Decentralized autonomous organizations-amendments.

Plain English Breakdown

The official source material did not provide additional details on the specific circumstances under which DAOs must update their records beyond changing the publicly available identifier.

Changes to Rules for Decentralized Autonomous Organizations

This law updates Wyoming's rules for decentralized autonomous organizations (DAOs) by defining what a 'publicly available identifier' is and requiring DAOs to update their records if this identifier changes.

What This Bill Does

• Defines a 'publicly available identifier' as an address that can be found publicly, which identifies a smart contract. This includes things like web addresses or specific codes.
• Requires decentralized autonomous organizations (DAOs) to amend their articles of organization when the publicly available identifier for their smart contracts changes.

Who It Names or Affects

• Decentralized autonomous organizations in Wyoming
• People who manage or work with these organizations

Terms To Know

Publicly available identifier

An address that is publicly available and identifies a smart contract, such as a web address or specific code.

Decentralized autonomous organization (DAO)

A type of company managed by computer programs called 'smart contracts' rather than people.

Limits and Unknowns

• The law only affects DAOs in Wyoming.
• It does not explain how to find or use these identifiers, just what they are and when changes need to be made.

Official Summary Text

Bill Summary - 23LSO-0158
Bill No.:

SF0075

Effective:

7/1/2023

LSO No.:

23LSO-0158

Enrolled Act No.:

SEA No. 0054

Chapter No.:

108

Prime Sponsor:

Select Committee on Blockchain, Financial Technology and Digital Innovation Technology

Catch Title:

Decentralized autonomous organizations-amendments.

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 managed (in whole or in part) through smart contracts that are executed by computers.

Existing statute requires a decentralized autonomous organization to include a publicly available identifier in the articles of organization but does not define the term.

This bill amends the decentralized autonomous organization law to include a definition of "publicly available identifier". A publicly available identifier is an address that is publicly available and that identifies a smart contract and may include a uniform resource locator, contract address or other similar reference.

This bill requires a decentralized autonomous organization to amend their articles of organization when the publicly available identifier has changed.

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.

Current Bill Text

23LSO-0158

ORIGINAL Senate

File No
.
SF0075

ENROLLED ACT NO. 54,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

AN ACT relating to corporations; amending statutory provisions regulating decentralized autonomous organizations; providing a definition; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 17
‑
31
‑
102(a) by creating a new paragraph (x) and 17
‑
31
‑
107(a)(ii), (iii) and by creating a new paragraph (iv) are amended to read:

17
‑
31
‑
102.

Definitions.

(a)

As used in this chapter:

(x)

"Publicly available identifier" means an address that is available publicly and that identifies a smart contract and may include a uniform resource locator, contract address or other similar reference.

17
‑
31
‑
107.

Amendment or restatement of articles of organization.

(a)

Articles of organization shall be amended when:

(ii)

There is a false or erroneous statement in the articles of organization;
or

(iii)

The decentralized autonomous organization's smart contracts have been updated or changed
;
.

or

(iv)

The publicly available identifier has changed.

Section 2
.

This act is effective July 1, 2023
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1