Description: Blockchain and the Law is written by attorneys in the Blockchain Group of Proskauer Rose LLP, covering trending legal, regulatory and business topics that affect how companies and individuals can capitalize on the emergence of blockchain technology.
Little-known legal trivia: In 1977 Wyoming was the first state to pioneer the LLC, which is now a commonly applied legal innovation. Fast forward more than forty years…in July 2021, Wyoming again tried to be at the vanguard of new corporate formations and passed legislation that recognized decentralized autonomous organizations, or DAOs, as legally distinct business entities, with protections for token holders similar to those offered to corporation stockholders or limited liability company members. Wyomin
This article is Part I of a two-part article on developments in state DAO LLC laws. In this part, we will briefly outline the basics of a DAO and the latest state enactments in the area, as well as explain why real-world corporate formations may be attractive for some DAO members. In Part II , we will do a deep dive into the more notable aspects of the new crop of state DAO LLC laws and offer some final thoughts. Continue Reading
This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital assets.