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Articles 1 - 30 of 34
Full-Text Articles in Law
Privacy Law Issues In Public Blockchains: An Analysis Of Blockchain, Pipeda, The Gdpr, And Proposals For Compliance, Noah Walters
Privacy Law Issues In Public Blockchains: An Analysis Of Blockchain, Pipeda, The Gdpr, And Proposals For Compliance, Noah Walters
Canadian Journal of Law and Technology
Proponents of blockchain proclaim that the technology’s greatest innovation is trust. Blockchain create trust by serving as an indispensable ledger (a central point of truth), for all stakeholders to a transaction. Instead of companies managing and reconciling records of the same transaction in privately held databases, both sides of a transaction are recorded simultaneously on a shared ledger — the blockchain. As a result, the crypto economic environment is characterized by the decentralized coordination of business processes and transactions. Proponents of crypto-economics regard decentralized coordination as an opportunity for new forms of economic innovation, forms designed to increase value for …
Washington’S 'Cutting-Edge' Technology Solution To Combating Sales Tax Fraud: Real-Time Data (Now), Real-Time Remittance In The Future, Richard Thompson Ainsworth, Robert Chicoine, Andrew Leahey, Sunder Gee
Washington’S 'Cutting-Edge' Technology Solution To Combating Sales Tax Fraud: Real-Time Data (Now), Real-Time Remittance In The Future, Richard Thompson Ainsworth, Robert Chicoine, Andrew Leahey, Sunder Gee
Faculty Scholarship
Globally, consumption tax compliance (value added tax and retail sales tax) has gone digital – digital invoices are becoming mandatory, centralized monitoring of transactions and tax payments are increasingly common, and artificial intelligence is assessing fraud risks in real-time. When tax is collected, it is increasingly being remitted in near-real-time. This is the trajectory for the modern retail sales tax (RST) imposed by most states in the US. While this may appear to be revolutionary to the average American, it is a well-worn path among global nations using the value added tax (VAT). The RST will eventually be following suit. …
Cryptocurrencies And Code Before The Courts, Vincent Ooi, Kian Peng Soh
Cryptocurrencies And Code Before The Courts, Vincent Ooi, Kian Peng Soh
Research Collection Yong Pung How School Of Law
In the rapidly developing cyber sphere dominated by cryptocurrencies and code, it is perhaps not uncommon for firms to focus on cutting-edge technological developments leaving the law behind as an afterthought. B2C2 Ltd v Quoine Pte Ltd (‘B2C2’)1 may serve as a timely reminder of the importance of the legal principles supporting e-commerce and Fintech. In the first case of its kind, B2C2 raised several key questions before the Singapore International Commercial Court (‘SICC’), seeking clarification on how the established legal concepts of breach of trust, mistake and unjust enrichment might apply in the context where an automated contract-forming software …
Blockchain Meets Genomics: Governance Considerations For Promoting Food Safety And Public Health, Walter G. Johnson
Blockchain Meets Genomics: Governance Considerations For Promoting Food Safety And Public Health, Walter G. Johnson
Journal of Food Law & Policy
Foodborne illness remains an ongoing public health challenge in both the developing and industrialized worlds. In the United States, almost 50 million reported cases of infectious disease occur every year from a food product, resulting in substantial morbidity and mortality with economic burdens to health care and productivity. Despite recognition as a leader in food safety, the U.S. experiences longstanding and novel issues in food safety. Advances in whole genome sequencing (WGS) promise to bolster food safety regulators’ capabilities to identify pathogens and determine their source. However, inefficiencies in tracing food products through the supply chain remain.
