Law Commons^™

Leveraging Next-Gen Technology For Supply Chain Security, Thomas Drape, Reginald P. Parker

Journal of Vincentian Social Action

Global supply chain disruptions continue as part of both a national and global discussion. There is a need for a greater focus on supply chain security as part of this discussion as there is an increasing amount of counterfeit parts and goods within global supply chains. While counterfeit activity is an economic burden to companies and the global market, there are also legitimate concerns on consumer safety, consumer trust and company brand management.

The aim for this paper is to identify the concern and extent of the counterfeit problem and identify the use of next-gen technologies to provide brand protection …

Navigating The Non-Fungible Token, Kimberly A. Houser, John T. Holden

Utah Law Review

$91.8 million, $69 million, and $52.7 million. These are the amounts associated with the three most sought after Non-Fungible Tokens (NFTs) sold in 2021. Although NFTs were first created in 2014, 2021 saw a massive rise in their global popularity. In fact, Google reported that in 2021, “How to buy an NFT?” was one of its most searched questions.

NFTs can alternatively represent a collectible, a financial instrument, or a permanent record associated with a person, physical or digital object, or data—each presenting an entirely distinct set of legal issues. The lack of governmental expertise in emerging technologies accompanied by …

The 'Merge' Did Not Fix Ethereum, Hilary J. Allen

Popular Media

The Ethereum blockchain that facilitates much of the crypto world last month finally accomplished the long-promised and oft-delayed “Merge”, a technical switch in the way it works.

A Proposed Sec Cyber Data Disclosure Advisory Commission, Lawrence J. Trautman, Neal Newman

Faculty Scholarship

Constant cyber threats result in: intellectual property loss; data disruption; ransomware attacks; theft of valuable company intellectual property and sensitive customer information. During March 2022, The Securities and Exchange Commission (SEC) issued a proposed rule addressing Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, which requires: 1. Current reporting about material cybersecurity incidents; 2. Periodic disclosures about a registrant’s policies and procedures to identify and manage cybersecurity risks; 3. Management’s role in implementing cybersecurity policies and procedures; 4. Board of directors’ cybersecurity expertise, if any, and its oversight of cybersecurity risk; 5. Registrants to provide updates about previously reported cybersecurity …

Criminal Confrontation Of Encrypted Digital Currencies And Artificial Intelligence Crimes Analytical Study In Egyptian And Comparative Legislation, Dr Ramy Metwally El-Kady Dr.

مجلة جامعة الإمارات للبحوث القانونية UAEU LAW JOURNAL

The world is on the cusp of a fourth industrial revolution, which is a tsunami of technological progress that will change the details of human life, through its dependence on the Internet of Things, Blockchain and artificial intelligence applications. Criminal law, legislators and criminal justice agencies do not seem isolated from these developments, and the research aims to shed light on the fourth industrial revolution and its new tools, address blockchain technology and its link to virtual currencies and their misuse, shed light on the rules of responsibility resulting from the use of artificial intelligence applications, and shed light on …

Hitting The White Ball: The Technology Neutrality Principle And Blockchain-Based Applications, Anne Veerpalu, Eduardo Da Cruz Rodrigues E Silva

Indian Journal of Law and Technology

This article provides a legal analysis model for legislators to employ in order to identify non-compliance with the technology neutrality principle in cases of use of blockchain technology. The principle of technology neutrality is aimed at supporting innovation and competition. The article uses the treatment of an application called CUBER in Estonia as early as in 2014 as an example for such analysis. The CUBER mobile application used blockchain technology to execute payment transactions for goods and services. The article first portrays the challenges that the technology neutrality principle poses on existing regulation. It then explores whether technology discrimination took …

Trust Me: Combining Online Dispute Resolution, Law And Blockchain Technology, Tina Van Der Linden

Indian Journal of Law and Technology

This piece focuses on the unsettled relationship between online dispute resolution, law and smart contracts (and the ‘trust’ provided by them). It first introduces the ways in which smart contract applications on a blockchain provide the trust required to deal with unknown business partners – trust in the network rather than in an old-fashioned trusted third party. A distinction is also drawn between calculated trust and institutional trust. The piece then attempts to reconcile the trust provided by smart contracts with the demands of business and concludes that some gaps remain. Finally, it examines what online dispute resolution and the …

Is Bitcoin The New Gold? The Two May Be More Similar Than You Think, Including Their Value, Uses, And Deleterious Effects On The Environment, Justin Allen

