The Global Blockchain Business Council (GBBC), an industry association for the blockchain ecosystem, has announced the launch of its Legal and Regulatory Group (LRG).

Crucial legal role

The LRG will be focused on advising GBBC member companies and the broader ecosystem on legal and regulatory issues originating from the development and adoption of blockchain technology. Covering issues across a wide range of sectors, including legal & regulatory, government, insurance, financial services, energy, real estate, and supply chain industries, the LRG will be comprised of representatives from the following law firms: CKR Law LLP (New York, USA), Conley Fleming LLP (Philadelphia, USA), Covington & Burling LLP (Brussels, Belgium), Latham & Watkins LLP (New York, USA), Norton Rose Fulbright (London, UK), Shearman & Sterling LLP (New York, USA), and, Steptoe & Johnson LLP (Washington DC, USA). In particular, the LRG will be a core component to developing the legal aspect of the GBBC’s Open Learning Forum by providing analysis and commentary on blockchain developments that fall within the legal sphere. Sandra Ro, CEO of the GBBC, said ‘as blockchain technology continues to develop, the GBBC stays up-to-date on the most vital regulatory updates, news and projects. Our aim is to help maximize the benefits and applications of blockchain technology for the industry and society as a whole. As the technology matures and evolves, it is crucial that the industry and world at large understand and respond accordingly to the resulting regulatory and legal demands that arise as a result of blockchain’s growth and development.’

Collective understanding

Ms Ro added, ‘our aim is to provide the guidance and education that is crucial for the easy adoption of blockchain. With that in mind, I am delighted that our Legal and Regulatory Group comprises some of the leading players in the legal industry who are well placed to provide updates on the regulatory and legal issues concerning blockchain.’ Amongst a raft of statements from LRG members, Covington & Burling stated ‘the legal and regulatory working group will serve to deepen our collective understanding of the importance of blockchain technology as the 21st Century’s trust infrastructure.’ Co-chair Steptoe & Johnson’s statement read, ‘understanding the legal and regulatory environment involving blockchain, cryptocurrency, and crypto-assets is critical to the success of the industry. The companies and entities engaged in this space will need to help governments understand how existing legal and regulatory frameworks apply to this emerging area of technology, and when new legal and regulatory frameworks will need to be developed.’