Money's Past Is Fintech's Future: Wildcat Crypto, The Digital Dollar, And Citizen Central Banking, Robert C. Hockett
Money's Past Is Fintech's Future: Wildcat Crypto, The Digital Dollar, And Citizen Central Banking, Robert C. Hockett
Robert C. Hockett
This Essay argues that crypto-currencies will soon go the way of the ‘wildcat’ banknotes of the mid-19th century. As central banks worldwide upgrade their payments systems, the Fed will begin issuing a ‘digital dollar’ that leaves no licit function for what the Author calls ‘wildcat crypto.’ But the imminent change heralds more than a shakeout in fintech. It will also make possible a new era of what the Author calls ‘Citizen Central Banking.’ The Fed will administer a national system of ‘Citizen Accounts.’ This will not only end the problem of the ‘unbanked,’ it will also simplify monetary policy. Instead …
Protecting Blockchain Investments In A Patent Troll World, Kelli Spearman
Protecting Blockchain Investments In A Patent Troll World, Kelli Spearman
Journal of Intellectual Property Law
When blockchain technology was first introduced via the now-infamous Bitcoin in 2008, it was almost immediately recognized by the tech industry as being even more valuable (and certainly less volatile) than the cryptocurrency it embodied. The publicly distributed ledger known as the blockchain has created a frenzy that is continuing to grow as industries explore future adaptations of the technology. Following this explosion of cross-industry innovation, intellectual property issues naturally follow as early adaptors seek to capture the value of pioneering new blockchain technology. The rising popularity of the blockchain has created an intellectual property gold-rush as firms hoping to …
Implications Of Adopting Blockchain Technology On International Sales Transactions, Gregory Benson Jr.
Implications Of Adopting Blockchain Technology On International Sales Transactions, Gregory Benson Jr.
Northern Illinois University Law Review
While technologies evolve, international laws with ancient roots must be updated, in order to better suit the needs of a modern world. One new technology, which has sent shockwaves into international and domestic law, is blockchain and its applicability to many facets of domestic and international business. This Comment analyzes how the letters of credit and international sales transactions would be impacted if the Uniform Customs and Practices published by the International Chamber of Commerce were to adopt blockchain technology. More specifically, the Comment analyzes how smart contracts would instill the same amount of trust on both sides of a …
Tangled Up In Blue: Adapting Securities Laws To Initial Coin Offerings, Ethan D. Trotz
Tangled Up In Blue: Adapting Securities Laws To Initial Coin Offerings, Ethan D. Trotz
Northern Illinois University Law Review
Issuers of blockchain-based projects have increasingly turned to Initial Coin Offerings to raise capital. Many of these offerings have similar characteristics to securities offerings, yet are often not registered or exempt from securities laws. Initial Coin Offerings present numerous risks to investors, including fraud, inadequate disclosures, and a lack of remedies. The Securities & Exchange Commission must step in to protect investors and limit losses. One way to do so is through regulation. The Securities & Exchange Commission should use existing regulations for Initial Public Offerings and securities offerings as a guideline. However, blockchain-based offerings present unique issues never before …
Securities Treatment Of Tokenized Offerings Under U.S. Law, Carol Goforth
Securities Treatment Of Tokenized Offerings Under U.S. Law, Carol Goforth
Pepperdine Law Review
This article considers how the SEC currently approaches the question of regulating cryptoassets and ICOs. It includes a brief overview and history of cryptotransactions (including problems of terminology), and then looks at the current crypto space to consider the kinds of interests being promoted today in comparison to Bitcoin and the original altcoins. It then examines the traditional approach taken by the SEC with regard to these interests and explains briefly the kinds of compliant offerings that are currently possible. It then covers the range of reasons why a specialized regulatory approach is called for, rather than simply relying on …
Money's Past Is Fintech's Future: Wildcat Crypto, The Digital Dollar, And Citizen Central Banking, Robert C. Hockett
Money's Past Is Fintech's Future: Wildcat Crypto, The Digital Dollar, And Citizen Central Banking, Robert C. Hockett
Cornell Law Faculty Publications
This Essay argues that crypto-currencies will soon go the way of the ‘wildcat’ banknotes of the mid-19th century. As central banks worldwide upgrade their payments systems, the Fed will begin issuing a ‘digital dollar’ that leaves no licit function for what the Author calls ‘wildcat crypto.’ But the imminent change heralds more than a shakeout in fintech. It will also make possible a new era of what the Author calls ‘Citizen Central Banking.’ The Fed will administer a national system of ‘Citizen Accounts.’ This will not only end the problem of the ‘unbanked,’ it will also simplify monetary policy. Instead …
Stability In Government, Emerging Technology, And Decentralized Economies: An Analysis Of Alternative Uses Of Cryptocurrencies, Mickayla Stogsdill
Stability In Government, Emerging Technology, And Decentralized Economies: An Analysis Of Alternative Uses Of Cryptocurrencies, Mickayla Stogsdill
Chancellor’s Honors Program Projects
No abstract provided.