Environmental and Earth Law Journal (EELJ)

In the 1850s, the Gold Rush started in the United States, and in 2010, an analogous phenomenon, the Cryptoboom, began. Similar to the Gold Rush, Bitcoin’s initial boom was marred by the deleterious effects that mining for valuable coins had on the environment, but there are steps that can be taken to mitigate the negative effect cryptocurrencies have on the environment. Cryptocurrencies, including Bitcoin and the blockchain technology that powers cryptocurrencies, have been widely embraced by many people, corporations, and even entire governments for a multitude of reasons. Some have embraced the fruits of blockchain to use as a decentralized …

Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen

Research Collection Yong Pung How School Of Law

This article explores the emerging phenomenon of use cases for Non-fungible Tokens (NFTs) in novel forms of crypto-finance, a stage we call “NFT financialisation”, that can be developed from stages of consumption and commoditisation of NFTs, which are increasingly observed. Despite the emerging contests regarding property rights conferred by NFTs, the needs for commoditisation and financialisation in NFT markets would likely shape the delineation and framing of such rights in order for users to exploit the asset potential of NFTs. We argue that an institutional response is timely and beneficial for NFT financialisation. Financial regulatory governance can provide the institutions …

Blockchain Land Transfers: Technology, Promises, And Perils, Vincent Ooi, Kian Peng Soh, Jerrold Soh

Research Collection Yong Pung How School Of Law

The blockchain’s apparent immutability has attracted significant interest on whether it may be relied on for registering and transferring land. Proponents of blockchain-based land systems point toward data security, automated transacting, and improved accessibility as key benefits; critics raise concerns over structural vulnerabilities, such as majority attacks, and inconsistencies with existing legal frameworks. The literature, however, tends to conceptualise blockchain as one monolithic data structure invariably built on the same mechanisms powering Bitcoin. This paper seeks to situate the debate on a closer understanding of the range of blockchain implementations possible. To this end, we provide a detailed technological survey …

Bringing Technological Transparency To Tenebrous Markets: The Case For Using Blockchain To Validate Carbon Credit Trading Markets, Gary E. Marchant, Zachary Cooper, Philip Gough-Stone

Natural Resources Journal

Carbon reductions have become a priority as companies and other entities emitting greenhouse gases seek to comply with regulatory requirements and commit to voluntary goals that are consistent with their sustainability pledges. These carbon reductions are accounted for by carbon credits, which are tradeable units of carbon reduction that can be used to comply with regulatory or voluntary carbon reduction credits. Many companies are making such carbon reduction promises, and are frequently relying on credits generated by non-traditional mitigation sources such as agriculture or forestry to achieve those reductions and credits. However, the credibility and reliance on such carbon credit …

Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon

Research Collection Yong Pung How School Of Law

Decentralized Finance, known as DeFi, refers to the use of blockchain and digital assets or crypto-assets for the provision of financial services. Under this concept, services such as loans, insurance, crypto-asset exchanges, among others, are offered, are structured based on crypto-assets and through technologically decentralized applications. This chapter discusses the concept of DeFi and how it challenges the traditional market infrastructures of the financial sector, demystifying the idea of absolute decentralization, generally mentioned in the crypto-asset arena, from the perspective of decision-makers and governors of these decentralized applications. Subsequently, the chapter analyses the opportunities and challenges of DeFi for consumers, …

The Impending Collision Of Smart Contracts And The Automatic Stay, Carter D. Wietecha

Notre Dame Law Review

This Note begins by briefly examining the nature and function of smart contracts, including how they have changed over time. Next, it evaluates the relevant language of Code provisions dealing with the automatic stay and discusses decisions treating the interaction of early generation smart contracts with the automatic stay. It concludes with a discussion of how the Supreme Court’s recent decision in City of Chicago v. Fulton has significantly changed the legal landscape for smart contracts and how the automatic stay will likely interact with smart contracts in the near future.

