Alabama becomes the second U.S. state to grant legal status to DAOs
BlockBeats news, on April 2, according to Cointelegraph, the Governor of Alabama signed the “Decentralized Unincorporated Nonprofit Association Act,” making it the second state after Wyoming to grant DAOs legal status. This act provides DAOs with legal standing and limited liability protection, giving them full legal entity status enabling ownership of property, the ability to sue and be sued, and to sign contracts, while individual members and managers are exempt from personal liability. To be eligible, a DAO must have at least 100 members and be formed for a shared nonprofit purpose, such as governing a blockchain network or smart contract system.
The policy head of a16z Crypto stated that decentralized governance is at the core of crypto’s future, and this act offers certainty for decentralized communities to build, govern, and scale in the real world. A similar bill in West Virginia has already passed the House and is awaiting the governor’s signature.
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