VirginiaSB7822026 Regular SessionSenate

Corporations; limited liability decentralized autonomous organizations (LLDs).

Sponsored By: Saddam Azlan Salim (Democratic)

In Committee

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 formation with the State Corporation Commission (the Commission), and, if certain requirements are met, the Commission may issue a certificate of formation. The bill includes requirements for amending an LLD's articles of formation 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 bill directs the Commission to adopt emergency regulations to implement certain provisions of the bill. Except for the emergency rulemaking, the provisions of the bill have a delayed effective date of January 1, 2027.

Commerce and Labor

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Saddam Azlan Salim

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 15 • No: 0

Senate vote 2/2/2026

Continued to 2027 in Commerce and Labor

Yes: 15 • No: 0

Actions Timeline

  1. Senate committee amendments offered

    2/2/2026Senate
  2. Continued to 2027 in Commerce and Labor (15-Y 0-N)

    2/2/2026Senate
  3. Fiscal Impact Statement from State Corporation Commission (SB782)

    2/1/2026Senate
  4. Referred to Committee on Commerce and Labor

    1/22/2026Senate
  5. Presented and ordered printed 26102324D

    1/22/2026Senate

Bill Text

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