DAO Rockets Past $150M As Skeptics Question Legality, Smart Contracts Model
The DAO, a decentralized autonomous organization for investing in other businesses, continues to soar in a crowdsale of native tokens, reaching the equivalent of $150 million in ethers (ETH). While it continues to surprise the cryptocurrency ecosystem and confound Wall Street with its success, the DAO still has its share of skeptics.
The digital organization with no conventional management structure or board of directors intrigues many but very nature may generate significant legal and operational hurdles for the organization.
For example, Eris Industries co-founder and COO Preston Byrne believes that blockchain technology will eventually “play a role in facilitating more democratic access to the capital markets” but he notes that the DAO will not be able to avoid current regulatory realities.