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The case involves substantive litigation that could yield important legal principles for the treatment of decentralised projects.

By Dominic Geiser, Simon Hawkins, Sam Maxson, and Truman Mak

Decentralised autonomous organisations (DAO) are unique structures that operate autonomously in accordance with preset rules, utilising a blockchain and coordinated through a distributed consensus model. Whilst numerous DAOs are operating in the blockchain industry, these organisations are still new in legal terms and their precise legal status (including ownership and…

The legislation allows decentralized autonomous organizations to gain legal entity status and operate within the bounds of applicable law.

By Jenny Cieplak, Stephen P. Wink, Daphne Lambadariou, and Deric Behar

On March 7, 2024, Wyoming Governor Mark Gordon signed into law a new legal framework for decentralized autonomous organizations (DAOs), allowing them to be recognized as “decentralized unincorporated nonprofit associations” (DUNAs). The Wyoming Decentralized Unincorporated Nonprofit Association Act (the Act) was adopted with bipartisan support, reflecting Wyoming’s…

The viability of DAO structures draws attention after a judge declares that a decentralized autonomous organization is a “person” under the law.

By Nima H. Mohebbi, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, Peter Trombly*, Adam Zuckerman, and Deric Behar

On June 8, 2023, the US District Court for the Northern District of California granted the Commodity Futures Trading Commission (CFTC) a default judgment against Ooki DAO, a decentralized autonomous organization (DAO) that the CFTC charged in September 2022 with three violations of the Commodity Exchange Act (CEA).