Digitial Art & Blockchain Spring Symposium, Cardozo Arts & Entertainment Law Journal, Cardozo Intellectual Property And Information Law Program, Cardozo Fame Center
Digitial Art & Blockchain Spring Symposium, Cardozo Arts & Entertainment Law Journal, Cardozo Intellectual Property And Information Law Program, Cardozo Fame Center
Flyers 2018-2019
No abstract provided.
Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.
Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.
All Faculty Scholarship
This chapter explains several benefits of adopting transparent information technology systems for intermediated securities holding infrastructures. Such transparent systems could ameliorate various prevailing problems that confront existing tiered, intermediated holding systems, including those related to corporate actions (dividends, voting), claims against issuers and upper-tier intermediaries, loss sharing and set-off in insolvency proceedings, money laundering and terrorist financing, and privacy, data protection, and confidentiality. Moreover, transparent systems could improve the functions of intermediated holding systems even without changes in laws or regulations. They also could provide a catalyst for law reform and a roadmap for substantive content of reforms. Among potential …
Professions And Expertise: How Machine Learning And Blockchain Are Redesigning The Landscape Of Professional Knowledge And Organization, John Flood, Lachlan Robb
Professions And Expertise: How Machine Learning And Blockchain Are Redesigning The Landscape Of Professional Knowledge And Organization, John Flood, Lachlan Robb
University of Miami Law Review
Machine learning has entered the world of the professions with differential impacts. Automation will have huge impacts on the nature of work and society. Engineering, architecture, and medicine are early and enthusiastic adopters of automation. Other professions, especially law, are late and, in some cases, reluctant adopters. This Article examines the effects of artificial intelligence (“AI”) and Blockchain on professions and their knowledge bases. We start by examining the nature of expertise in general and the function of expertise in law. Using examples from law, such as Gulati and Scott’s analysis of how lawyers create (or don’t create) legal agreements, …
Blockchain-Based Token Sales, Initial Coin Offerings, And The Democratization Of Public Capital Markets, Jonathan Rohr, Aaron Wright
Blockchain-Based Token Sales, Initial Coin Offerings, And The Democratization Of Public Capital Markets, Jonathan Rohr, Aaron Wright
Articles
Best known for their role in the creation of cryptocurrencies like bitcoin, blockchains are revolutionizing the way technology entrepreneurs finance their business enterprises. In 2017 alone, tech entrepreneurs raised over $6 billion through the sale of blockchain-based digital tokens, with some sales lasting mere seconds before selling out. In a token sale, also referred to as an “initial coin offering” or “ICO,” organizers of a project sell digital tokens to members of the public to finance the development of new technological platforms and services. After the initial sale, cryptocurrency exchanges scattered across the globe list tokens for trading and facilitate …
The Limits Of Smart Contracts, Jens Frankenreiter
The Limits Of Smart Contracts, Jens Frankenreiter
Ira M. Millstein Center for Global Markets and Corporate Ownership
This essay investigates the potential of smart contracts to replace the legal system as an infrastructure for transactions. It argues that (contract) law remains relevant for most transactions even if they are entirely structured by way of smart contract. The reason for this is that the power of smart contracts to create and enforce obligations against attempts by the legal system to thwart their execution is limited. These limitations are most relevant for obligations to perform certain actions outside the blockchain, but also apply to other obligations contingent on facts outside the records stored on the blockchain.
