Foley & Lardner LLP Partner Patrick Daugherty is quoted in the Decrypt article, “‘Role Is Mostly Symbolic’, Says ENS Director Candidate Ahead of Elections,” discussing the Ethereum Naming Service Foundation’s (ENS) director election. The Foundation exists to represent the ENS decentralized autonomous organization (DAO) when legal matters arise.
“The legal responsibility of a director of the ENS Foundation as stated in its Articles of Association is to manage the business and affairs of the Foundation as a member of the board,” Daugherty explained. “Directors and the board must be mindful of securities, commodities and banking laws, rules and regulations to the extent that they apply to the Foundation, its business, and themselves.”
“It is always reasonable to ponder carefully the possible impact of regulators’ views on one’s position and duties in business,” Daugherty continued. “Regulators have armies of enforcement lawyers that they can and do deploy. So, it is especially important to obtain expert legal advice in this case.”
