We have consulted some of the biggest law firms in New York, Washington and Virginia. I'll refer you to the following white paper.
Members of policy group Coin Center, law firm Perkins Coie as well as Harvard and MIT have released a new working paper that aims to illuminate legal questions surrounding the non-financial use of the bitcoin: ...and this higher level Coindesk article:
Token Security Research Analyzes Blockchain US LawThese top tier firms explicitly considered Howie and what we and others are doing. Quoting from the above Working Paper:
The nomenclature of Distributed Organizations is derived from pre-existing work on these topics. The original concept, aDecentralized Autonomous Corporation (DAC),was coined by Daniel Larimer. The second permutation, Decentralized Autonomous Organization, (DAO) was coined by Vitalik Buterin. Contrary to the DAC concept , a DAO does not necessarily pursue its own profit and may represent some sort of collective or non-profit interest. The third phase, Distributed Collaborative Organizations, was created by Joel Dietz and refers to a specific type of DAO that provide sits members with a defined set of rights that may be programmatically ensured and linked to the existing legal system.
Cryptonomex does not issue tokens or operate any blockchain.
We publish and maintain open source accounting software that others are free to use for public and private applications.
We also provide consulting services to help others develop public and private blockchains with all kinds of different specs for their own purposes. This is no different than companies that sell accounting software to banks and firms on wall street. It is those banks and firms that are regulated.
There are multiple independent software providers contributing to the body of open source software and multiple organizations using it for their own businesses. We do not restrict, nor are we able to control, what others do with that public domain software.
We scrupulously adhere to this bright line limitation to our activities. People who use the public domain software are naturally presumed to comply with all applicable regulations in their various jurisdictions.