[Applause]
it started so we planned on putting out
a little questionnaire to get a sense of
you know what are the most pressing
legal issues that you guys see so we're
gonna just do this out loud and so first
one do you think your doubt is a legal
ie
operating how the science question yes
what is the rules of nation-states
because you very nice evening relations
with the nation state apparatus
regulation you mean legislation so state
law okay thank you so so so this is a
question about state the crime against
the state line okay there's one of me
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with documents reference and contracts
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and so what is the legal
okay can you now buy real assets and
whole title through real assets
so when you say down are you referring
this is people who use the term a thank
you
many people are using to refer to the
deployed contract which I disagree with
because really what the Dow is it's some
sort of you know it could be a new a
tacit agreement it Ottoman agreement but
it's some sort of pairing of an
agreement with a smart contract so you
have to exactly to R Anthony right so
the code is augmenting the organization
but it's not the same thing is that how
you're using the term over so actually
even we have these very long discussions
on what is the definition of a Dow is
contracts are contracts and in this case
I think they're talking more about this
kind of larger or you know there's also
this problem of the Dalit will needs
this
series is for contracts but the idea of
a Dow the project the participants
obviously encompass more clear surprises
yes but the organization is that brought
them exactly so are talking more about
the broader so then you have came by
well that's where the better person
let's do that right person yes that's
right exactly but well person 10 or a
legal person can write a few just
depending on the nature of the social
arrangement there may be a legal person
it may be a partnership it could be an
actual whole entity but it should if it
exists as a little person you can buy or
sort of by you know so in this case
where we have two other let's say
sixteen in this room with us and sort of
legal rapper that people that that
persona that legal personality would be
the one
it's getting all of the other cases it
would be our judgment
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so but maybe but even sometimes just a
group of people getting together if they
don't specifically otherwise yeah I
think that is the down you know people
have formed if the consequence of this
group of people getting together using
the smart contract on the legal layer if
that's a partnership then crystallize
and don't recommend it because right but
it doesn't depend I think the key point
is just because you haven't even you
don't have any more rapper doesn't mean
you don't really like you might actually
want my ability much more credible if
your
grated Parmesan mostly time they don't
know themselves Georgia petition date
date dude side we have you actually do
contracting us back on the develop
residents who are the thickness
partnership itself but again if someone
is in a partnership they can go out they
can buy property on behalf of the
partnership is mine so it's your right
at a more mechanical level the way
that's rationalized
it's slightly different because what
they're actually doing these are going
out and a binding individually each
partner and I agree it's a collective
the phone but it still is but the net
creates a trust that goes to litigation
I've actually done her look less
complications and this is the last thing
we want to do so isn't the default legal
entity also legal grammar in the south
it depends depends on whose jurisdiction
you a depends on West I work in the
majority of jurisdictions
not on its own personality it's actually
Harkness
persons other companies and they are the
universities that prescribe to you sir
this is something you've discovered
actually no an ex post enforcement you
know that sort of thing so in the eyes
of
it's legal world the person who's
holding title might be individual
partnership and so later you know when
you're looking at what rights and duties
arise from this particular group of
individuals and their actions that's
usually in common law jurisdictions
which is English American law
jurisdictions well civil law
jurisdictions France Germany China Japan
situation is probably different any
civil I see I recently is it very
similar okay
it's very much on the status so I would
clarify actually who asked after Germany
okay so but the episode or lose the
total system as well as the 74 my
previous judgments ins practice
that's my how about this is different it
is
introduces but doesn't escape sometimes
we have the sweet action results just
another house about this yet right now
so that's the let's focus on the topic
in happen you know we wanted to just ask
the questions to kind of get our styles
to prepare what the bigger issues are we
have to look at in this workshop so I
think we should discourage the next
question can you kick it out all good
assets to us
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yeah
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two houses and two outs of the Japanese
question we do jurisdiction does not
recognize for two assets and you know
having a suspect
legally no that's your job
I mean is your towel falling or even
attractive attached to any geographical
jurisdiction other than the ones I mean
you have to pick a wrapper that to
people without a doubt with the wrapper
is anyone how is it attached to every
receiving members in the traditions 2007
restriction yeah
Tennessee because I mean you know like
this comes back to the question you
mentioned earlier sometimes people
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yeah
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other chapters in all these
jurisdictions that have something to say
would say well no this is based on a US
state jurisdiction so in a way I mean
we're trying to be more practical at
that level and I just invaded the
concerns that exist right now I think
Tommy may try to forward does any of you
are jobs for I like teacher
from station what is a towel providers
make that their image aimless but what
is your I guess I wonder what is your
concept beyond it being a claim is there
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which is a different law is not as much
as one tutorial on Sharia laws are very
different and indefinite or each state
that that is for example and that place
in here their rules of laws and asthma
trouble you are office standards that
are now used as like their contracts
