This article evaluates how to adapt to disruption by examining the concept of legal personality as applied to DAOs, taking into account the unique features of DAOs, and reimagining how these and other Innovative Technology Arrangements might be regulated more effectively. By Max Ganado, Joshua Ellul, Gordon Pace, Steven Tendon, and Bryan Wilson.
Innovative Technology Arrangements (“ITAs”), including Decentralized Autonomous Organizations (“DAOs”), are beginning to challenge existing constructions of legal personality for non-human business entities around the globe.
Blockchain and DAOs are exciting because they represent an opportunity to revisit the way society itself is organized; in the same way, they are scary because of the unknowns associated with how these new technologies will fit into the world around us.
The article is split into multiple sections:
- Decentralized autonomous organizations
- Overview of legal personality
- Similarities between legal organizations and DAOs - Analyzing the blockchain context
- A new model for DAOs - the Maltese direction
- Examples of how to regulate DAOs: United States
- Challenges to granting legal personality to technology arrangements
Just as other forms of legal personality have been granted to non-human entities, there should be a new form of legal personality for DAOs. Existing literature has demonstrated that certain rights are required for certain protections. Interesting read!
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