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ARTICLE · 08 AUGUST 2023

Utah Grants DAO's Corporate Identity, Personhood Status

Gamma Law
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Utah Legislature's passage of its DAO (Decentralized Autonomous Organization) Act on March 1 vaults it into the lead in the race to regulate DAOs by granting them unprecedented recognition as legal entities.

United StatesTechnology
Amy Sanderson
Amy Sanderson

Utah Legislature's passage of its DAO (Decentralized Autonomous Organization) Act on March 1 vaults it into the lead in the race to regulate DAOs by granting them unprecedented recognition as legal entities. The Act, which goes into effect on January 1, 2024, recognizes DAOs as legal entities and offers these organizations limited liability protection. This groundbreaking legislation, which is formally known as HB 357, essentially grants DAOs legal personhood - separate from its members - similar to that enjoyed by traditional US corporations. Extending these liability protections to DAOs is a logical step, as they often are organized for the same purposes as corporations are formed, such as entering into contracts, acquiring assets, and performing revenue-generating services.

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