South Carolina Decentralized Autonomous Organization Act establishes legal framework for DAOs, including governance, liability, and dissolution.
The South Carolina Decentralized Autonomous Organization Act provides a legal framework for decentralized autonomous organizations (DAOs) in the state. It defines DAOs as blockchain-based entities with governance primarily conducted through smart contracts. The act outlines the creation process, requiring DAOs to file articles of organization with the Secretary of State and adopt an operating agreement. Members of a DAO are generally not personally liable for the organization's debts, except in cases of fraud or misconduct.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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