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Designing Effective Regulation For Blockchain-Based Markets, Heather Hughes
Designing Effective Regulation For Blockchain-Based Markets, Heather Hughes
Articles in Law Reviews & Other Academic Journals
Effective regulation of blockchain-based markets calls for coordination among lawyers, businesses, coders, and lawmakers. How might we achieve adequate coordination and why is it important? This Article takes up these questions, using one example of an increasingly popular type of blockchain-based financial transaction: the issuance of tokens backed by off-chain assets. The objective here is not to advocate for a particular regulatory treatment for asset tokenization, but rather to use this deal type as a springboard to discuss what "effective regulation" means in the context of blockchain-enabled markets.
Blockchain & Secured Transactions Proceedings Of The 2021 Spring Conference: The Impact Of Blockchain On The Practice Of Law: Presentation 4, Heather Hughes
Blockchain & Secured Transactions Proceedings Of The 2021 Spring Conference: The Impact Of Blockchain On The Practice Of Law: Presentation 4, Heather Hughes
Articles in Law Reviews & Other Academic Journals
Secured transactions are governed by Uniform Commercial Code Article 9. UCC Article 9 governs any extension of credit secured by personalty. If you think about it, this statute governs a massive swath of market activity: secured credit facilities, margin trading of securities, asset securitizations, and purchase money transactions for goods, I could name more. But it's a statute that's very wide ranging. Given this expansive scope, blockchain-based transaction platforms have numerous implications for lawyers who deal with secured transactions. In my brief time here, I'm going to identify just two of them.