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Bill > HB293
VA HB293
VA HB293Corporations; limited liability decentralized autonomous orgs. (LLDs), delayed effective date.
summary
Introduced
01/09/2026
01/09/2026
In Committee
02/16/2026
02/16/2026
Crossed Over
02/12/2026
02/12/2026
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Corporations; limited liability decentralized autonomous organizations (LLDs). Creates the Limited Liability Decentralized Autonomous Organization (LLD) Act, which establishes requirements for an LLD, defined as a distinct legal entity that operates through decentralized governance using blockchain technology and smart contracts that execute decentralized decision-making mechanisms. The bill permits the formation of an LLD by filing articles of organization with the State Corporation Commission (the Commission), and, if certain requirements are met, the Commission may issue a certificate of organization. The bill includes requirements for amending an LLD's articles of organization and also includes requirements for LLD bylaws, operating agreements, underlying smart contracts, and participant interests and management of the LLD. Under the bill, an LLD and its participants have limited liability for debts, obligations, and liabilities of the LLD. The bill also includes provisions related to recordkeeping, transferring interests, withdrawal of participants, and dissolution of the LLD. The provisions of the bill have a delayed effective date of January 1, 2028.
AI Summary
This bill establishes the Limited Liability Decentralized Autonomous Organization (LLD) Act, creating a new legal entity that operates using blockchain technology and smart contracts for decentralized decision-making, with participants and the LLD itself having limited liability for its debts and obligations. To form an LLD, articles of organization must be filed with the State Corporation Commission (the Commission), which will issue a certificate of formation if requirements are met, and the bill outlines procedures for amending these articles, as well as requirements for LLD bylaws, operating agreements, smart contracts, and participant interests. The bill also addresses recordkeeping, transferring interests, participant withdrawal, and dissolution of the LLD, directing the Commission to adopt emergency regulations for implementation, with most provisions taking effect on January 1, 2027.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Fiscal Impact Statement from State Corporation Commission (HB293) (on 02/17/2026)
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://lis.virginia.gov/bill-details/20261/HB293 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (HB293) | https://lis.blob.core.windows.net/files/1168266.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB293/text/HB293HC3 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB293/text/HB293H1 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB293/text/HB293HC2 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB293/text/HB293HC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (HB293) | https://lis.blob.core.windows.net/files/1098851.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB293/text/HB293 |
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