Law Commons^™

After Ftx: Can The Original Bitcoin Use Case Be Saved?, Mark Burge

Faculty Scholarship

Bitcoin and the other cryptocurrencies spawned by the innovation of blockchain programming have exploded in prominence, both in gains of massive market value and in dramatic market losses, the latter most notably seen in connection with the failure of the FTX cryptocurrency exchange in November 2022. After years of investment and speculation, however, something crucial has faded: the original use case for Bitcoin as a system of payment. Can cryptocurrency-as-a-payment-system be saved, or are day traders and speculators the actual cryptocurrency future? This article suggests that cryptocurrency has been hobbled by a lack of foundational commercial and consumer-protection law that …

Conceptualizing Cryptolaw, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Sweden transfers its real property recording system to the blockchain, a software protocol that enables public, cryptographically secure transaction verification without reliance upon a trusted third party. Dubai plans to issue blockchain-based government documents. The United States Department of Health and Human Services investigates blockchain-based systems for managing health data. Illinois explores blockchain-based applications for use in the Illinois government. News of governments and public-private partnerships developing blockchain-based legal applications increasingly splash across the headlines; however the law-makers using blockchain and other Distributed Ledger Technology (DLT) systems to implement legal processes do not systematically consider the broader implications of their …

Bringing Continuity To Cryptocurrency: Commercial Law As A Guide To The Asset Categorization Of Bitcoin, Evan Hewitt

Seattle University Law Review

This Note will undertake to analyze bitcoin under the Uniform Commercial Code (UCC) and the Internal Revenue Code (IRC)—two important sources of commercial law—to see whether any existing asset categories adequately protect bitcoin’s commercial viability. This Note will demonstrate that although commercial law dictates that bitcoin should—nay must—be regulated as a currency in order to sustain its existence, the very definition of currency seems to preclude that from happening. Therefore, this Note will recommend that we experiment with a new type of asset that receives currency-like treatment, specifically designed for cryptocurrencies, under which bitcoin can be categorized in order to …

Finding An Appropriate Global Legal Paradigm For The Internet: United States And International Responses, Benjamin A. Perlman

Georgia Journal of International & Comparative Law

No abstract provided.

Digital Signature Law Of The United Nations, European Union, United Kingdom And United States: Promotion Of Growth In E-Commerce With Enhanced Security, Stephen E. Blythe

Richmond Journal of Law & Technology

Digital signatures enhance the ability of contracting parties to authenticate electronic communication. Sophisticated encryption and decryption technology is used to verify the identity of the other party to the electronic transaction. Digital signature law, necessary for adjudication of disputes between parties in e-commerce, is still in its infancy. This article covers basic digital signature law of the United Nations, the European Union, the United Kingdom, and the United States.

The United Nations’ Model Law of Electronic Commerce of 1996 (“MLEC”) had many implications. The MLEC approved the utilization of electronic signatures, stated that electronic signatures would have the same legal …

Digital Handshakes In Cyberspace Under E-Sign: "There's A New Sheriff In Town!", Michael H. Dessent

University of Richmond Law Review

Without doubt, electronic commerce has increased the efficiency of businesses and consumers seeking to purchase goods, services, or intangibles by placing these objects just a keystroke away. If you already enjoy buying lingerie and foie gras over the Internet, you will love the new Electronic Signatures in Global and National Commerce Act ("E-SIGN") Want to borrow $10,000 at four in the morning over the Internet to buy a car? E-SIGN allows it. Or how about entering a "cybersigning chat room," extending a "digital handshake," and then buying that cherished wedding gown? E-SIGN allows this to happen. In this era of …

The Developing Legal Infrastructure And The Globalization Of Information: Constructing A Framework For Critical Choices In The New Millennium Internet -- Character, Content And Confusion, Tomas A. Lipinski

Richmond Journal of Law & Technology

This paper reviews recent attempts to extend traditional property rights and other information controls and regulations into new media, such as cyberspace, primarily the World Wide Web. It reviews developments in copyright, trademark, trademark dilution, misappropriation, trespass, censorship, tort, privacy and other legal doctrines as they are reflected in recent United States case law and legislation, and to a lesser extent, in international agreements. Legal problems often arise because there is a conflict of viewpoints in how to best characterize space on the Internet, specifically the World Wide Web. Some argue that traditional ownership rights should apply, or perhaps a …

Products Liability In The New Millennium: Products Liability And The Y2k Crisis, Philip J. Landau

Richmond Journal of Law & Technology

Imagine the following scenario. It's December 31, 1999 and two minutes until midnight. The champagne has just been poured and everyone is joyfully preparing to welcome in the new millennium. The clock ticks and the countdown begins. While millions of New Yorkers push and shove, millions more gather around television sets to catch a glimpse of the famous "ball" as it begins its descent in Times Square. Five . . . Four . . . Three . . . Two . . . One . . . "Happy New Year!!!" Little does the crowd know, that as they disperse and …

Authors As "Licensors" Of "Informational Rights" Under U.C.C. Article 2b, Jane C. Ginsburg

Faculty Scholarship

U.C.C. Articles 2B of the Uniform Commercial Code was designed primarily to regulate online and mass market transactions, particularly the licensing of computer software. Its effects, however, will extend to authors of works other than computer software. This Article considers the effects Article 2B would have on dealings between those authors and the exploiters of the authors' works. By reducing procedural barriers to the formation of licenses, Article 2B would make it all too easy for an author to assent to contract terms that may heavily favor an exploiter of the author's work. On the other hand, default contract terms …

The Legal Architecture Of Virtual Stores: World Wide Web Sites And The Uniform Commercial Code, Walter Effross

Articles in Law Reviews & Other Academic Journals

No abstract provided.

Overreaching Provisions In Software License Agreements, Michael Liberman

Richmond Journal of Law & Technology

Historically, software license agreements emerged as the most popular means of protection of proprietary rights in computer software. As a common form of contract and trade secret protection, software licenses coexist with other forms of intellectual property rights such as patent and copyright. The importance of these forms of protection has recently increased. Where the licensor fails to consider the implications of the relation between these forms of protection, the licensor's attempts to maximize contractual protection while restricting the licensee's activities regarding the licensed software may result in overreaching. Under these circumstances, a court may invalidate the license agreement in …