Rules for Decentralized Autonomous Organizations
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Official record
Bill Summary - 21LSO-0263 Bill No.: SF0038 Effective: 7/1/2021 12:00:00 AM LSO No.: 21LSO-0263 Enrolled Act No.: SEA No. 0073 Chapter No.: 162 Prime Sponsor: Select Committee on Blockchain, Financial Technology and Digital Innovation Technology Catch Title: Decentralized autonomous organizations. Subject: Decentralized autonomous organizations. Summary/Major Elements: A decentralized autonomous organization (DAO) is a limited liability company with special provisions allowing the company to be algorithmically run or managed (in whole or in part) through smart contracts executed by computers. This bill creates a supplement to the Wyoming Limited Liability Company Act to provide law controlling the creation and management of a DAO. The provisions of the LLC Act apply to a DAO except as specifically modified by the supplement. This bill establishes baseline requirements for member managed or algorithmically managed DAO's and provides definitions and regulations for DAO formation, articles of organization, operating agreements, smart contracts, management, standards of conduct, membership interests, voting rights, the withdrawal of members and dissolution. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 6, 1:50 AM
R · H11
Why they voted this way
The speaker supports the report because it prohibits foreign companies from obtaining a certificate of authority, ensuring that only entities domiciled in Wyoming can utilize its laws. He also explains that deleting default withdrawal provisions is appropriate since these organizations will always have smart contracts or operating agreements to govern such matters.
Why they voted this way
The speaker generally supports the conference report, specifically praising the decision to delete language regarding withdrawal as an elegant solution.
Why they voted this way
The lawmaker supports lowering the fee for foreign-domiciled companies because they believe it is necessary to generate revenue without discouraging filings.
D · H16
Why they voted this way
The lawmaker supports the amendment because they do not understand why articles of organization must be amended every time a smart contract is updated.
Wyoming roll calls
8 roll calls
Official activity
Changes
7 stored
The amendment adds new section 17-31-116 to the bill, establishing annual fees for decentralized autonomous organizations.
The amendment removes specific lines from the bill text related to decentralized autonomous organizations and adjusts numbering in other parts of the document.
The amendment changes how members can leave a decentralized autonomous organization (DAO) by requiring them to give written notice instead of just leaving.
The amendment reduces the fee for forming a decentralized autonomous organization from $1,000 to $500.
The amendment changes the definition of organizations in the bill by removing certain words and making a small punctuation change.
This amendment removes certain sections and adds new language to the bill regarding foreign decentralized autonomous organizations.
The amendment modifies the bill to clarify that membership interests in decentralized autonomous organizations can be digital securities or consumer assets, and it makes minor grammatical changes.