Law Commons^™

Interconnectedness And Financial Stability In The Era Of Artificial Intelligence, Nydia Remolina Leon

Research Collection Yong Pung How School Of Law

This chapter explains AI use cases may amplify some threats to the stability of the financial system. It argues that lack of a consistent approach to AI Governance by financial regulators and limited oversight on some AI models in terms of systemic risks need to be addressed to preserve the stability of the financial system. To illustrate the problem and propose specific policy recommendations, the chapter first explains how the widespread use AI in finance impacts systemic risk in the financial sector. Then, it explains why trustworthiness of AI encompasses not only the typical ethical principles about transparency, explainability, fairness, …

The Midas Touch: Atuahene's "Stategraft" And Unregulated Artificial Intelligence, Sonia Gipson Rankin

Faculty Scholarship

Professor Bernadette Atuahene’s article, A Theory of Stategraft, develops the new theoretical conception of “stategraft.” Professor Atuahene notes that when state agents have engaged in practices of transferring property from persons to the state in violation of the state’s own laws or basic human rights, it sits at the nexus of illegal behavior and revenue-generating activity for the government. Although there are countless instances of “stategraft,” one particularly salient example is when the state uses artificial intelligence to illegally extract resources from people. This Essay will apply stategraft to an algorithm implemented in Michigan that falsely accused recipients of unemployment …

Exams In The Time Of Chatgpt, Margaret Ryznar

Washington and Lee Law Review Online

Invaluable guidance has emerged regarding online teaching in recent years, but less so concerning online and take-home final exams. This article offers various methods to administer such exams while maintaining their integrity—after asking artificial intelligence writing tool ChatGPT for its views on the matter. The sophisticated response of the chatbot, which students can use in their written work, only raises the stakes of figuring out how to administer exams fairly.

Keynote Address, Roy Hadley, Matthew Grocoff

Georgia Law Review Symposia

Keynote address by two distinguished Georgia Law alumni, Roy E. Hadley Jr., whose many positions include Independent Counsel, Adams and Reese LLP, Atlanta, and Matthew Grocoff, whose many positions include founding principal of THRIVE Collaborative, Ann Arbor, Michigan.

Panel Iii: Regulatory Problems With New Technology, Amanda Reid, Dan L. Burk, Sharon Cop, Adam D. Orford

Georgia Law Review Symposia

Panel discussion on regulating new technology with Professors Amanda Reid, University of North Carolina Law, Dan Burk, University of California-Irvine Law, and Sharon Cop, University of Haifa Law. Moderated by Georgia Law Professor Adam Orford.

Panel Ii: Innovations In Space And War, Rebecca J. Hamilton, Monika U. Ehrman, Melissa J. Durkee

Georgia Law Review Symposia

Panel discussion on space and war with Professors Rebecca Hamilton, American University Law, and Monika Ehrman, SMU Law. Moderated by Georgia Law Professor Melissa J. “MJ” Durkee, who is also the law school’s Associate Dean for International Programs and Director of its Dean Rusk International Law Center.

Was The Colonial Cyberattack The First Act Of Cyberwar Against The U.S.? Finding The Threshold Of War For Ransomware Attacks, Liam P. Bradley

St. John's Law Review

(Excerpt)

On May 7, 2021, “DarkSide,” a foreign hacker group, conducted a ransomware attack against the Colonial Pipeline (“Colonial”). That morning, Colonial discovered a “ransom note demanding cryptocurrency.” The attack forced the shutdown of the Colonial Pipeline, stopping the daily delivery of 2.5 million barrels (MMBbls) of “gasoline, jet fuel and diesel” to the East Coast. The shutdown created fuel shortages, impacted financial markets, and panicked the public. The resulting fuel shortages and economic impacts “triggered a comprehensive federal response” on May 11, 2021. On May 12, CEO Joseph Blount paid a ransom of nearly $5 million in bitcoin to …

Federal Protection Of Illegal Short-Term Rentals: How The Protecting Local Authority And Neighborhoods Act Will Hold Airbnb Liable, Enforcing Local Regulations, Nicole Schaeffer

