A recent bill passed by the New Hampshire House aims to revolutionize the way corporations are created in the state. The bill, called House Bill 645, gained an overwhelming 340-33 vote in favor, making it an exciting development for Republican Representative John Hunt, who called it “the most exciting thing” the Commerce and Consumer Affairs Committee has tackled in years.
The legislation seeks to establish legal recognition for decentralized autonomous organizations (DAOs) as business entities. DAOs can utilize distributed ledger technology, commonly known as blockchain, to govern themselves without the need for traditional centralized management. By utilizing “smart contracts,” DAOs can carry out projects without requiring designated directors or officers as central authority figures.
The bill, if passed by the Senate and approved by Governor Chris Sununu, would fulfill one of the recommendations made by the governor’s Commission on Cryptocurrencies and Digital Assets. The commission believes that implementing this bill would position New Hampshire as a leading hub for blockchain development and operation.
However, there are detractors of the bill. Representative Christopher Herbert, a Democrat from Manchester, expressed concerns about the lack of information regarding the potential risks of a crypto-friendly environment. He warned about the vulnerability of consumers and urged lawmakers to refrain from endorsing this system.
New Hampshire aims to join other states such as Vermont, Wyoming, Tennessee, and Utah that have already enacted laws related to DAOs. The state believes that it has an opportunity to implement a better solution and become a true hub for blockchain development and economic growth.
This article was written based on the original source: Cryptocurrencies like Bitcoin and Ethereum aren’t the only things that can be built on a distributed ledger.Business pioneers have been exploring a wide range of blockchain use cases — such as settling transactions in financial markets, storing electronic medical records, or making digital advertising more transparent — and lawmakers here in New Hampshire have been hard at work to make the state a go-to destination for innovators.
Steven Porter can be reached at [email protected]. Follow him @reporterporter.
The source of the article is from the blog j6simracing.com.br