diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9438caba6f3e..bd2d5b3c606d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -42,6 +42,10 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 * (all) [#16497](https://github.com/cosmos/cosmos-sdk/pull/16497) Removed all exported vestiges of `sdk.MustSortJSON` and `sdk.SortJSON`.
 
+### Bug Fixes
+
+* (x/auth) [#16554](https://github.com/cosmos/cosmos-sdk/pull/16554) `ModuleAccount.Validate` now reports a nil `.BaseAccount` instead of panicking.
+
 ## [v0.50.0-alpha.0](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.50.0-alpha.0) - 2023-06-07
 
 ### Features
diff --git a/x/auth/types/account.go b/x/auth/types/account.go
index 9345d819d240..b111cf0c1688 100644
--- a/x/auth/types/account.go
+++ b/x/auth/types/account.go
@@ -218,6 +218,10 @@ func (ma ModuleAccount) Validate() error {
 		return errors.New("module account name cannot be blank")
 	}
 
+	if ma.BaseAccount == nil {
+		return errors.New("uninitialized ModuleAccount: BaseAccount is nil")
+	}
+
 	if ma.Address != sdk.AccAddress(crypto.AddressHash([]byte(ma.Name))).String() {
 		return fmt.Errorf("address %s cannot be derived from the module name '%s'", ma.Address, ma.Name)
 	}
diff --git a/x/auth/types/account_test.go b/x/auth/types/account_test.go
index 545e3beef5d1..d29372dcd081 100644
--- a/x/auth/types/account_test.go
+++ b/x/auth/types/account_test.go
@@ -193,3 +193,8 @@ func TestNewModuleAddressOrBech32Address(t *testing.T) {
 	require.Equal(t, input, types.NewModuleAddressOrBech32Address(input).String())
 	require.Equal(t, "cosmos1jv65s3grqf6v6jl3dp4t6c9t9rk99cd88lyufl", types.NewModuleAddressOrBech32Address("distribution").String())
 }
+
+func TestModuleAccountValidateNilBaseAccount(t *testing.T) {
+	ma := &types.ModuleAccount{Name: "foo"}
+	_ = ma.Validate()
+}