VirginiaCorporations; creates a regulatory framework for decentralized autonomous organizations.
What it does
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.
More detail
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.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- May 2Vetoed by Governor Glenn YoungkinLatest
- Apr 2Governor's Action Deadline 11:59 p.m., May 2, 2025To Governor
- Vote recorded House rejected Governor's recommendation (28-Y 68-N). Result: fail.Lower
- Apr 2Communicated to Governor
- Apr 2House rejected Governor's recommendation (28-Y 68-N)Major
- Mar 24Governor's substitute printed (HB1796H2)
- Mar 24Governor Glenn Youngkin's recommendation received by HouseMinor
- Mar 11Governor's Action Deadline 11:59 p.m., March 24, 2025Minor
- Mar 11Enrolled Bill communicated to Governor on March 11, 2025Minor
- Mar 10Signed by PresidentMajor
- Mar 7EnrolledMinor
- Mar 7Signed by SpeakerMajor
- Mar 7EnrolledMinor
- Feb 20Senate Amendments agreed to by House (85-Y 10-N)Major
- Vote recorded Defeated by Senate (17-Y 22-N). Result: fail.Upper
- Vote recorded Reconsideration of defeated action agreed to by Senate (39-Y 0-N). Result: pass.Upper
- Vote recorded Defeated by Senate (19-Y 19-N 1-A), Chair Votes No. Result: fail.Upper
- Vote recorded Reconsideration of defeated action agreed to by Senate (39-Y 0-N). Result: pass.Upper
- Vote recorded Passed Senate with amendments (20-Y 19-N). Result: pass.Upper
- Vote recorded Senate Amendments agreed to by House (85-Y 10-N). Result: pass.Lower
- Feb 20Passed Senate with amendments (20-Y 19-N)Passed Senate
- Feb 20Passed by temporarily
- Feb 20Reconsideration of defeated action agreed to by Senate (39-Y 0-N)
- Feb 20Defeated by Senate (19-Y 19-N 1-A), Chair Votes No
- Feb 20Reconsideration of defeated action agreed to by Senate (39-Y 0-N)
- Feb 20Defeated by Senate (17-Y 22-N)
- Feb 20Engrossed by Senate as amended
- Feb 20Finance and Appropriations Amendment agreed toMajor
- Feb 20Reading of amendment waived
- Feb 20Commerce and Labor Amendment agreed toMajor
- Feb 20Reading of amendment waived
- Feb 20Read third timeMinor
- Feb 19Passed by for the day
- Vote recorded Constitutional reading dispensed (on 2nd reading) (40-Y 0-N). Result: pass.Upper
- Feb 19Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- Feb 19Rules suspended
- Feb 17Reported from Finance and Appropriations with amendment (14-Y 0-N)Minor
- Vote recorded Reported from Finance and Appropriations with amendment (14-Y 0-N). Result: pass.Upper
- Feb 10Reported from Commerce and Labor with amendment and rereferred to Finance and Appropriations (11-Y 0-N 4-A)Minor
- Vote recorded Reported from Commerce and Labor with amendment and rereferred to Finance and Appropriations (11-Y 0-N 4-A). Result: pass.Upper
- Feb 3Referred to Committee on Commerce and LaborMinor
- Feb 3Constitutional reading dispensed (on 1st reading)
- Jan 31Read third time and passed House (87-Y 8-N)Passed House
- Vote recorded Read third time and passed House (87-Y 8-N). Result: pass.Lower
- Jan 30Fiscal Impact Statement from State Corporation Commission (HB1796)
- Jan 30Engrossed by House - committee substituteMajor
- Jan 30Communications, Technology and Innovation Substitute agreed to
- Jan 30Read second timeMinor
- Jan 29Read first timeMinor
- Jan 27Committee substitute printed 25105480D-H1Major
- Vote recorded Reported from Communications, Technology and Innovation with substitute (20-Y 2-N). Result: pass.Lower
- Jan 27Reported from Communications, Technology and Innovation with substitute (20-Y 2-N)Minor
- Jan 22Subcommittee recommends reporting with substitute and referring to Labor and Commerce (9-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute and rereferred to Labor and Commerce (9-Y 0-N). Result: pass.Lower
- Jan 22Fiscal Impact Statement from State Corporation Commission (HB1796)
- Jan 16Assigned CT & I sub: Technology and InnovationMinor
- Jan 6Referred to Committee on Communications, Technology and InnovationMinor
- Jan 6Prefiled and ordered printed; Offered 01-13-2025 25102358DIntroduced