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The introduction of a new legal framework for 'decentralized unincorporated nonprofit associations' (DUNA), as discussed by a16zcrypto's @milesjennings and CowrieLLC's David Kerr, marks a significant advancement in the legal recognition of blockchain-based communities. This framework grants these entities legal existence, the ability to pay taxes, and limited liability. The Decentralized Unincorporated Nonprofit Association Act (DUNAA) facilitates real-world applications for token mergers, the conversion of token projects into corporations, and the establishment of smart contracts as legal contracts. Additionally, it includes provisions for governance through 'dry code' smart contracts, as highlighted in Section 17 of the Act.
“it has definitions around how the law handles smart contract-only, "dry code" governance mechanisms that don't find their way into the organization's articles, in Section 17, which states that the orgs "may provide for its governance, in whole or in part, through distributed… https://t.co/RyYtdgoloT
I have read the entire DUNAA so you don't have to. Long story short: this Act means that token mergers, converting token projects into corporations, and smart contracts which are legal contracts all just jumped off the drawing board and into real life. https://t.co/OuAfLLuuqD
I have read the entire DUNAA so you don't have to. Long story short: this Act means that token mergers, token corporations, token partnerships, and smart contracts which are actually legal contracts just jumped off the drawing board and into real life. https://t.co/OuAfLLuuqD
