Keith Ammon is a four-term elected Representative in the New Hampshire State Legislature with technical experience in software development and blockchain technologies. He has sponsored several bills regarding cryptocurrencies that have become law in New Hampshire.
The world’s legal systems are straining to adapt to transactions facilitated by smart contracts, cryptocurrencies, digital assets, and other developing blockchain technologies. One of these innovation — commonly known as “Decentralized Autonomous Organizations” or “DAOs” — offers potentially revolutionary mechanisms for conducting governance and transactions among participants.
DAOs offer a different approach. from these more traditional forms of community-delegated actions. DAOs are enterprises that enable a diverse group of participants to conduct transactions as a coordinated unit according to software code implemented on a public blockchain without the need for delegations to a board, officers, or other centralized executives.
The most significant legal risk is that DAO developers, administrators, and participants are subject to joint and several liability for losses realized by a DAO. In contrast, shareholders of corporations enjoy “limited liability.” That is, if a corporate shareholder invests $100, the shareholder is only exposed to losing that investment due to corporate activities, and the rest of the shareholder’s assets are protected.
Other legal uncertainties exist for DAOs . However, the conceptual starting point should be to enact a legal framework that recognizes DAOs as legal entities and grants its participants limited liability.As stated in the Final NH Commission Report, New Hampshire intends to become a leader in establishing sound and flexible rules governing the legal status of DAOs.
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