On April 30, the Texas House of Representatives Committee on Trade, Workforce, and Economic development advanced HB 4518 to the full chamber. This bill recognizes decentralized autonomous organizations (“DAOs”) as legal entities by enabling decentralized unincorporated nonprofit associations (“DUNAs”) in Texas. Texas will be the second state to enact this legislation, which is “a problem” for Representative Keresa Richardson (R-31) who gasped, “We let Wyoming beat us?” affronted that DUNAs were first introduced and signed into state law in 2024 through the Wyoming Decentralized Unincorporated Nonprofit Association Act. Adopting a similar showing of Texas pride while first introducing the bill, HB 4518 author Rep. David Cook (R-96) stressed the importance of passing the bill by declaring “Texas should be the jurisdiction of choice for the digital asset and cryptocurrency revolution.”
Continue reading “Texas Legislature is Looking to Provide a Liability Shield and Recognition to Decentralized Autonomous Organizations Formed in the State”