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VA HB293
Bill
Status
Engrossed
2/12/2026
Primary Sponsor
Dan Helmer
Click for details
AI Summary
- Creates a new legal entity type called "Limited Liability Decentralized Autonomous Organization" (LLD) that operates through blockchain technology and smart contracts for decentralized governance
- Requires LLDs to file articles of organization with the State Corporation Commission, including a registered agent in Virginia, public blockchain addresses, and initial bylaws governing participant rights and voting procedures
- Limits participant liability to their on-blockchain contributions, protecting members from personal liability for the LLD's debts, obligations, or wrongful acts of other participants
- Mandates bylaws address governance structure, participant voting rights, smart contract amendments, dispute resolution, and procedures for handling blockchain "hard forks"
- Establishes that in conflicts between bylaws, operating agreements, and smart contracts, the bylaws prevail unless expressly overridden, with smart contract amendments requiring participant approval per the bylaws
Legislative Description
Corporations; limited liability decentralized autonomous orgs. (LLDs), delayed effective date.
Last Action
Passed by indefinitely in Commerce and Labor (15-Y 0-N)
3/9/2026
Committee Referrals
Commerce and Labor2/16/2026
Science and Technology: Technology and Innovation1/26/2026
Communications, Technology and Innovation1/9/2026
Full Bill Text
No bill text available