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A new legal framework called 'decentralized unincorporated nonprofit associations' is introduced to provide blockchain-based communities with legal recognition, tax payment capabilities, and limited liability. This Act allows for token mergers, token corporations, partnerships, and smart contracts to transition from theoretical concepts to practical applications. The law addresses governance mechanisms for smart contract-only structures and emphasizes the integration of distributed governance.
It has been like 5 years since I deployed the first onchain company, and the state of the art of crypto law remains: What if DAOs paid companies to do things for them off chain. Or they become companies. Or both. Which is just corporate law of agreements. You just pay in crypto.
lawyers š¤ solidity smart social contracts
āit 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 distributedā¦ https://t.co/RyYtdgoloT
