For many the promise of decentralized applications and DAOs is to be beyond the limitations and rigidity of the existing legal system. There is no question that where DAOs can roam freely, innovation can accelerate. But can the law, courts and regulations be left behind so easily?
Lawyer Stephen Palley joined us to discuss what happens when the new and old worlds collide and how courts will look at what goes on in the land of DAOs and DApps.
Topics we discussed in this episode
- Whether trust is reduced, removed or just shifted elsewhere in blockchain systems
- If creating decentralized applications could create liability risks
- Why courts will impose a legal structure if a formal one doesn’t exist
- The concept of jurisdiction and how it could affect DAOs
- Why one should be careful with saying a DAO provides insurance