Our DAO bill fought a good fight. Our journey has ended in the Senate, for now.

HB 3768 was assigned to the Senate committee of Business & Commerce yet was unable to secure a hearing this late in the legislative session. Despite widespread support, the Texas DAO bill fell victim to a tight timeline.

This is still a victory! A DAO passing legislation through the Texas House of Representatives is historic, and we can safely say that HB 3768 advanced further than 90% of proposed bills. Turns out the average time to pass a bill is 3 legislative sessions, or roughly 6 years, so these milestones we reached are no small feat. Our journey does not end here - it simply takes a different turn.

What we achieved:

• Secured a state Representative (John Bucy) to author a bill, with complete bi-partisan support representation from co-authors (Giovanni Capriglione, Angie Chen Button, Donna Howard, and Morales Shaw). The DAO bill was authored by a Democrat in the House, and sponsored by a Republican (Tan Parker) in the Senate.

• The first DAO-sourced legislation to pass a major legislative body (Texas is the 9th largest economy in the world!).

• Unanimous support from the Texas House of Representatives.

• 17 letters of support from companies expressing the importance of DAOs to their respective businesses.

• High engagement with key players at a16z, and some of the most respected legal experts in the web3/DAO industry.

• Helped lawmakers answer the question "what is a DAO?"

• We established ourselves as experienced professionals in an industry that is opaque to many government officials.

  What's next:

  • We will become a leading web3 advocacy group in Texas. The interim between legislative terms is when groundwork is laid and relationships are developed.

  • Double down on local civic engagement. We have a huge advantage to remain engaged with policymakers and elected officials, simply by being located in Austin.

  • Continue building relations with and educating Capitol staff members, so that we are well-positioned as forward-thinking leaders who are willing to work with regulators.

  • Begin planning on other efforts to drive the web3 industry forward. Innovation and regulation must work together to pave a pathway for future generations.

  We should all be proud and celebrate these collective wins! Our voices were heard, and we succeeded in initiating important conversations with elected representatives. Most importantly, we established credibility to continue those conversations.

  The Texas DAO bill was truly a team effort, championed by many different people throughout the process. Huge shoutout to Mason Lynaugh, Sam Padilla, and Brennan Mulligan for their significant contributions to bring this crazy idea to a reality.

  We came together as a group driven by a common mission, fueled by passion, and guided by the vision of making a positive impact on our industry. These traits are what will allow ATX DAO to succeed for many years to come. We are just getting started!

  Onward and upward. #ATXDAO

Hear the full testimony here, including a great intro and conclusion from Representative John Bucy.