O’Toole Comments on Proposed Blockchain Stock Ledger System
In Law360’s article, “Delaware Embraces Blockchain to Battle ‘Proxy Plumbing,’” partner Matt O’Toole, chair of Potter Anderson’s Business Group, commented on proposed Delaware legislation that would permit companies to use blockchain technology to register share and manage transfers and proxies.
“It holds the potential to eliminate or vastly reduce the indirect holding system of ownership, and that certainly has given rise to issues in connection with stockholders in the context of appraisal actions,” O’Toole said. “The relationship between the ultimate owner of the shares and the corporation will be made more immediate.”
O’Toole currently serves as the chair of the Council of the Corporation Law Section of the Delaware State Bar Association.