10 law firms join the Enterprise Ethereum Alliance

Among the new members are iCooley, Debevoise & Plimpton, Hogan Lovells, Holland & Knight, Jones Day, Morrison Foerster, Perkins Coie, Shearman & Sterling and Cardozo Law Schools Blockchain Project.

Representatives of Enterprise Ethereum Alliance told CoinDesk that the legal team’s scope is wider than ensuring compliancy with financial systems for blockchain-based technologies. The new organizations that joined the group are also working on creating a legal framework to allow the use of blockchain technology in the power delivery and telecommunications industries.

The Legal industry Working Group was established in July 2017 with the aim to educate the legal industry about the potential benefits of blockchain technology, and to develop and standardize private versions of the ethereum blockchain.

Working in partnership with several existing members – BNY Mellon, Intel and JPMorgan Chase – the group is designed to ensure that ethereum smart contracts and assets comply with regulations and are legally binding.