VirginiaHB2932026 Regular SessionHouse

Corporations; limited liability decentralized autonomous orgs. (LLDs), delayed effective date.

Sponsored By: Dan I. Helmer (Democratic)

Failed

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.

Commerce and Labor

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Dan I. Helmer

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Passed by indefinitely in Commerce and Labor (15-Y 0-N)

    3/9/2026Senate
  2. Fiscal Impact Statement from State Corporation Commission (HB293)

    2/17/2026House
  3. Referred to Committee on Commerce and Labor

    2/16/2026Senate
  4. Constitutional reading dispensed (on 1st reading)

    2/16/2026Senate
  5. Read third time and passed House (59-Y 37-N 0-A)

    2/13/2026House
  6. Engrossed by House - committee substitute

    2/12/2026House
  7. committee substitute agreed to

    2/12/2026House
  8. Read second time

    2/12/2026House
  9. Read first time

    2/11/2026House
  10. Committee substitute printed 26107218D-H1

    2/9/2026House
  11. House committee offered

    2/9/2026House
  12. Reported from Communications, Technology and Innovation with substitute (15-Y 7-N)

    2/9/2026House
  13. House subcommittee offered

    2/4/2026House
  14. Subcommittee recommends reporting with substitute (7-Y 3-N)

    2/4/2026House
  15. Fiscal Impact Statement from State Corporation Commission (HB293)

    1/28/2026House
  16. Assigned HST sub: Technology and Innovation

    1/26/2026House
  17. Referred to Committee on Communications, Technology and Innovation

    1/9/2026House
  18. Prefiled and ordered printed; Offered 01-14-2026 26104634D

    1/9/2026House

Bill Text

Related Bills

Back to State Legislation