summary
Introduced
12/12/2023
12/12/2023
In Committee
01/04/2024
01/04/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
2024 Regular Session
Bill Summary
An act relating to decentralized autonomous organizations; creating part IV of ch. 607, F.S., entitled “Decentralized Autonomous Organizations”; creating s. 607.71, F.S.; defining terms; creating s. 607.72, F.S.; authorizing a decentralized autonomous organization (DAO) to incorporate as a corporation or organize as a limited liability company if certain conditions are met; providing for construction; creating s. 607.73, F.S.; providing that a DAO member, participant, smart contract, algorithm, or wallet is not liable for actions, decisions, or liabilities of the DAO; creating s. 607.74, F.S.; authorizing DAOs to raise unlimited amounts of capital, subject to certain limitations and requirements; creating s. 607.75, F.S.; providing for construction; providing an effective date.
AI Summary
This bill creates a new legal framework for decentralized autonomous organizations (DAOs) in the state of Florida. It defines a DAO as an organization composed of at least two or more persons, algorithms, or smart contracts responsible for executing automated transactions from a blockchain smart contract wallet. The bill allows DAOs to incorporate as corporations or organize as limited liability companies, and provides that DAO members, participants, smart contracts, algorithms, or wallets are not liable for the actions, decisions, or liabilities of the DAO. The bill also authorizes DAOs to raise unlimited amounts of capital, subject to certain governance, transparency, and financial reporting requirements. Finally, the bill establishes that in the event of a conflict between state law and the governance procedures of a DAO, the DAO's governance procedures shall prevail and supersede conflicting laws.
Sponsors (1)
Last Action
Died in Banking and Insurance (on 03/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/882 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/882/BillText/Filed/HTML |
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