Enterprise Ethereum Alliance Expands Legal Industry Working Group

Enterprise Ethereum Alliance Expands Legal Industry Working Group

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Ethereum

The Enterprise Ethereum Alliance is a nonprofit collaboration between several organizations, companies, and corporations that have taken interest in Ethereum’s platform and its future. Members include prominent industry leaders like BP, Cisco, Intel and Microsoft among others. Membership, since the first announcement, continues to expand at an impressive rate.

The recently founded EEA is paving the way for Ethereum’s future under a uniting vision for enterprises all over the world. In the alliance’s website, the following are written as its core tenants:

  • A clear road-map for enterprise features and requirements
  • Robust governance model and accountability, clarity around IP and licensing models for open source technology
  • Resources for businesses to learn about Ethereum and leverage this groundbreaking technology to address specific industry use cases

The world of the Enterprise Ethereum Alliance has recently gathered mainstream media attention as their endeavors to partner with legal experts are quite a forward thinking move for Ethereum. In their announcement, it was revealed that “14 leading law firms and academic institutions” as they put it, joined the alliance.

This great step forward for EEA’s Legal Industry Working Group is indicative of rapid growth in in the field of smart contract solution legality as interest for use of the technology rises. The EEA proposed that the Legal Industry Working Group will help advance several legal considerations that are taking place within their organization.

This development comes only shortly after the SEC hinted that regulations may be coming to Initial Coin Offerings after concluding an investigation on “The Dao” token release. This lead to growing concerns amidst the community and parties participating in the Ethereum’s economy, yet the novelty of Ethereum’s evolving technology probably didn’t make regulators eager to put out a clear message so soon.

The EEA’s Legal Industry Working Group is yet another milestone for Ethereum. It adds to its legitimacy, and acknowledges  the possibility that authorities might be interested in regulating ICOs. The group could certainly help Ethereum attain a status of legitimacy through processes that favor innovation for developers and the unique economy it helps foster.

Through the recent EEA report, we can see what members the group consists of quite a few new additions:

New members joining the EEA and Legal Industry Working Group include Cooley, Debevoise & Plimpton, Goodwin, Hogan Lovells, Holland & Knight, Jones Day, Latham & Watkins, Morrison & Foerster, Perkins Coie, Shearman & Sterling, Cardozo Law School, Duke Center on Law & Technology, and the Department of Legal Studies and Business Ethics at the University of Pennsylvania’s Wharton School. Existing EEA members joining the EEA Legal Industry Working Group include BNY Mellon, ConsenSys, ING, and JPMorgan Chase & Co.

Some of the duties assumed by the group were also mentioned; those would include “exploring blockchain-based legal technology, developing standards for “smart” legal agreements” as well as tackling ‘policy issues’. The latter is particularly important given the SEC announcement.

All in all, this recent move by the EEA is certainly something highlighting the demand for legal guidance as well as a hunt for legitimacy by big players in cryptocurrency. The move is likely to attract further interest as Ethereum as adoption continues to grow.

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