United States of America: Introduced Utah Decentralized Autonomous Organizations Amendments Act (HB 357)

On 2 February 2023, the Decentralized Autonomous Organizations Amendments (DAO Act) was introduced in the Utah State Legislature. The Act would allow decentralised autonomous organisations, including blockchain companies, that are not registered as a for-profit corporate entity or a non-profit entity to be treated as the legal equivalent of a domestic limited liability company. Notably, the Act incorporates a technology gatekeeping function to identify an entity as a DAO and establishes that there are no implicit fiduciary duties owed by DAO participants unless they are explicitly stated.