Utah Governor Spencer Cox signed two blockchain and DAO-related bills into law on Wednesday, as the state seeks to further support innovation in developing the technology. The first bill, HB 470, requires the Utah Department of Technology Services to launch a pilot program for on-chain digitally verifiable credentials to prevent unauthorized changes to electronic records.
A pilot scheme will be set up so the government can take advantage of the certificates and report on its progress to the Interim Commission on Utilities, Energy and Technology by October.
The second bill, HB 357, seeks to establish that DAOs that have not been registered as for-profit or not-for-profit entities should legally be considered domestic limited liability companies.
The Act sets out the requirements for DAOs to be recognized by the state. It also lays out the purpose for establishing the DAO while formalizing the membership requirements and inherent rights of DAO members.