Delaware has fashioned itself as a pro-business state, built on grooming and attracting successful enterprises. This notion has been further reinforced by a series of laws passed by the state government, aims to accommodate the use of blockchain technology.
Delaware Governor John Carney signed three bills earlier introduced by the Senate, SB182, SB183, and SB194. The first two of those laws amend codes regarding limiter partnership and the LLC; while the third one enhances the state’s statutory laws regarding trust. The three new laws together produce a conducive environment for the use of blockchains, setting clear guidelines for their use as legal tools.
Blockchain had not been regarded as unlawful prior to the introduction of these laws. However, there was uncertainty surrounding their legal status, which these new bills hope to address.
The language utilized by the SB182 and SB183 and bills are quite similar. Meanwhile, the SB195 bill does not tender to the field of business entities; instead provides updates to the Delaware Statutory Trust Act. It adds to the effort made by the first two bills to integrate blockchain technology. The bill’s summary claims that the changes institute into the trust law legislation help to keep the legislation modernized without losing eminence in the current national economic landscape.
Delaware is home to more than half of the 500 companies listed in the Fortune 500 index. A state that has long prided itself with its ease of doing business, it has been striving to keep its approach towards newer emerging fields such as cryptocurrency and blockchain technology relevant and sophisticated. Analysts believe that these new laws are aimed at protecting the territory’s dominating position in the business landscape, while also ensuring fair play in the usage of these new fields of technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]