Bitcoin, Virtual Currencies, And The Struggle Of Law And Regulation To Keep Pace
Bitcoin, Virtual Currencies, And The Struggle Of Law And Regulation To Keep Pace
Marquette Law Review
At less than a decade old, Bitcoin and other virtual currencies have had a major societal impact, and proven to be a unique payment systems challenge for law enforcement, financial regulatory authorities worldwide, and the investment community. Rapid introduction and diffusion of technological changes throughout society, such as the blockchain that serves as Bitcoin’s crypto-foundation, continue to exceed the ability of law and regulation to keep pace. During 2017 alone, the market price of Bitcoin rose 1,735%, from about $970 to $14,292, causing an investor feeding frenzy. As of September 11, 2018, a total of 1,935 cryptocurrencies are reported, having …
Care For A Sample? De Minimis, Fair Use, Blockchain, And An Approach To An Affordable Music Sampling System For Independent Artists, Sean M. Corrado
Care For A Sample? De Minimis, Fair Use, Blockchain, And An Approach To An Affordable Music Sampling System For Independent Artists, Sean M. Corrado
Fordham Intellectual Property, Media and Entertainment Law Journal
Thanks, in part, to social media and the digital streaming age of music, independent artists have seen a rise in popularity and many musicians have achieved mainstream success without the affiliation of a major record label. Alongside the growth of independent music has come the widespread use of music sampling. Sampling, which was once depicted as a crime perpetrated by hip-hop artists, is now prevalent across charttopping hits from all genres. Artists have used sampling as a tool to integrate cultures, eras, and styles of music while experimenting with the bounds of musical creativity. Artists whose works are sampled have …
Panel 2: Art Law And Blockchain, Tonya M. Evans, Derek Fincham, Katya Fisher, Jeanne L. Schroeder
Panel 2: Art Law And Blockchain, Tonya M. Evans, Derek Fincham, Katya Fisher, Jeanne L. Schroeder
Law Faculty Scholarship
Panel presentation on Art Law and Blockchain at 2019 AELJ Spring Symposium: Digital Art & Blockchain.
The Role Of International Rules In Blockchain-Based Cross-Border Commercial Disputes, Tonya M. Evans
The Role Of International Rules In Blockchain-Based Cross-Border Commercial Disputes, Tonya M. Evans
Law Faculty Scholarship
[excerpt] The concept of online dispute resolution (ODR) is not new. 1 But, with the advent of Web 3.0, the distributed web that facilitates pseudonymous and cross-border transactions via blockchain's distributed ledger technology, 2 the idea of, and pressing need for, appropriate dispute resolution models for blockchain-based disputes to support this novel system of distributed consensus and trust of which blockchain proponents boast, is a primary concern in rapid development. 3 The common goal of each project is to utilize smart contracts to facilitate "superior, quicker[,] and less expensive proceedings by eliminating so many of the tedious and protracted trappings …
Crypto-Concerns: A Cyberskeptic Looks For Weak Links In The Blockchain, Becky Jacobs
Crypto-Concerns: A Cyberskeptic Looks For Weak Links In The Blockchain, Becky Jacobs
College of Law Faculty Scholarship
In her article, “Beyond Bitcoin: Leveraging Blockchain to Benefit Business and Society,” Professor Weldon explores the potential of blockchain technology to transform corporate governance and risk management and to promote the principles of transparency that animate various mandatorydisclosure regimes.I too am very excited by blockchain’s potential to revolutionize and make more transparent many business practices, but I also have some, pun intended, crypto-concerns. I admit that these concerns are based upon Blockchain technology interacts with the law in a number ofcontexts, corporate governance being one (as well as copyright and other IP, tax, antitrust, securities regulation, banking, criminal, corporate, maritime, …
In Code(Rs) We Trust: Software Developers As Fiduciaries In Public Blockchains, Angela Walch
In Code(Rs) We Trust: Software Developers As Fiduciaries In Public Blockchains, Angela Walch
Faculty Articles
A decade into Bitcoin's existence, governance questions around it and other public blockchains abound. Do these 'decentralized' structures even have governance? If so, what does it look like? Who has power, and how is it channeled or constrained? Are power structures implicit or explicit? How can we improve upon the ad hoc governance structures of early blockchains? ls ‘on-chain governance,’ like that proposed by Tezos and others, the path forward?
