English Legal Body: DAO-Specific Legislation Not Needed Yet

July 11, 2024 Blockchain

The Law Society of England and Wales, a leading professional body for solicitors, has expressed its views on the necessity for legislation specifically targeted at Decentralized Autonomous Organizations (DAOs). The legal body suggests that existing laws are sufficient to deal with DAOs and that there is no immediate need for specific legislation.

DAOs, modern legal entities that use blockchain technology to automate decisions, have been the subject of intense scrutiny in recent years. They operate without any central authority and decisions are determined by consensus among its members. This decentralised approach to decision-making has raised questions about legal responsibility and accountability.

The Law Society, however, believes that existing laws can be applied to DAOs. It acknowledges that there may be difficulties in enforcing legal obligations due to the decentralised nature of these organisations but states that this is not a new issue. There have always been challenges in enforcing legal responsibilities when dealing with international organisations or those with complex corporate structures.

The Law Society's view is echoed by other legal experts who argue that existing laws, including those related to contract, company and tort law, can be used to regulate DAOs. They suggest that these laws can provide a framework for resolving disputes and enforcing obligations.

Despite this, some critics argue that existing laws are not equipped to deal with the unique challenges presented by DAOs. They point to the difficulties in identifying those responsible for decision-making within these organisations and the potential for misuse of DAOs for illegal purposes.

In response, the Law Society acknowledges that there may be a need for specific legislation in the future but argues that this should be based on a thorough understanding of how DAOs operate. It suggests that this understanding can be developed through engagement with the industry and the application of existing laws.

In conclusion, while the legal community acknowledges the unique challenges presented by DAOs, there is a consensus that existing laws are sufficient to deal with these organisations. However, they also acknowledge that the situation may change in the future, and specific legislation may be required. For now, the focus is on understanding how DAOs function and applying existing legal principles to ensure accountability and legality in their operations.

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