我最近刚从华盛顿特区举行的iTech法律大会归来，在大会上我参加了一个关于智能合约和DAO（去中心化自治组织）的小组讨论。与我同台的还有两位令人印象深刻的国际科技律师：朱莉娅·帕佐斯（巴西）和卡塔日娜·什楚德利克（波兰）。以下是我们小组讨论的一些问题。
律师是如何理解和解读智能合约的？
Smart contracts on blockchains like Ethereum are essentially computer programs written in specialized programming languages like Solidity. Smart contracts serve two main functions - acting as an "account" to hold, receive and send cryptocurrencies/tokens, as well as code that automatically executes one or more actions when certain conditions are met.
从法律角度来看，仅靠智能合约通常是不够的。它们需要辅以传统的法律条款和条件，以规范交易或协议的更广泛背景。律师总是会关注哪些具体信息、资产和权利受智能合约代码的约束。
许多智能合约，尤其是针对DAO的合约，主要关注投票参数，例如法定人数门槛以及哪些治理代币拥有投票权。在DAO中，参与者必须向群体提交正式提案，随后由代币持有者进行投票，以决定批准或否决该提案。
DAO 可能会遇到哪些合约问题？
律师在分析一个DAO时通常会关注以下关键问题：
- Is this running on a truly decentralized public blockchain or a more closed/permissioned system with preapproved validator nodes?
- What is the minimum threshold of token holders that must participate in a vote for it to be valid (some DAOs have quorum requirements as low as 15%)?
- At what point do participants legally assent to be governed by the DAO's smart contract code and associated traditional terms?
分析项目以提供有效的法律建议
为了向DAO等区块链项目提供恰当的法律建议，律师会考虑以下因素：
- The background and intent of the founding team.
- How the project is funded (token sale, investor rounds, etc.).
- The mechanisms for new participants to join, fund the project, and exit.
- Any maximum number of participants (e.g. there used to be a 500-participant limit for certain exemptions in the U.S., but that was increased to 2,000).
Web3 项目中会出现哪些适用法律和管辖权问题？
可能适用于去中心化自治组织（DAO）或智能合约系统的法律法规包括：
- U.S. federal securities laws like the Securities Act, Exchange Act, and SEC regulations.
- State securities laws and money transmitter laws.
- Newly passed crypto-specific laws like Wyoming's DAO addendum, Wyoming’s new DUNA act, or Utah’s DAO act.
由于这些是多方参与的去中心化系统，因此存在关于哪些法律体系应优先适用的复杂管辖权问题。
责任与受托责任
在缺乏传统公司治理结构的去中心化项目中，如何处理债务及潜在的受托责任？备受瞩目的bZx/Ooki DAO漏洞利用事件，凸显了创始团队与后续项目或实体之间存在的部分此类问题。
关于反洗钱、了解客户及网络安全的法规
在美国，以下方面的监管日益严格：
- Anti-money laundering (AML) and know your customer (KYC) rules like the Corporate Transparency Act and FinCEN regulations under the Bank Secrecy Act.
- Cybersecurity requirements, though the US has no unified federal law on cybersecurity at this time. Laws like HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act), ECPA (Electronic Communications and Privacy Act), and NIST (National Institute of Standards and Technology) framework provide a patchwork of rules and guidance.
智能合约和DAO项目必须确保其具备健全的安全措施，并根据自身具体特点遵守相关的数据保护和反洗钱规定。
结论
本文涵盖了律师在智能合约和去中心化自治组织领域必须应对的一些关键法律领域。 据我的其他小组成员所述，欧盟新的《加密资产市场条例》（MiCA）监管框架将需要律师提供大量专业意见，而巴西目前适用于Web3项目的法律法规则非常有限。这是一个监管审查日益严格的新兴领域，任何项目在采取任何重大实质性步骤之前，都应至少咨询一位精通相关技术、法律及法规的合格律师，尤其是那些与美国或欧盟存在关联的项目。
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