On April 20, Tennessee Gov. Bill Lee signed into law a bill to allow decentralized autonomous organizations (DAOs), to register as a type of limited liability company. As the second U.S. state to grant legal status to DAOs (following a similar Wyoming law passed in 2021), Tennessee has become a trendsetter for blockchain-based corporate governance. This new DAO Act is expected to attract significant blockchain investment and job growth to the thriving tech sector in Tennessee. As one of the bill’s sponsors, House Representative Jason Powell, put it, Tennessee may soon be dubbed the “Delaware of DAOs.”
What is a DAO?
A DAO is an organization operating on a blockchain platform. Unlike a traditional LLC, which is governed by its operating agreement, a DAO is usually governed by:
Smart contracts: A DAO’s operating rules are written in computer code stored on a blockchain ledger, known as the “smart contract.” This series of executable code determines the operation of the DAO and runs...
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