Utah State Legislature passed HB 357 to recognize DAOs as 'LLDs.'
The DAO Model Law strives to allow utmost flexibility for DAO innovation, recognizing that DAOs are transnational things and can provide technological guarantees that are equivalent to the protections that laws seek to protect through requiring manual reporting processes.
There were some major concerns by the Utah Blockchain Legislature, and compromises were reached in passing the Act. One concern was the anonymity and unaccountability of DAOs, which was addressed through a compromise requiring DAOs to divulge an incorporator while still maintaining anonymity.
Finally, there was a concern about the lack of ramp-up time for the Utah Division of Corporations to handle new applications. To address this concern, the implementation date of the bill was set for 2024, giving more time to adjust and edit practical implementations toward the bill.
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