Morrison & Foerster LLP is joining the Enterprise Ethereum Alliance (EEA) to collaborate and explore blockchain technology and smart contracts on a decentralized and open software platform called Ethereum. The EEA is “an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open source reference architectures.” See the related press release.
“This Legal Working Group is a great opportunity to work together to explore the emerging legal framework that applies to blockchain-based technology, including recommending standards for ‘smart’ legal contracts and addressing regulatory issues - including securities, tax and financial services issues - that new developments in the blockchain and token space may implicate” said Joshua Klayman co-chair of MoFo’s Blockchain + Smart Contracts Group. “I’m committed to propelling this technology forward in meaningful ways and look forward to collaborating with this group.”
MoFo Blockchain + Smart Contracts Group co-chair Dario de Martino added, “As blockchain and distributed ledger technology (DLT) applications continue their disruptive effects on various industry sectors, it becomes increasingly important to discuss standards and educate others about the possible applications and best practices, including blockchain policies that may affect cryptocurrencies. I’m grateful to the EEA for bringing this group together.”
Other members of the EEA Legal Industry Working Group include legal departments from BNY Mellon, ConsenSys, ING and JPMorgan Chase & Co; academic institutions including Cardozo Law School, Duke Center on Law & Technology, and the Department of Legal Studies and Business Ethics at the University of Pennsylvania's Wharton School; and law firms Cooley, Debevoise & Plimpton, Goodwin Procter, Hogan Lovells, Holland & Knight, Jones Day, Latham & Watkins, Perkins Coie, and Shearman & Sterling.