In August 2016, in the aftermath of the DAO theft and resulting Ethereum hard fork, I argued in American Banker that the core developers and significant miners of public blockchains …
Decoding Smart Contracts: Technology, Legitimacy, & Legislative Uniformity, Jared Arcari
Decoding Smart Contracts: Technology, Legitimacy, & Legislative Uniformity, Jared Arcari
Fordham Journal of Corporate & Financial Law
Blockchain technology is increasingly permeating the everyday lives of countless people. Applications of the cutting-edge technology range from secured banking to tracking mortgage titles. A particular blockchain technology, dubbed “smart contracts,” has the potential to revolutionize how individuals and companies securely contract with each other. Smart contracts, however, are not widely employed, mainly because potential users are uncertain of their enforceability as contracts under existing state contract laws. Similar skepticism slowed the acceptance of electronic signatures in the late 1990s, but was resolved ultimately through a model uniform act recognizing electronic signatures’ effectiveness across interstate borders. This Note proposes a …
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 …
Beyond Bitcoin: Leveraging Blockchain To Benefit Business And Society, Rachel Epstein, Marcia Narine Weldon
Beyond Bitcoin: Leveraging Blockchain To Benefit Business And Society, Rachel Epstein, Marcia Narine Weldon
Articles
No abstract provided.
Smart Contracts In Traditional Contract Law, Or: The Law Of The Vending Machine, Jonathan Rohr
Smart Contracts In Traditional Contract Law, Or: The Law Of The Vending Machine, Jonathan Rohr
Cleveland State Law Review
Smart contracts are the new norm, yet state legislatures and courts have not developed set rules and answers to legal disputes that these contracts create. Is traditional contract law sufficient? Or should we create an entirely new legislative or common law scheme to deal with these disputes? The common law has proven to be successful in dealing with new technologies and contracts, particularly because of its flexibility. Although a major overhaul may be in the future, there are still solutions that we can find today with the current legal landscape given the state of contract law and its evolution over …
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 …
Financial Contracting With The Crowd, Usha Rodrigues
Financial Contracting With The Crowd, Usha Rodrigues
Scholarly Works
Equity crowdfunding is broken. The current model imposes too many burdens on entrepreneurs in exchange for too little money. For alternative models, this Article looks to the time-tested venture capital financial contract, and the recent experience of initial coin offerings (ICOs). ICOs made headlines over the past two years, as the means by which blockchain technology companies raised billions of dollars to launch new cryptocurrency ventures. Although their novelty as a monetary and investing device is well known, ICOs also presented significant, unappreciated insights into financial contracting.
ICOs furnished an unprecedented experiment into how bargains would look if entrepreneurs raised …
Crowdfunding Capital In The Age Of Blockchain Based Tokens, Patricia H. Lee
Crowdfunding Capital In The Age Of Blockchain Based Tokens, Patricia H. Lee
All Faculty Scholarship
Less than three years ago, the Securities and Exchange Commission (“SEC”) adopted investment crowdfunding regulations (“Reg. CF”) to facilitate small companies’ efforts to raise capital and jumpstart employment, providing companies potentially one of the most disruptive transformations in capital markets.
As the lion share of securities are offered under public offerings or Reg. D safe harbor exemptions, outcomes and impacts of Reg. CF offerings are not studied or monitored to the same extent. One line of inquiry is the scope of Reg. CF, including questions about the level of company participation, the types of businesses seeking capital formation, and the …
"Gatekeepers" Are Vital Participants In Anti-Money-Laundering Laws And Enforcement Regimes As Permission-Less Blockchain-Based Transactions Pose Challenges To Current Means To "Follow The Money", Sarah Jane Hughes
Articles by Maurer Faculty
Two phenomena dominate reports about blockchain-based transactions—that they will disrupt and displace legacy banking, securities, and trade intermediaries, and that they present new or greater opportunities for hiding proceeds of crimes or corruption. This essay does not deal with the former topic. Rather, the organizers of the symposium at George Mason University’s Antonin Scalia School of Law asks me to consider the latter question. It proved to be a tough assignment.
This essay looks at the separate questions of (1) the degree to which permission-less blockchain transactions will disrupt current anti-money laundering (AML) regimes and enforcement efforts, and (2) what …