DAO Liability and the bZx Class Action

By Yasamin Parsafar, James Gatto, Christopher Bosch and Dhara Shah* on June 15, 2022 Posted in DAO

A class action lawsuit filed by users of a decentralized finance (“DeFi”) protocol managed by a decentralized autonomous organization, or “DAO,” may shed light on the potential legal liabilities of a DAO and its participants. The complaint in Sarcuni v. bZx DAO, No. 22-cv-0618 (S.D. Cal. May 2, 2022), highlights several issues related to DAO … Continue Reading

Wyoming Takes the Lead With Decentralized Autonomous Organizations

By William Kane, Zachary Golda and William de Sierra-Pambley on May 25, 2021 Posted in Blockchain, DAO

It is called the Cowboy state for a reason. With varied terrain and a hearty population Wyoming has long been a haven for independent thinkers and doers – pioneers. The Wyoming legislature recently underscored that truth with the first state law addressing governance issues for decentralized autonomous organizations or “DAO(s).” We are not talking self-driving … Continue Reading

Smart Contract Developers – Beware and Lawyer Up!

By James Gatto on November 27, 2018 Posted in Blockchain

Smart contracts, also referred to as chaincode in the Hyperledger world, are one of the most powerful aspects of blockchain and Distributed Ledger Technology (DLT). This “self-executing” code can receive various inputs and, based on “if-then” logic encoded therein, can take various actions and update the ledger state. Based on recent actions by U.S. regulators, … Continue Reading