Catholic University Law Review

Section 230 has come under scrutiny from academics and politicians, leading to calls on lawmakers to limit, or even end, Section 230’s immunity for Internet corporations; however, less attention has been given to the effects of Section 230 on the legal landscape in local, off-line communities. Online providers of short-term rental (STR) services such as Airbnb have used Section 230’s protection to shift the burden of complying with local laws and lease agreements onto the users listing STRs. By wielding Section 230 as both a sword and shield in litigation over their listings that violate local laws and lease agreements, …

The Constitution Commandeth: Thou Shalt Not Protect The Same Subject Matter Under Design Patent And Trade Dress Laws, Kenneth B. Germain, Louis H. Sitler

IP Theory

For many years and still currently, it has been assumed—and even expressly asserted—that it is perfectly permissible to “stack” various legal theories (concurrently or consecutively) to protect nonfunctional “designs” for products. This is despite infrequent but cogent arguments that the available theories, notably design patents and product design trade dress—both of which are based upon federal statutes—are not Constitutionally compatible due to at least the concept of Superfluity. The authors of this article carefully examine the origin, nature, and meaning of these two types of IP protections in the context of their two Constitutional bases—the Patent/Copyright Clause and the Commerce …

Freedom Of Algorithmic Expression, Inyoung Cheong

University of Cincinnati Law Review

Can content moderation on social media be considered a form of speech? If so, would government regulation of content moderation violate the First Amendment? These are the main arguments of social media companies after Florida and Texas legislators attempted to restrict social media platforms’ authority to de-platform objectionable content.

This article examines whether social media companies’ arguments have valid legal grounds. To this end, the article proposes three elements to determine that algorithms classify as “speech:” (1) the algorithms are designed to communicate messages; (2) the relevant messages reflect cognitive or emotive ideas beyond mere operational matters; and (3) they …

The Role Of Ethical Principles In Ai Startups, James Bessen, Stephen Michael Impink, Robert Seamans

Faculty Scholarship

Do high-tech startups benefit from developing more ethical AI? AI startups implement policies and take actions to manage ethical issues associated with data collection, storage, and usage and adapt to the norms of their industry. This paper describes these startups' ethics-related actions, including ethical AI policy adoption, and examines how these actions relate to startup performance. We find that merely adopting an ethical AI policy (i.e., a less costly signal) does not relate to increased performance. However, there is evidence that investors reward startups that take more costly preventative pro-ethics actions, like seeking expert guidance, training employees about unconscious bias, …

Clinics, The Cloud, And Protecting Client Data In The Age Of Remote Lawyering, Andrew C. Budzinski

Scholarly Articles in Law Reviews & Journals

Technology has become central to law practice. Attorneys have an ethical obligation to understand how that technology works, how it can facilitate client representation—and the risks it poses to the confidentiality of clients’ electronically-stored data. Law school clinics seem to fall behind the curve on this obligation. Some maintain outdated protocols, and some have no protocols at all, to manage and safeguard client data. This leaves client data less secure than it ought to be, risking harm to clients, ethical violations for attorneys, and missed opportunities to communicate the importance of ethical technology use to clinic students.

This Article offers …

A Hot Spit-Take: Why The Supreme Court Will Hold That There Is No Privacy Interest In Commercial Dna Data, Mounir Jamal

IP Theory

No abstract provided.

Indian Pharmaceutical Patenting Under Section 3(D): A Model For Developing Countries, Nicholas Eitsert

IP Theory

No abstract provided.

Property's Boundaries, James Toomey

Elisabeth Haub School of Law Faculty Publications

Property law has a boundary problem. Courts are routinely called upon to decide whether certain kinds of things can be owned--cells, genes, organs, gametes, embryos, corpses, personal data, and more. Under prevailing contemporary theories of property law, questions like these have no justiciable answers. Because property has no conceptual essence, they maintain, its boundaries are arbitrary--a flexible normative choice more properly legislative than judicial.

This Article instead offers a straightforward descriptive theory of property's boundaries. The common law of property is legitimated by its basis in the concept of ownership, a descriptive relationship of absolute control that exists outside of …

Humans In The Loop, Rebecca Crootof, Margot E. Kaminski, W. Nicholson Price Ii, Professor Of Law

Vanderbilt Law Review

From lethal drones to cancer diagnostics, humans are increasingly working with complex and artificially intelligent algorithms to make decisions which affect human lives, raising questions about how best to regulate these “human-in-the-loop” systems. We make four contributions to the discourse.