estate the law of God the contract is
governed by their office standards and
arbitration is supposed to be there
without actually having to having an
I know between individuals to procedure
you point is that yeah
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and that's also the nation so anyone
in a browsable can you doubt rent office
space listing majesty I mean of all it
seems to me that most of the rest of the
questions he had most of the questions
and dodi just come back to whether the
doubt has a bigger personality or not
this is a way of saying does it have a
legal battle yeah I think you know I
receive a lot of experts up here it's
more about like framing the
I mean office space you can use tax
policy for jurisdictions and they
actually have thought by its diction
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yeah is that when you'd show people that
they trust
well those are but a part that everybody
decide when I have liability that's a
lot that's a nice neat that's a freedom
for me all right
it makes me freer if I can say when the
legal system comes to me and you know it
gets to decide that's but that's where
it's sort of the choice of people
represent right the reason why most
public companies are corporations
because they scale very easily because
in clear defaults not we the role that
you share that you use about right
there's a net and their works much
easier for people to cross nation to cut
like a package deal
then you can do LLC's many jurisdictions
you can weave away the most wall you
know responsibilities of analyses it's
kind of what's the use case
and I think there's really not a third
lawyers your lawyers played by believe
most they try they try as always saying
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it's not only it's also positive secure
but we spoke before the courts are
always probably going to be funny
I mean he saw that all that
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so you think it should be much more it
depends on the actions to be a
high-level she get to be able to get
away doing a when a doubt should be
operation versus analysis versus life
what Becca's doubts what we saw is the
down strokes
cries then face to face not scale if the
Dow is just supposed to be like
decision-making for something in turn
let's say like our music or something
that could turn a profit but it's not
like the primary motive is a better to
be proactive
I got another that touches on like
corporate everything's like that's one
of the corners so we're gonna kind of
get to the interpretation that follows
should look you name we're gonna kind of
talk about this but one of them is you
know on one hand you have you have we
have this fundamental problem of you
know on one hand we have legal rules
that require other structures
creation you have certain governance
procedures that meaning age mothers
interest you need to have certain things
like
these are all the traditional legal
requirements jurisdictional local so we
are located here at home bases in some
jurisdiction so these are all kind of an
afterthought to the way doubts doubts
work today
you want treat from people without
having to you know three events identify
everyone have a lot of participants from
all over the world you wanted to
centralized governance structure or not
one where you have a clearly identified
CEO CEO etc so so you're seeing many
different attempts to bring this
decentralized space and somehow the shoe
are the entities these legal boxes and
because precisely where the Student
Center we've got these legal boxes
private legal services and protections
which we also need so how do we how do
we result it's do we just say okay we
need to follow these little boxes and
check boxes and conform to these rules
do we welcome one of the thought
experiments that were that we're doing
that we're trying to do is figure out
you know what
what are these legal what are the goals
behind these mechanisms these rules and
how do we meet these
logical contacts in such a way that we
can maybe create a model law that meets
these public policy goals which
justifies these protections while
retaining the kinds of features that we
want doubts to continue so bridging that
gap is it's a large depends on what Utah
was supposed to do Howie Howie structure
in the code as to what be the solutions
you up to I mean in the legacy world
right now
it's great to them of having a grunting
doubt and the Dow that actually was that
decentralized exchanger has the
controlling of operating powers matisse
analyze exchange so there are
differences and depends on what you want
to do just it just continue on through
this man
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sorry
and the group if you consume the full
group and inseparable
surely you can you won't know until you
get sued and deal with the uncertainty
dependence
examination of all of these things it's
very unclear go this way go that way I
think because you're juror is allowed
the creation of a legal entity that like
wasn't created voluntarily that does it
is associated with people to be soon so
they used to maybe you remember things
a huge church and different groups of
people creating personality of nobody's
doubt in the most so and then this most
cases that for example there's the
goddesses imported into that toast
actually written so unlike the sharing
if we encourage our God is different to
something we call for severity is
personality resistant personality and
the arnold reports tonight in the part
of the rework has a different person
responsible was also most universal
course
so that's my because you say that is one
personality kind of maybe it is not a
good idea
no it's a great idea I think it's
brilliant because I demonstrates the
flexibility of legal person we're gonna
get into the presentation the difference
between legal personality and legal
capacity which are often collapsed
assumption so for example using prism
they you know and his soul of absence it
was very different
that's how you can have personal
interpersonal entities which you cannot
have any agreement with conception of
all or divorcing means whether the force
of these yeah you can does your doubt
fly with KY caml awesome identify
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identify meaning legal identity both
first name last name social security
number
oh okay do you think that voting rights
holders of their doubt should have
mandatory voting rights holders meeting
just basically like in traditional
governance in order to recognize that
you have this legal personality and
limited liability to not pierce that
veil you have to have certain kinds of
procedures that protect the constants of
interest between the managers
