O’Melveny’s Acclaimed Fintech Group Launches DAO Task ForceMarch 09, 2022
FOR IMMEDIATE RELEASE
LOS ANGELES—March 9, 2022—To help clients navigate the complexities and capitalize on the opportunities of the latest trend in crypto and blockchain, O'Melveny’s award-winning Fintech Group has launched a new DAO Task Force.
DAOs—decentralized autonomous organizations—are entities that use blockchain technology and “smart contracts” to put decision-making power in the hands of a community, eschewing the traditional corporate hierarchy of a Board and CEO. And while DAOs are surging in popularity among technology entrepreneurs, investors, and traditional businesses alike, legal questions abound.
“Because DAOs are so innovative, there are few DAO-related laws and regulations on the books,” says O’Melveny partner William K. Pao, Chair of the firm’s Fintech Group. “And yet, DAOs raise potential securities, corporate governance, and tax issues, among many others. So sophisticated legal advice is critical when launching or participating in a DAO.”
To guide DAO-focused clients as they venture into this uncharted legal territory, O’Melveny’s multidisciplinary team of DAO Task Force lawyers are advising on an array of issues, including:
• Corporate Governance
“In a pre-DAO world, clients would ask whether they should form a corporation, partnership, or a non-profit. Now, DAOs are changing the game—especially in today’s business climate where increased value is placed on autonomy,” says O’Melveny Fintech Group partner Scott Sugino. “Before we help our clients launch a DAO, we first help them determine whether a DAO is the appropriate entity to achieve their objectives.”
On March 15 at 12:30pm PT/3:30pm ET, O’Melveny’s DAO Task Force will host a public webinar: What the DAO?: The Latest Blockchain Craze and What it Means for You. Registration is available here.
A client alert responding to frequently asked DAO-related questions is available here.
The O’Melveny DAO Task Force is led by Fintech Group Chair William K. Pao (Securities Litigation), as well as Fintech Group partners Scott Sugino (M&A), Wenting Yu (Emerging Companies), and Luc Moritz (Tax).
The O’Melveny Fintech Group—comprising dealmakers, litigators, former policymakers, and state and federal prosecutors—brings an in-depth understanding of the issues affecting various industry segments, such as cryptocurrency, blockchain, payments, marketplace lending, and robo-advising.
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O’Melveny & Myers LLP
+1 213 430 8024
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