2025 SESSION
HOUSE SUBSTITUTE
25108158D
HOUSE BILL NO. 1796
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the Governor
on March 24, 2025)
(Patron Prior to SubstituteDelegate Helmer)
A BILL to direct the Joint Commission on Technology and Science to study the impact and implementation of decentralized autonomous organizations; report.
Be it enacted by the General Assembly of Virginia:
1. 1. That the Joint Commission on Technology and Science (the Commission), in coordination with the State Corporation Commission, shall conduct a study to determine the impact and implementation of decentralized autonomous organizations in the Commonwealth. During this study, the Commission shall assess (i) the legal and economic implications of decentralized autonomous organizations operating under Virginia law; (ii) the compatibility of decentralized autonomous organizations with existing corporate structures, including limited liability companies; (iii) potential consumer protection concerns, including fraud and governance risks; (iv) the impact of decentralized autonomous organizations on financial markets and taxation; and (v) regulatory approaches adopted by other states and jurisdictions. In conducting this study, the Commission shall also include experts in blockchain technology and financial regulation, the Virginia Bar Association, the Office of the Attorney General, and consumer protection advocates. The Commission shall submit a report of its recommendations and findings to the Governor and the General Assembly no later than December 1, 2025.