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Articles 1 - 7 of 7
Full-Text Articles in Law
Can “Imfcoin” Be Scaruffi's Moneta Immaginaria?, Alexander M. Heideman
Can “Imfcoin” Be Scaruffi's Moneta Immaginaria?, Alexander M. Heideman
Marquette Intellectual Property Law Review
Cryptocurrencies have taken the world by storm. But these decentralized and unregulated digital fiat currencies have more in common with the currencies of ages past than many believe. These commonalities may result in the incorporation of new cryptocurrencies into older institutions. One such institution is the International Monetary Fund's Special Drawing Rights (SDRs), which has bene relegated to an afterthought in the international monetary system since the Nixon Shock in 1971. The Fund's Managing Director recently made comments that indicated that the Fund is exploring the incorporation of a cryptocurrency into the framework of the SDR, a change which China …
If Rockefeller Were A Coder, Carla L. Reyes
If Rockefeller Were A Coder, Carla L. Reyes
Faculty Journal Articles and Book Chapters
he Ethereum Decentralized Autonomous Organization (“The DAO”), a decentralized, smart contract-based, investment fund with assets of $168 million, spectacularly crashed when one of its members exploited a flaw in the computer code and stole $55 million. In the wake of the exploit, many argued that participants in the DAO could be jointly and severally liable for the loss as partners in a general partnership. Others claimed that the DAO evidenced an entirely new form of business entity, one that current laws do not contemplate. Ultimately, the technologists cleaned up the exploit via technological means, and without engaging in any further …
Law And The Blockchain, Usha Rodrigues
Law And The Blockchain, Usha Rodrigues
Scholarly Works
All contracts are necessarily incomplete. The inefficiencies of bargaining over every contingency, coupled with humans’ innate bounded rationality, mean that contracts cannot anticipate and address every potential eventuality. One role of law is to fill gaps in incomplete contracts with default rules. The blockchain is a distributed ledger that allows the cryptographic recording of transactions and permits “smart” contracts that self-execute automatically if their conditions are met. Because humans code the contracts of the blockchain, gaps in these contracts will arise. Yet in the world of “smart contracting” on the blockchain, there is no place for the law to step …
Collaborative Approaches To Blockchain Regulation: The Brooklyn Project Example, Patrick Berarducci
Collaborative Approaches To Blockchain Regulation: The Brooklyn Project Example, Patrick Berarducci
Cleveland State Law Review
Today, I am going to discuss, at a high level, blockchain technology—what it is, what are its unique features that could revolutionize markets and economies, and how it could impact law and regulation. That is a lot to cover—far too much in the time allotted. So I will keep things at a very high level and hopefully pique some interest in everyone to dig deeper on their own.
The Human Element: The Under-Theorized And Underutilized Component Vital To Fostering Blockchain Development, Joshua A.T. Fairfield
The Human Element: The Under-Theorized And Underutilized Component Vital To Fostering Blockchain Development, Joshua A.T. Fairfield
Cleveland State Law Review
Blockchain is about one-third math and two-thirds game theory. The math runs on silicon processors. The game theory runs on grey matter. Earlier in this symposium, the last panel essentially asked, "What's different about blockchain and its relationship to humans?" That will be our focus: What is the right relationship between technology and the community that builds it? And, why would we care?
Conceptualizing The Regulation Of Virtual Currencies And Providers: Friction Points In State And Federal Approaches To Regulating Providers Of Payments Execution And Custody Services And Products In The United States, Sarah J. Hughes
Cleveland State Law Review
This essay evaluates the state of regulation by the United States government and State legislatures of participants in emerging virtual-currency businesses. It points to friction points as both the federal government and the States experiment with their own regulatory authority over virtual-currency businesses and provides a taxonomy of differing approaches to regulating such businesses. The essay takes the position that the States need to act in the near term if they wish to maintain their longstanding role as regulators of non-depository providers of financial products and services—or they risk being preempted by Congress or federal regulatory actions. This essay also …
Blockchain Symposium Introduction: Overview And Historical Introduction, Brian Ray
Blockchain Symposium Introduction: Overview And Historical Introduction, Brian Ray
Cleveland State Law Review
Imagine a world where human drivers can access on-demand micro-insurance contracts tailored to cover only the actual time spent driving. How about a secure, decentralized identity system that allows individuals to purchase a vehicle and obtain insurance without sharing unnecessary private information exposing it to cyber criminals? Take that a step further and consider a system of driverless cars that transact with autonomous gas stations and take payments directly from passengers. These are some of the fascinating applications that blockchain technology could enable. But these applications give rise to significant technical, social, and legal questions, all of which we explored …