News & Analysis as of

Blockchain Limited Liability Company (LLC)

Stinson LLP

Decentralized Autonomous Organization Laws Across the U.S.

Stinson LLP on

Blockchain technology is a buzzword that has been used by companies for years. In general, blockchain is a decentralized digital ledger used to record and validate transactions. Historically, the focus has primarily been on...more

Proskauer - Blockchain and the Law

Part II: With New DAO Law on the Books, Utah Joins Race with Wyoming and Tennessee to Become U.S. “Crypto Capital”

As discussed in Part I of this series, state DAO LLC laws have been enacted in the last several years and have become one option for decentralized autonomous organizations (or DAOs) to create a so-called “legal wrapper” or...more

Venable LLP

DAO or Dare: The Implications of Sarcuni v. bZx DAO for DAO Member Liability

Venable LLP on

The blockchain community has debated for years whether Decentralized Autonomous Organizations (DAOs) can or should be analogized to a corporate form and whether they operate to insulate DAO members from legal liabilities....more

Polsinelli

Utah Passes Innovative DAO Legislation

Polsinelli on

On March 1, 2023, the Utah Legislature passed HB 357, the “Utah Decentralized Autonomous Organizations” Act (the “Utah DAO Act”). This was a combined effort of the Utah Legislature’s Blockchain and Digital Innovation Task...more

K&L Gates LLP

Beyond a Reasonable DAOubt: Tennessee's Limited Liability Statute for Decentralized Autonomous Organizations (DAOs)

K&L Gates LLP on

On 20 April 2022, Tennessee became the second state in the United States to create a specialized business entity for decentralized autonomous organizations (DAOs), an emerging collaborative management structure for legal...more

Skadden, Arps, Slate, Meagher & Flom LLP

Putative Class Action Lawsuit Alleges DAO Members Are Jointly and Severally Liable for a Cryptocurrency Hack

A first-of-its-kind putative class action lawsuit filed in the Southern District of California is testing the legal argument that a decentralized autonomous organization (DAO) is a general partnership exposing its members to...more

Allen Matkins

Wyoming vs. Delaware

Allen Matkins on

In 1869, Wyoming became the first state to extend voting rights to women.  In 1977, Wyoming became the first state to enact a law allowing for the formation of a business entity known as a "limited liability company".  Now,...more

Eversheds Sutherland (US) LLP

DAO members may be jointly and severally liable for $55 million crypto theft

On May 2, 2022, a putative class action was filed against a decentralized autonomous organization (DAO) and its members seeking to recover $55 million in cryptocurrency losses stolen during a hack into the DAO’s decentralized...more

Latham & Watkins LLP

Decentralized Autonomous Organizations: Piercing the Digital Veil

Latham & Watkins LLP on

A complaint filed in federal court will test the boundaries of protection from liability for individuals behind decentralized autonomous organizations. On May 2, 2022, a putative class action was filed in the US District...more

Baker Donelson

Tennessee's DAO Statute: A Trendsetter For Blockchain-Based Corporate Governance

Baker Donelson on

On April 20, 2022, Tennessee Governor Bill Lee signed into law a bill to allow decentralized autonomous organizations (DAOs), to register as a type of limited liability company. As the second U.S. state to grant legal status...more

Troutman Pepper

Wyoming Amends DAO Legislation Enabling DAOs to Dictate Quorum Threshold on an Individual Basis

Troutman Pepper on

On March 9, Wyoming amended the Decentralized Autonomous Organizations (DAO) Supplement (Supplement), which permits decentralized autonomous organizations (DAOs) to incorporate and obtain legal status as limited liability...more

Patton Sullivan Brodehl LLP

The DAO Jungle?

A DAO is a Decentralized Autonomous Organization.  It’s a blockchain thing. How do DAOs relate to LLCs?  And why are DAOs the subject of this post on The LLC Jungle blog? Read on…...more

Latham & Watkins LLP

Decentralized Autonomous Organizations Find a Home in Wyoming

Latham & Watkins LLP on

The State of Wyoming is solidifying its position as the friendliest state in the US for digital asset innovation. Although comprehensive digital asset regulation at the federal level remains elusive, US states are angling to...more

Goodwin

Replacing Traditional Capitalization Tables with Blockchain-Based Ledgers

Goodwin on

Delaware amended the Delaware General Corporation Law (DGCL) and the Delaware Limited Liability Company Act (DLLCA) in 2017 and 2018, respectively, to permit corporations and limited liability companies to represent capital...more

A&O Shearman

Entering the U.S. Market: A Guide for FinTech Firms

A&O Shearman on

The United States is the largest financial services market in the world. For an international business, expanding operations to the U.S. can facilitate capital-raising efforts, provide access to one of the world’s deepest...more

Troutman Pepper

Amendments to Delaware Alternative Entity Acts Enacted

Troutman Pepper on

On August 1, several amendments to the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §§ 17-101, et seq. (DRULPA), and the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq. (DLLCA)...more

Saul Ewing LLP

2018 Delaware General Corporate Law Amendments

Saul Ewing LLP on

On July 23, 2018, Delaware Governor John Carney signed into law the 2018 amendments to the General Corporation Law of the State of Delaware, the Delaware Limited Liability Company Act and the Delaware Revised Uniform...more

Fisher Phillips

Wyoming and Vermont Look to Blockchain for Economic Development

Fisher Phillips on

A small number of states see blockchain technology as a way to attract new businesses to their state to spur economic development. In March 2018, Wyoming Governor Matt Mead signed sweeping legislation that makes limited...more

K&L Gates LLP

2018 Amendments Affecting Delaware Alternative Entities

K&L Gates LLP on

Important amendments to Delaware’s alternative business entity statutes, namely, the Delaware Revised Uniform Partnership Act, 6 Del. C. § 15-101, et seq. (“DRUPA”), the Delaware Revised Uniform Limited Partnership Act, 6...more

Perkins Coie

Blockchain Week in Review - July 2018

Perkins Coie on

The following update is on our Fintech Legal Report: FINRA Issues a Regulatory Notice for Firms to Let FINRA Know About Digital Asset Activities - U.S. Developments - Regulatory Updates - Vermont Enacts...more

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Amendments Would Permit Divisions of LLCs, Formation of Registered Series and Statutory Public Benefit LLCs

On April 19, 2018, the Executive Committee of the Delaware State Bar Association (DSBA) approved proposed amendments to the Delaware Limited Liability Company Act (the DLLCA), the Delaware Revised Uniform Limited Partnership...more

WilmerHale

In Case You Missed It: Launch Links - December, 2017 #3

WilmerHale on

Some interesting links we found across the web this week: Your Startup Should Not Be an LLC - Keep it simple. Many startup founders believe their company should be an LLC due to easy formation and limited liability....more

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