First, contrary to the popular narrative, law is already profoundly and often problematically involved in governing human-in-the-loop systems: it regularly affects whether humans are retained in or removed from the loop. Second, we identify “the MABA-MABA trap,” which occurs when policymakers attempt to address concerns about algorithmic incapacities by inserting a human into a decisionmaking process. Regardless of whether the …

Blockchains As Infrastructure And Semicommons, James Grimmelmann, A. Jason Windawi

William & Mary Law Review

Blockchains are not self-executing machines. They are resource systems designed by people, maintained by people, and governed by people. Their technical protocols help to solve some difficult problems in shared resource management, but behind those protocols there are always communities of people struggling with familiar challenges in governing their provision and use of common infrastructure.

In this Article, we describe blockchains as shared, distributed transactional ledgers using two frameworks from commons theory. Brett Frischmann’s theory of infrastructure provides an external view, showing how blockchains provide useful, generic infrastructure for recording transactions and why that infrastructure is most naturally made available …

Blockchain Real Estate And Nfts, Juliet M. Moringiello, Christopher K. Odinet

William & Mary Law Review

Non-fungible tokens (popularly known as NFTs) and blockchains are frequently promoted as the solution to a multitude of property ownership problems. The promise of an immutable blockchain is often touted as a mechanism to resolve disputes over intangible rights, notably intellectual property rights, and even to facilitate quicker and easier real estate transactions.

In this Symposium Article, we question the use of distributed ledger technologies as a method of facilitating and verifying the transfer of physical assets. As our example of an existing transfer method, we use real property law, which is characterized by centuries-old common law rules regarding fractionalized …

Emerging Technology's Language Wars: Cryptocurrency, Carla L. Reyes

William & Mary Law Review

Work at the intersection of blockchain technology and law suffers from a distinct linguistic disadvantage. As a highly interdisciplinary area of inquiry, legal researchers, lawmakers, researchers in the technical sciences, and the public all talk past each other, using the same words, but as different terms of art. Evidence of these language wars largely derives from anecdote. To better assess the nature and scope of the problem, this Article uses corpus linguistics to reveal the inherent value conflicts embedded in definitional differences and debates related to developing regulation in one specific area of the blockchain technology ecosystem: cryptocurrency. Using cryptocurrency …

Digital Asset Regulation: Peering Into The Past, Peering Into The Future, Kevin Werbach

William & Mary Law Review

Blockchain is often compared to the internet as a disruptive technology that will realign economic structures across the world. This analogy extends to law and regulation. Similar to internet-based services, digital assets raise a host of challenges for policymakers. They also pose general questions regarding the desirability and practicality of regulating decentralized systems. Such debates play out against a backdrop of concerns that regulatory action will chill innovation or push market activity to more tolerant jurisdictions. The story of internet policy in the late 1990s and early 2000s therefore provides important lessons for policymakers today when confronting digital assets. Two …

Blockchain Real Estate And Nfts, Juliet M. Moringiello, Christopher K. Odinet

Faculty Scholarship

Non-fungible tokens (popularly known as NFTs) and blockchains are frequently promoted as the solution to a multitude of property ownership problems. The promise of an immutable blockchain is often touted as a mechanism to resolve disputes over intangible rights, notably intellectual property rights, and even to facilitate quicker and easier real estate transactions.

In this Symposium Article, we question the use of distributed ledger technologies as a method of facilitating and verifying the transfer of physical assets. As our example of an existing transfer method, we use real property law, which is characterized by centuries-old common law rules regarding fractionalized …

Cftc & Sec: The Wild West Of Cryptocurrency Regulation, Taylor Anne Moffett

University of Richmond Law Review

Over the past few years, a turf war has been brewing between the Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) over which agency should regulate cryptocurrencies. Both agencies have pursued numerous enforcement actions over the cryptocurrencies they believe to be within their jurisdiction. This turf war has many moving components, but the focus always comes back to one question: which cryptocurrencies are commodities, and which cryptocurrencies are securities? The distinction is important because the CFTC has statutory authority to regulate commodities, whereas the SEC has statutory authority to regulate securities. This Comment rejects the pursuit …

