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Developed and maintained by the Division of Legislative Automated Systems.
2023 SESSION
HB 1784 Securities; digital token exemption, decentralized autonomous organizations.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
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 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.
FULL TEXT
- 01/10/23 House: Prefiled and ordered printed; offered 01/11/23 23101140D pdf | impact statement
- 01/31/23 House: Committee substitute printed 23105027D-H1 pdf
- 02/06/23 House: Printed as engrossed 23105027D-EH1 pdf | impact statement
AMENDMENTS
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
- House amendments adopted
HISTORY
- 01/10/23 House: Prefiled and ordered printed; offered 01/11/23 23101140D
- 01/10/23 House: Referred to Committee on Commerce and Energy
- 01/16/23 House: Assigned sub: Subcommittee #1
- 01/17/23 House: Subcommittee recommends reporting (7-Y 0-N)
- 01/31/23 House: Reported from Commerce and Energy with substitute (14-Y 7-N)
- 01/31/23 House: Committee substitute printed 23105027D-H1
- 02/02/23 House: Read first time
- 02/03/23 House: Passed by for the day
- 02/06/23 House: Read second time
- 02/06/23 House: Committee substitute agreed to 23105027D-H1
- 02/06/23 House: Amendment by Delegate Davis agreed to
- 02/06/23 House: Engrossed by House - committee substitute with amendment HB1784EH1
- 02/06/23 House: Printed as engrossed 23105027D-EH1
- 02/07/23 House: Read third time and passed House (50-Y 49-N)
- 02/07/23 House: VOTE: Passage (50-Y 49-N)
- 02/08/23 Senate: Constitutional reading dispensed
- 02/08/23 Senate: Referred to Committee on Commerce and Labor
- 02/20/23 Senate: Passed by indefinitely in Commerce and Labor with letter (12-Y 3-N)