation Commission in order to seek a certificate of organization and requires such articles of organization to designate an operator of record. The bill permits a limited liability company to elect to become a decentralized autonomous organization with management vested in its members or smart contracts and contains requirements for its articles of organization and operating agreements. The bill also contains provisions governing the relationships and rights of members of a decentralized autonomous organization and for the dissolution of a decentralized autonomous organization. The provisions of the bill do not become effective unless reenacted by the 2026 Session of the General Assembly.
Introduced
Jan 6, 2025
Last Action
May 2, 2025
Session
VA 2025
Sponsors
1 primary · 5 co
Vetoed by Governor
Governor's Action Deadline 11:59 p.m., May 2, 2025
Communicated to Governor
House rejected Governor's recommendation (28-Y 68-N)
Governor's recommendation received by House
Governor's substitute printed (HB1796H2)
Enrolled Bill communicated to Governor on March 11, 2025
Governor's Action Deadline 11:59 p.m., March 24, 2025
Signed by President
Signed by Speaker
Enrolled
Reconsideration of defeated action agreed to by Senate (39-Y 0-N)
Read third time
Reading of amendment waived
Commerce and Labor Amendment agreed to
Finance and Appropriations Amendment agreed to
Engrossed by Senate as amended
Defeated by Senate (17-Y 22-N)
Defeated by Senate (19-Y 19-N 1-A), Chair Votes No
Passed by temporarily
Passed Senate with amendments (20-Y 19-N)
Senate Amendments agreed to by House (85-Y 10-N)
Passed by for the day
Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
Rules suspended
Reported from Finance and Appropriations with amendment (14-Y 0-N)
Reported from Commerce and Labor with amendment and rereferred to Finance and Appropriations (11-Y 0-N 4-A)
Constitutional reading dispensed (on 1st reading)
Referred to Committee on Commerce and Labor
Read third time and passed House (87-Y 8-N)
Communications, Technology and Innovation Substitute agreed to
Fiscal Impact Statement from State Corporation Commission (HB1796)
Engrossed by House - committee substitute
Read second time
Read first time
Reported from Communications, Technology and Innovation with substitute (20-Y 2-N)
Committee substitute printed 25105480D-H1
Fiscal Impact Statement from State Corporation Commission (HB1796)
Subcommittee recommends reporting with substitute and referring to Labor and Commerce (9-Y 0-N)
Assigned CT & I sub: Technology and Innovation
Prefiled and ordered printed; Offered 01-13-2025 25102358D
Referred to Committee on Communications, Technology and Innovation
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Vetoed by Governor
Dan I. Helmer
C.E. Cliff Hayes, Jr.
Rozia A. Henson, Jr.
Terry G. Kilgore
Rodney T. Willett
Saddam Azlan Salim