Signed by Governor Mark Gordon

Vote Smart's Synopsis:

Vote to pass a bill that amends the state's decentralized autonomous organizations (DAO) statutes so that the law better accounts for how people join, leave and vote in these organizations.

Highlights:

• Requires that an organization attempting to join or form an decentralized autonomous organization (DAO) provide their publicly available identifier to the secretary of state within 30 days of the formation application being submitted (Sec. 17-31-105).

• Requires the secretary of state to dissolve the DAO if the publicly available identifier is not provided within 30 days (Sec. 17-31-105).

• Specifies that management of a DAO shall be vested in its members or the members of any applicable smart contract (Sec. 17-31-109).

• Authorizes members of a DAO to have access to the extent of information that is available on an open blockchain (Sec. 17-31-112).

• Establishes that an individual shall become a member of a DAO upon completion of a purchase or they otherwise assume a right of ownership of a membership interest or other property (Sec. 17-31-113).

• Authorizes an individual to sell, transfer, or alienate all membership interests and withdraw their membership from a DAO so long as the individual retains no further right of ownership (Sec. 17-31-113).

Full Bill Text