California Lawmaker Introduces Bill to Incorporate DAOs
With Matt Haney taking a very bold step that is backed by the industry, seeing DAOs function as businesses will be a matter of time.
A California lawmaker Matt Haney has introduced Assembly Bill 1229 which seeks to re-engineer and expand the state’s corporate to include Decentralized Autonomous Organizations (DAO). As reported by Decrypt, the proposed Bill, if passed, will enable DAOs, blockchain networks and smart contracts to register as businesses in the state.
“Whatever you call this new technology—blockchain, web3, or crypto—we know that it’s the future of tech,” Assemblymember Haney said in a statement. “It would be devastating to both our economy and our identity as a state to lose California’s place as the world’s tech leader because our laws are not keeping up with the times.”
While the Fed gov plays whack-a-coin, some state legislators are stepping in to try and make the rules more sensible, and understandable, within their own jurisdiction.
This will be fun to codify!
How will DAOs operate without being D?