06.30.2017

Delaware Clears Way for Blockchain Record Keeping

06.30.2017

Delaware has passed a major distributed ledger milestone as Governer John Carey has signed legislation passed by the Delaware General Assembly that will let Delaware corporations store business records on distributed ledgers.

“This innovative legislation will allow Delaware companies to finally toss the stacks of paper stock ledgers collecting dust on shelves and will provide a secure and immutable electronic record of share activity that eliminates the opportunity for bookkeeping errors and costly ownership disputes,” wrote John Legaré Williams, president of The Williams Law Firm, wrote in the Delaware Business Times. “With the current paper-based system, tracking stock ownership in a corporation as it grows and changes has been a nightmare for many companies. It is a challenge to reconstruct the stockholders at any given point in time, including the exact number of shares held and any restrictions or agreements that apply to those shares, which impacts shareholder voting.”

The new Delaware legislation—the first of its kind anywhere—will allow existing corporations to convert their paper-based shares to distributed ledger shares, while new corporations will use electronic records from the outset and never hold paper records, he noted. “Corporate records will be easy to track and verify, allowing corporations to save significant time and money and to avoid costly litigation.”

It's been a month since we had our Women In Finance Awards in New York City at the Plaza! Take a look back tab some moments, and nominate for our upcoming awards in Mexico City and Singapore here: https://www.marketsmedia.com/category/events/

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Citadel Securities told the SEC that trading tokenized equities should remain under existing market rules, a position that drew responses from various crypto industry groups. @ShannyBasar for @MarketsMedia:

SEC Commissioner Mark Uyeda argued that private assets belong in retirement plans, saying diversified alts can improve risk-adjusted returns and that the answer to optimal exposure “is not zero.” @ShannyBasar reporting for @MarketsMedia:

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