VirginiaCorporations; limited liability decentralized autonomous orgs. (LLDs), delayed effective date.
What it does
Corporations; limited liability decentralized autonomous organizations (LLDs). Creates the Limited Liability Decentralized Autonomous Organization (LLD) Act, which establishes requirements for an LLD, defined as a distinct legal entity that operates through decentralized governance using blockchain technology and smart contracts that execute decentralized decision-making mechanisms. The bill permits the formation of an LLD by filing articles of organization with the State Corporation Commission (the Commission), and, if certain requirements are met, the Commission may issue a certificate of organization.
More detail
The bill includes requirements for amending an LLD's articles of organization and also includes requirements for LLD bylaws, operating agreements, underlying smart contracts, and participant interests and management of the LLD. Under the bill, an LLD and its participants have limited liability for debts, obligations, and liabilities of the LLD. The bill also includes provisions related to recordkeeping, transferring interests, withdrawal of participants, and dissolution of the LLD. The provisions of the bill have a delayed effective date of January 1, 2028.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 9Passed by indefinitely in Commerce and Labor (15-Y 0-N)Latest
- Vote recorded Passed by indefinitely in Commerce and Labor. Result: pass.Upper
- Feb 17Fiscal Impact Statement from State Corporation Commission (HB293)
- Feb 16Referred to Committee on Commerce and LaborMinor
- Feb 16Constitutional reading dispensed (on 1st reading)
- Feb 13Read third time and passed House (59-Y 37-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Feb 12Engrossed by House - committee substituteMajor
- Feb 12committee substitute agreed toMajor
- Feb 12Read second timeMinor
- Feb 11Read first timeMinor
- Feb 9Committee substitute printed 26107218D-H1Major
- Vote recorded Reported from Communications, Technology and Innovation with substitute. Result: pass.Lower
- Feb 9Reported from Communications, Technology and Innovation with substitute (15-Y 7-N)Minor
- Feb 9House committee offered
- Feb 4Subcommittee recommends reporting with substitute (7-Y 3-N)Major
- Vote recorded Subcommittee recommends reporting with substitute. Result: pass.Lower
- Feb 4House subcommittee offered
- Jan 28Fiscal Impact Statement from State Corporation Commission (HB293)
- Jan 26Assigned HST sub: Technology and InnovationMinor
- Jan 9Referred to Committee on Communications, Technology and InnovationMinor
- Jan 9Prefiled and ordered printed; Offered 01-14-2026 26104634DIntroduced
- Mar 9Passed by indefinitely in Commerce and Labor (15-Y 0-N)Latest