In 2016, Bitnomial Exchange, LLC filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to operate an exchange, formally known as a Designated Contract Market (DCM), for deliverable digital asset derivatives. Fast-forward four years later and the Chicago-based Company is now approved by the CFTC to list margined and physically delivered…

On April 3, 2019, the SEC responded favorably to a No-Action Letter submitted by TurnKey Jet, Inc. (TKJ) detailing its proposal to offer and sell blockchain-based digital assets in the form of “tokenized” jet cards (“Tokens”). In its request, TKJ sought to offer and sell the Tokens without registering the offering under Section 5 of…

In July 2018, Delaware amended Delaware Limited Liability Company Act (DLLCA) and the Delaware General Corporation Law (DGCL) (collectively, the Acts) to provide for the use of blockchain technology in the governance of LLCs and corporations formed under Delaware law, among other changes. The amendments became effective August 1, 2018. The amendments to the DLLCA…

On July 21, 2017, the Delaware Governor enacted new legislation permitting corporations to use "distributed electronic networks or databases" – aka blockchain technology – for the maintenance of corporate records, including stock ledgers. Corporate governance issues are not readily apparent to the public, likely because such issues can be rectified internally before they…