(UN)CORPORATE CRYPTO-GOVERNANCE

【Author】 Reyes, Carla L.

【Source】FORDHAM LAW REVIEW

【Abstract】Public blockchain protocols face a serious governance crisis. Thus far, blockchain protocols have followed the path of early Internet governance. If the architects of blockchain protocols are not careful, they may suffer a similar fate increased governmental control, greater centralization, and decreased privacy. As blockchain architects begin to consider better governance structures, there is a legal movement underway to impose a fiduciary framework on open-source software developers. If the movement succeeds, the consequences for open-source software development could be dire. If arbitrarily imposed on blockchain communities without consideration of variances among communities or the reality of how such communities operate, the movement may quash the technology before it ever matures. Further, in its present iteration, the argument for imposing fiduciary duties is not limited to the blockchain context and could easily be extended to other open-source projects. Such open-source projects have not been subject to this fiduciary responsibility scheme and yet have been an important force in industry and society for decades. Instead, this Article argues that blockchain architects should consider adopting governance contracts that rely on corporate governance models for inspiration. Such a model would not obliterate the notion of fiduciary responsibilities in blockchain governance but rather would allocate such responsibility in light of the actual mechanics of the technology. The model also enables a scheme that heightens responsibility for more actors in the ecosystem under certain circumstances. Furthermore, contractually based governance systems offer blockchain protocols an opportunity to adopt governance rules that reflect the unique goals and culture of the protocols and their communities while appeasing the regulator's need for a legally recognizable and responsible hierarchy. Although there will be cultural challenges to governing blockchain protocols under a corporate law model, this Article not only concludes that navigating such challenges is possible but also offers an opportunity to encourage new corporate governance structures in more traditional enterprises.

【Keywords】

【标题】(联合国)企业加密货币治理

【摘要】公共区块链协议面临严重的治理危机。迄今为止，区块链协议走的是早期互联网治理的道路。如果区块链协议的架构师不小心，他们可能会遭受类似的命运，政府控制增加，中心化程度更高，隐私减少。随着区块链架构师开始考虑更好的治理结构，正在开展一项法律运动，将信托框架强加给开源软件开发人员。如果运动成功，开源软件开发的后果可能是可怕的。如果在不考虑社区之间的差异或这些社区如何运作的现实的情况下任意强加于区块链社区，则该运动可能会在技术成熟之前将其推翻。此外，在目前的迭代中，施加信托义务的论点不仅限于区块链环境，还可以很容易地扩展到其他开源项目。此类开源项目不受此信托责任计划的约束，但几十年来一直是工业和社会的重要力量。相反，本文认为区块链架构师应该考虑采用依赖于公司治理模型的治理合同来获得灵感。这样的模型不会消除区块链治理中受托责任的概念，而是会根据技术的实际机制来分配这种责任。该模型还支持在某些情况下加强对生态系统中更多参与者的责任的计划。此外，基于合同的治理系统为区块链协议提供了采用反映协议及其社区的独特目标和文化的治理规则的机会，同时满足了监管机构对法律上可识别和负责任的等级制度的需求。尽管在公司法模式下管理区块链协议将面临文化挑战，但本文不仅得出结论认为应对这些挑战是可能的，而且还提供了鼓励更传统企业采用新公司治理结构的机会。

【发表时间】2020

【收录时间】2022-07-17

【文献类型】Article

【论文大主题】区块链政策法律

【论文小主题】区块链法律

【数据来源】wos

【影响因子】1.156

【翻译者】丁子仪