In a recent article, the ABA Journal highlighted actions states like Wyoming and Vermont are taking to improve the legal landscape for blockchain companies.
While Wyoming has opted for a deregulation model, Gravel & Shea attorneys have been active in Vermont’s efforts to create a useful legal structure based on the needs of blockchain companies.
Oliver Goodenough, Gravel & Shea Special Counsel and a law professor at Vermont Law School, has advocated for creation of a regulatory sandbox that would allow state government and blockchain businesses to work together to create structures that will foster the smart growth of the industry.
Goodenough told the ABA Journal that the purpose of recently passed blockchain legislation was to “provide the ability to opt into a structure rather than wait for the courts to impose something on top of you.”
To that end, in 2018, Vermont passed a law creating blockchain-based limited liability companies (BBLLCs) and personal information protection companies (PIPCs).
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