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Articles 1 - 8 of 8
Full-Text Articles in Law
What Web3 Means For Lawyers' Ethical Duties, Heidi L. Frostestad
What Web3 Means For Lawyers' Ethical Duties, Heidi L. Frostestad
College of Law Faculty Publications
Evolving technologies are one of the greatest issues of our time and continue to affect legal practice at a rapid rate, exponentially changing the structure of law firms and traditional practice.
A Pause On Proof-Of-Work: The New York State Executive Branch's Authority To Enact A Moratorium On The Permitting Of Consolidated Proof-Of-Work Cryptocurrency Mining Facilities, Jacob Elkin
Sabin Center for Climate Change Law
As cryptocurrency mining facilities have expanded their energy consumption, certain fossil fuel power plants have increased energy generation to provide behind-the-meter power to cryptocurrency miners. The New York legislature has responded by proposing bills to enact a moratorium on state permitting of such consolidated facilities while the New York Department of Environmental Conservation (DEC) studies their impacts through a Generic Environmental Impact Statement (GEIS), but these bills have stalled. This white paper analyzes the legal authority of the New York executive branch to put in place such a moratorium and concludes that the executive branch does possess such authority, though …
Nft: The Next Big Thing?, Golden Gate University School Of Law
Nft: The Next Big Thing?, Golden Gate University School Of Law
GGU Law Review Blog
In 2021, Non-Fungible Tokens (“NFTs”) have taken the world of digital art to new heights. Artists are beginning to “tokenize” their art and sell them in NFT marketplaces for highly lucrative prices where bids can be made only with cryptocurrency. The “hype” surrounding NFTs grows by the day, thousands of new NFTs are being “minted” everyday. Even celebrities are getting involved in this digital movement. It seems however, that we have seen only the infancy of the blockchain based technology and that it may soon venture off beyond the world of digital art. For those in the legal profession, it …
Cryptocurrency, Legibility, And Taxation, Amanda Parsons
Cryptocurrency, Legibility, And Taxation, Amanda Parsons
Publications
In Jarrett v. United States, a taxpayer in Tennessee is arguing that staking cryptocurrency did not result in him earning “income” under federal income tax law. This case illustrates the fundamental challenge that cryptocurrency and blockchain technology present for tax law. Wealth creation in the crypto space is not readily legible to the state. This absence of legibility threatens tax law’s reliance on placing economic activities into categories to determine how they should be taxed. Furthermore, this case highlights the harms Congress and Treasury are risking by not taking action on cryptocurrency taxation. The uncertainty and lack of guidance on …
Developments In The Laws Affecting Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook, Tom Kierner
Developments In The Laws Affecting Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook, Tom Kierner
Articles by Maurer Faculty
The past year proved to be a busy period for the regulation of electronic payments and financial services. In this year’s survey, we discuss rulemakings, enforcement actions, and other litigation that has significantly impacted the law governing payments and financial services. Part II addresses the ongoing fight between federal and state authorities over which should properly regulate Fin- Tech entities and describes some new steps the Office of the Comptroller of the Currency (“OCC”) has taken to assert its authority in this area. Part III details an enforcement action that California regulators took against a FinTech company they determined had …
Block Rewards, Carried Interests, And Other Valuation Quandaries In Taxing Compensation, Henry M. Ordower
Block Rewards, Carried Interests, And Other Valuation Quandaries In Taxing Compensation, Henry M. Ordower
All Faculty Scholarship
In this article, Ordower contextualizes block rewards litigation with historical failures to tax compensation income paid in kind. Tax fairness principles demand current taxation of the noneconomically diluting block rewards’ market value.
Blockchain Networks As Knowledge Commons, Ilia Murtazashvili, Jennifer Brick Murtazashvili, Martin B. H. Weiss, Michael J. Madison
Blockchain Networks As Knowledge Commons, Ilia Murtazashvili, Jennifer Brick Murtazashvili, Martin B. H. Weiss, Michael J. Madison
Articles
Researchers interested in blockchains are increasingly attuned to questions of governance, including how blockchains relate to government, the ways blockchains are governed, and ways blockchains can improve prospects for successful self-governance. Our paper joins this research by exploring the implications of the Governing Knowledge Commons (GKC) framework to analyze governance of blockchains. Our novel contributions are making the case that blockchain networks represent knowledge commons governance, in the sense that they rely on collectively-managed technologies to pool and manage distributed information, illustrating the usefulness and novelty of the GCK methodology with an empirical case study of the evolution of Bitcoin, …
The Orkney Slew And Central Bank Digital Currencies, Jeffery Y. Zhang, Gary B. Gordon
The Orkney Slew And Central Bank Digital Currencies, Jeffery Y. Zhang, Gary B. Gordon
Articles
This Article on central bank digital currencies is motivated by a parable, The Orkney Slew, which is set in an archipelago. Based on the parable, we point out a significant economic market failure that exists in the cross-border payments realm. The analysis then focuses on real-world examples and the national security concerns, including for Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) and the continued efficacy of U.S. sanctions, associated with the rapidly evolving digital payments landscape.
Many central banks around the world are now cooperatively experimenting with cross-border interoperability of digital currencies. These efforts are driven by the idea of …