the owner vice versa the shareholders
one of these things is usually a
mandatory meeting participate do you
feel that that is also necessary lower
its equivalent in the blockchain states
which we are roughly charming actually I
just think I noticed something needs to
be other way around
we pension how I Dow actually they
should be
actually describe policy General
Assembly functions and polyneices
receipts rulers are effective
development and then peers of the
precinct could be fun
actually have some weight and if he
functions informal adding a lot of
members but then there's just a board
member that actually creates the
decision if any might actually be
defective a person or if there's a whole
word that takes the position and these
functions like them have a seat but it's
always about the members or in this case
we say people who are participating in
the governance sure those members
whether it's the board or an entire
General Assembly should it be required
of dowels to require to have these kinds
of regular oh yeah it depends how it
affects the members if it affects me as
a member and it's a decision that
somebody else took then I would like
them to be responsible for those
decisions
these are Interfax materially I think
there's not effective but it's just a
statement that it's just it's not even
so as though as a matter of due process
if you as a member are you're terribly
affected you feel that you which then
also means lean distinguished governance
people who have movie rights to events
versus but that might also include we
widen that circle people also earlier in
this era
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okay so so we're we're done with the
question of our things you're going to
do this week back hopefully get more but
it's not dining at
so so this is just an introduction to us
you know a lot of us are you know
participants working in different areas
of the space we came together a few
years ago to form a research and
development community around how to
create new legal frameworks how to
create new kinds of culture sort of
thing and so one of the projects that
we've been working on we've had a
variety of marketers of the year is
creating precisely because of this gap
between the labeling the legacy legal
system works in the way this
infrastructure enables new kinds of
participation which might require
re-plumbing on all of that we come up
with this project which is without a
lotta law project and both we can go go
into the plan right now is to kind of go
through what we see is the main issues
and then if we have some time maybe take
a few minutes to break out into each
component of the model law and have you
guys brainstorm on what we can come up
with as a technological guarantee or the
open
because our part functional equivalent
to a traditional requirements such that
we can map out a continuum of things
that people can do to enjoy a spectrum
of legal benefits and protections that's
what they make it so you know as you
guys can see from the questionnaire you
know we looked at why it's important to
you yeah when he needs change the law
because right now Dallas you know
putting aside this unincorporated
associations general partnerships which
are then looked at after the fact that
things go wrong right now we learn new
solutions taking away the exceptions
right now ours cannot largely otago
facets and so name enter into contra
contract until main sewer who are
standing to sue
and - and absent all of that the person
who they're going to find and then when
things go wrong is the nearest available
Haven
so right now when Dallas without a legal
rapper you know think that doubts do not
actually exist in the eyes of the law
it's largely the law is doing so you
know why is it important to solve all
these problems well right now we have
this unlimited liability
never mind wanting limited
we have an unknown and unlimited
liability today for all participants in
varsity various jurisdictions right and
you know frankly Giles have a difficult
awkward time operating legacy well
there's so many of you guys action
involving projects that it's been very
difficult to two together just get a
bacon you know when you hire employees
with what with what entity you hire that
employee right and you know in the case
where you create some sort of legal
legal wrapper and that particular in
third party whether it's a person or our
company contracts with that legal rapper
they're still you know the legal reality
that exists and then there's the block
chain mail so whatever the death the Dow
is supposed to be a operate by this code
but you have all of this other non
octane rules and procedures and powers
are tiny links that are actually
accessible for now operates and some
restrictions have started to implement
law so
some kind of recognition so it's a part
of the framework what we ever have noted
is that what they try to do a little
more things now monitor is very much
turned to our usual corporations by
applying like seven different parties to
be intermediaries for that meditate ow
it's very expensive for anyone to
register at our legislation
this is in the way it's part of her I
would still call it a top-down
imposition of a new framework creating
something that is coming from the
ecosystem where we actually sort of
under thank you know I read a bunch of
this but the given that there are you
know obviously there are they think the
main issue it seems like the main issue
you're floating is people are getting
together they're using smart contracts
to clean it down and it's not clear that
has legal personality wouldn't be
convenient if they did have ethical
personality but there are lots of
current solutions for giving something
right that already exists under current
law lived like those partnerships like
those companies corporation you know if
you name it
so why you know it seems like and I'm
sure you have a reason for it but I'm
wondering what the reasons are it seems
like a dramatic step to say we need a
brand new way to create limited
liability at certain creating the whole
personality why are the existing
solutions just totally inadequate what
would it would specifically so bad about
that
to create a new way and all the meantime
until it comes up everybody's are the
legal that most why don't you just use
existing structures to cover it off and
then instead waiting five or 10 years
with this same time it is not Endor
I mean there are current structures and
the best structures right now I'm in the
United States there various people who
are not the United States
[Music]
two into two sections United States it's
also very bad idea for example to
register a field ow
oh it's like a desert lies exchange or
water or whatever to register
[Applause]
you