HB1784
Securities; digital token exemption, decentralized autonomous organizations.
Summary
As Passed House of Origin. Securities; digital token exemption; decentralized autonomous organizations.
Provides an exemption from securities registration requirements for issuers or sellers of digital tokens, as defined in the bill, under certain circumstances. The bill directs the State Corporation Commission to develop a form and submission process for an issuer or seller of digital tokens to file a notice of intent ... (More) with the Commission. The bill also creates a regulatory framework for decentralized autonomous organizations, which are a form of limited liability company, and provides that the entity seeking to become a decentralized autonomous organization must file its articles of organization with the Commission in order to seek a certificate of organization. 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 incorporation 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. (Less)-
Bill History
- 01/10/2023 - House: Prefiled and ordered printed; offered 01/11/23 23101140D
- 01/10/2023 - House: Referred to Committee on Commerce and Energy
- 01/16/2023 - House: Assigned sub: Subcommittee #1
- 01/17/2023 - House: Subcommittee recommends reporting (7-Y 0-N)
- 01/24/2023 - House: Impact statement from SCC (HB1784)
- 01/31/2023 - House: House committee, floor amendments and substitutes offered
- 01/31/2023 - House: Reported from Commerce and Energy with substitute (14-Y 7-N)
- 01/31/2023 - House: Committee substitute printed 23105027D-H1
- 02/02/2023 - House: Read first time
- 02/03/2023 - House: Passed by for the day
- 02/06/2023 - House: House committee, floor amendments and substitutes offered
- 02/06/2023 - House: Read second time
- 02/06/2023 - House: Committee substitute agreed to 23105027D-H1
- 02/06/2023 - House: Amendment by Delegate Davis agreed to
- 02/06/2023 - House: Engrossed by House - committee substitute with amendment HB1784EH1
- 02/06/2023 - House: Printed as engrossed 23105027D-EH1
- 02/07/2023 - House: Read third time and passed House (50-Y 49-N)
- 02/07/2023 - House: VOTE: Passage (50-Y 49-N) Close Floor Vote
- 02/07/2023 - House: Impact statement from SCC (HB1784EH1)
- 02/08/2023 - Senate: Constitutional reading dispensed
- 02/08/2023 - Senate: Referred to Committee on Commerce and Labor
- 02/20/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 02/20/2023 - Senate: Passed by indefinitely in Commerce and Labor with letter (12-Y 3-N)