Defi: Shadow Banking 2.0?, Hilary J. Allen

William & Mary Law Review

The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with today. Our financial regulatory system still has not fully figured out how to address the risks of the derivatives, securitizations, and money market mutual funds that comprised Shadow Banking 1.0, but we are already facing the prospect of Shadow Banking 2.0 in the form of decentralized finance, or “DeFi.” DeFi’s proponents speak of a future where sending money is as easy as sending a photograph—but money is not the same as a photograph. The …

Implied Organizations And Technological Governance, Shawn Bayern

William & Mary Law Review

Common law historically adapted creatively and gracefully to the emergence of new types of organizations. Today, statutory forms of organizations predominate. But statutory organizational forms may be ill-suited to govern the novel, loosely coupled, and rapidly changing organizations that can arise through distributed technological mechanisms. This Article suggests that the common law of implied organizations can be a fertile ground for legal responses to technological organizations and indeed may be important not just for regulating such organizations but for giving them important legal capabilities.

Regulating Crypto, On And Off The Chain, Eric D. Chason

William & Mary Law Review

Cryptocurrency had its most turbulent year in 2022. The collapse of TerraUSD ushered in a broad market decline, and the FTX debacle brought new publicity and scrutiny to crypto’s woes. Both events will likely spark new regulation and legislation.

Policymakers and regulators should regulate market structures like exchanges. While many cryptocurrencies are extremely transparent and require little if any additional disclosures, others are plagued by serious informational asymmetries. An exchange might allow participants to trade Bitcoin, and regulators need to protect investors who rely on such exchanges. Investors may face informational asymmetries regarding the operation and safety of the exchange. …

Making Virtual Things, Joshua A.T. Fairfield

William & Mary Law Review

People value virtual things—such as NFTs—because such assets trigger and satisfy deep-seated narratives of property and ownership. The cause of the recent series of failures to regulate virtual assets, and the resulting crashes, has been a failure to take seriously the ways people perceive and use the assets. Current legal frameworks fail to support buyers’ and users’ expectations of ownership in virtual things they purchase.

Making virtual things is a matter of social construction of value. Virtual things, like real-world things, have value because a community values them for a purpose. It therefore makes no sense to discount how and …

Law Library Blog (March 2023): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.

Standing Up To Hackers: Article Iii Standing For Victims Of Data Breaches, Kendall Coffey

University of Miami Law Review

Despite the increasing amount of data breaches, there is no liability for parties who do not adequately protect victim’s information. In federal court, plaintiffs must show that their injury was concrete, particularized, and imminent. But, when plaintiffs’ information has been stolen, but not yet criminally used, they may be unable to establish a right to relief. Victims face challenges when seeking damage for this future harm, because despite their destroyed privacy, they may not have evidence of a perpetrator’s actual misuse of purloined data. This Article analyzes multiple court decisions, generally in the setting of class-actions, and discusses outcomes of …

The Microsoft Litigation’S Lessons For United States V. Google, John E. Lopatka, William H. Page

University of Miami Law Review

The United States Department of Justice (“DOJ”) and three overlapping groups of states have filed federal antitrust cases alleging Google has monopolized internet search, search advertising, internet advertising technologies, and app distribution on Android phones. In this Article, we focus on the DOJ’s claims that Google has used contracts with tech firms that distribute Google’s search services in order to exclude rival search providers and thus to monopolize the markets for search and search advertising—the two sides of Google’s search platform. The primary mechanisms of exclusion, according to the DOJ, are the many contracts Google has used to secure its …

The Freedom Of Influencing, Hannibal Travis

University of Miami Law Review

Social media stars and the Federal Trade Commission (“FTC”) Act are clashing. Influencer marketing is a preferred way for entertainers, pundits, and everyday people to monetize their audiences and popularity. Manufacturers, service providers, retailers, and advertising agencies leverage influencers to reach into millions or even billions of consumer devices, capturing minutes or seconds of the market’s fleeting attention. FTC enforcement actions and private lawsuits have targeted influencers for failing to disclose the nature of a sponsorship relationship with a manufacturer, marketer, or service provider. Such a failure to disclose payments prominently is very common in Hollywood films and on radio …