Speaking at the Bitcoin community’s event in New York, Consensus 2016, Democratic Governor Jack Markell announced an initiative by the U.S State of Delaware to embrace the blockchain industry. His plan is to provide an enabling regulatory and legal environment for the development of blockchain technology and to welcome blockchain companies to incorporate in the state.
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Governor Markell announced efforts by the Delaware corporate legal community to explore the need for any clarifications to the state’s corporate law to address and enable the authorization of “distributed ledger shares” by Delaware corporations.
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This move keeping is line with Delaware’s role as America’s tax haven. Thanks to its business-friendly regulatory environment it is the legal home of 66% of Fortune 500 companies, 85% of U.S. IPOs and has more than a million registered corporations in total – more than the number of residents in the state.
“Smart contracts offer a powerful and innovative way to streamline cumbersome back-office procedures, lower transactional costs for consumers and businesses, and manage and reduce risk,” said Governor Markell. “We’re delighted that Delaware has this opportunity to help lead the way in promoting blockchain technology and its growing role in digital commerce.”
“Blockchain technology in general, and smart contracts in particular, have the potential to transform the way that business is done – in the capital markets and beyond,” said Marco Santori, Leader of the Blockchain Technology legal team at Pillsbury law. “We are honored to be recognized by the Governor as Delaware’s Legal Ambassadors to the blockchain industry, and to have a seat at the table helping to craft this framework.”