In the wake of recent legal changes, many high-profile firms in Delaware are in turmoil. Balaji Srinivasan, ex-CTO of Coinbase, has started an important discussion. He highlights Decentralized Autonomous Organizations (DAOs) on Ethereum and Solana as promising options that could be alternatives for “corporate refugees.”

His suggestion comes as dissatisfaction grows with Delaware’s legal climate. This is notable after a judge ruled against Tesla’s CEO, Elon Musk. The case was about a significant pay package.

An Alternative to Delaware?

Delaware, long revered as the corporate capital of America due to its business-friendly laws, has recently faced criticism. The critique gained momentum following a Delaware court’s decision to invalidate a $55.8 billion compensation package awarded to Musk in 2018 by Tesla. 

This ruling and Musk’s past legal issues in Delaware have sparked comments from him. He had to stick to a $44 billion Twitter purchase. Now, Musk warns against setting up companies in Delaware.

“Never incorporate your company in the state of Delaware,” Elon Musk said.

Srinivasan’s suggestion to consider DAOs as viable alternatives comes at a critical juncture. He posits that blockchain technology offers a novel approach to corporate governance that is transparent, democratic, and potentially free from the entanglements seen in traditional corporate jurisdictions like Delaware. 

Read more: A Beginner’s Guide to Decentralized Autonomous Organizations

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Author: Harsh Notariya

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