Jana Farmer (Partner-White Plains) and John Cahill (Associate-White Plains) collaborated on an article titled “DAOs: A Game Changer in Need of New Rules,” which appeared in Westlaw Today on September 30, 2022. Their topic is the decentralized autonomous organization (DAO), a relatively novel structure gaining popularity in the blockchain community. DAOs are community-led entities with no central leadership built on a blockchain using smart contracts, and with no restriction on the geographic location of its members, potentially resulting in an international organization. In this article, the authors examine recent case examples that illustrate the risks of DAO membership and the urgent need for federal and state rulemaking that is public and transparent, in contrast to regulation by enforcement. 

Read the Article.