Virginia House Bill 1784 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Engrossed on February 6 2023 - 50% progression, died in chamber
Action: 2023-02-20 - Passed by indefinitely in Commerce and Labor with letter (12-Y 3-N)
Text: Latest bill text (Engrossed) [HTML]

Securities; digital token exemption; decentralized autonomous organizations. Provides an exemption from securities registration requirements for issuers or sellers of digital tokens, as defined in the bill, under certain circumstances. The bill directs the State Corporation Commission to develop a form and submission process for an issuer or seller of digital tokens to file a notice of intent with the Commission. The bill also creates a regulatory framework for decentralized autonomous organizations, which are a form of limited liability company, and provides that the entity seeking to become a decentralized autonomous organization must file its articles of organization with the Commission in order to seek a certificate of organization. The bill permits a limited liability company to elect to become a decentralized autonomous organization with management vested in its members or smart contracts and contains requirements for its articles of incorporation and operating agreements. The bill also contains provisions governing the relationships and rights of members of a decentralized autonomous organization and for the dissolution of a decentralized autonomous organization. Securities; digital token exemption; decentralized autonomous organizations. Provides an exemption from securities registration requirements for issuers or sellers of digital tokens, as defined in the bill, under certain circumstances. The bill directs the State Corporation Commission to develop a form and submission process for an issuer or seller of digital tokens to file a notice of intent with the Commission. The bill also creates a regulatory framework for decentralized autonomous organizations, which are a form of limited liability company, and provides that the entity seeking to become a decentralized autonomous organization must file its articles of organization with the Commission in order to seek a certificate of organization. The bill permits a limited liability company to elect to become a decentralized autonomous organization with management vested in its members or smart contracts and contains requirements for its articles of incorporation and operating agreements. The bill also contains provisions governing the relationships and rights of members of a decentralized autonomous organization and for the dissolution of a decentralized autonomous organization.

Securities; digital token exemption, decentralized autonomous organizations.

Del. Terry Kilgore [R]

Del. Daniel Marshall [R]

Del. Wren Williams [R]

2023-02-20 - Senate - Senate: Passed by indefinitely in Commerce and Labor with letter (12-Y 3-N) (Y: 12 N: 3 NV: 0 Abs: 0) [PASS]
2023-02-07 - House - House: VOTE: Passage (50-Y 49-N) (Y: 50 N: 49 NV: 0 Abs: 1) [PASS]
2023-01-31 - House - House: Reported from Commerce and Energy with substitute (14-Y 7-N) (Y: 14 N: 7 NV: 0 Abs: 1) [PASS]
2023-01-17 - House - House: Subcommittee recommends reporting (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2023-02-20	Senate	Passed by indefinitely in Commerce and Labor with letter (12-Y 3-N)
2023-02-08	Senate	Referred to Committee on Commerce and Labor
2023-02-08	Senate	Constitutional reading dispensed
2023-02-07	House	VOTE: Passage (50-Y 49-N)
2023-02-07	House	Read third time and passed House (50-Y 49-N)
2023-02-06	House	Printed as engrossed 23105027D-EH1
2023-02-06	House	Engrossed by House - committee substitute with amendment HB1784EH1
2023-02-06	House	Amendment by Delegate Davis agreed to
2023-02-06	House	Committee substitute agreed to 23105027D-H1
2023-02-06	House	Read second time
2023-02-03	House	Passed by for the day
2023-02-02	House	Read first time
2023-01-31	House	Committee substitute printed 23105027D-H1
2023-01-31	House	Reported from Commerce and Energy with substitute (14-Y 7-N)
2023-01-17	House	Subcommittee recommends reporting (7-Y 0-N)
2023-01-16	House	Assigned sub: Subcommittee #1
2023-01-10	House	Referred to Committee on Commerce and Energy
2023-01-10	House	Prefiled and ordered printed; offered 01/11/23 23101140D

Chapter	Article	Section	Citation Type	Statute Text
13	1	1300	(n/a)	See Bill Text
13	1	1315	(n/a)	See Bill Text
13	1	514	(n/a)	See Bill Text
13	1	514.3	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+HB1784
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB1784+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB1784H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB1784EH1+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/23105027D.pdf
Amendment	https://lis.virginia.gov/cgi-bin/legp604.exe?231+amd+HB1784AH
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/23107276D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+HB1784F171+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+HB1784FEH1171+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+H2301V0006+HB1784
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+H23V0058+HB1784
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+HV1550+HB1784
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S02V0145+HB1784