De-Gentrified Black Genius: Blockchain, Copyright, And The Disintermediation Of Creativity, Tonya M. Evans

Pepperdine Law Review

In a 2016 acceptance speech during the Black Entertainment Television (BET) Awards, actor and activist Jesse Williams used the phrase “gentrifying our genius” to refer to the insidious process of misappropriating the cultural and artistic productions of Black creators, inventors, and innovators. In that speech, he poignantly and unapologetically condemned racial discrimination and cultural misappropriation. This Article chronicles the nefarious history of the creative disempowerment of creators of color and then imagines an empowering future for those who successfully exploit their creations by fully leveraging copyright ownership and transfer termination. To that end, I reference the considerable scholarship of Professor …

Nft: The Next Big Thing?, Golden Gate University School Of Law

GGU Law Review Blog

In 2021, Non-Fungible Tokens (“NFTs”) have taken the world of digital art to new heights. Artists are beginning to “tokenize” their art and sell them in NFT marketplaces for highly lucrative prices where bids can be made only with cryptocurrency. The “hype” surrounding NFTs grows by the day, thousands of new NFTs are being “minted” everyday. Even celebrities are getting involved in this digital movement. It seems however, that we have seen only the infancy of the blockchain based technology and that it may soon venture off beyond the world of digital art. For those in the legal profession, it …

Criminal Confrontation Of Encrypted Digital Currencies And Artificial Intelligence Crimes Analytical Study In Egyptian And Comparative Legislation, Dr Ramy Metwally El-Kady

UAEU Law Journal

The world is on the cusp of a fourth industrial revolution, which is a tsunami of technological progress that will change the details of human life, through its dependence on the Internet of Things, Blockchain and artificial intelligence applications. Criminal law, legislators and criminal justice agencies do not seem isolated from these developments, and the research aims to shed light on the fourth industrial revolution and its new tools, address blockchain technology and its link to virtual currencies and their misuse, shed light on the rules of responsibility resulting from the use of artificial intelligence applications, and shed light on …

Clinical Interactions In Electronic Medical Records Towards The Development Of A Token-Economy Model, Nicole Allison S. Co, Jason Limcaco, Hans Calvin L. Tan, Ma. Regina Justina E. Estuar, Christian E. Pulmano, Dennis Andrew Villamor, Quirino Sugon Jr, Maria Cristina G. Bautista, Paulyn Jean Acacio-Claro

Graduate School of Business Publications

The use of electronic medical records (EMRs) plays a crucial role in the successful implementation of the Universal Healthcare Law which promises quality and affordable healthcare to all Filipinos. Consequently, the current adoption of EMRs should be studied from the perspective of the healthcare provider. As most studies look into use of EMRs by doctors or patients, there are very few that extend studies to look at possible interaction of doctor and patient in the same EMR environment. Understanding this interaction paves the way for possible incentives that will increase the use and adoption of the EMR. This study uses …

Does Cryptocurrency Staking Fall Under Sec Jurisdiction?, Nicholas E. Gonzalez

Fordham Journal of Corporate & Financial Law

Bitcoin, the first blockchain and cryptocurrency (crypto), launched in 2009 when the Bitcoin network opened to the public. A blockchain is a digital ledger technology where transactions are aggregated and permanently recorded into blocks of information. Maintenance of a blockchain is typically conducted by decentralized managers who own and operate network computers (“Nodes”) and serve the functions normally handled by central intermediaries to validate and confirm transactions. All Nodes follow a blockchain protocol. In Bitcoin’s and most cryptos’ cases, this protocol is known as a Proof- of-Work protocol which requires a large amount of energy consumption. Consequently, Proof-of-Stake protocols (“PoS”) …

Governing The Interface Between Natural And Formal Language In Smart Contracts, Joshua A.T. Fairfield, Niloufer Selvadurai

Scholarly Articles

Much of the confusion about the proper regulation of smart contracts stems from the fact that both code and law are expressed in language. Natural (human) and formal (computer) languages are profoundly different, however. Natural language in the form of a true legal contract expresses human meaning and expectation. Code simply acts, and when code acts contrary to the understanding of the parties to a contract, courts must have a theoretical and legal basis in order to intervene--which this Article provides.

Present scholarship on the governance of smart contracts centers on logistical problems relating to the effects of automation on …

Tokenized: The Law Of Non-Fungible Tokens And Unique Digital Property, Joshua A.T. Fairfield

Scholarly Articles

Markets for unique digital property--digital equivalents of rare artworks, collectible trading cards, and other assets that gain value from scarcity--have exploded in the past few years. At root is the next iteration of blockchain technology, unique digital assets called non-fungible tokens. Unlike bitcoin, where one coin is the same as another, NFTs are unique, each with different attributes. An NFT that represented ownership of Boardwalk would be quite different from one that represented Baltic Avenue.

NFTs have grown from a few early breakout successes to a rapidly developing market for unique digital treasures. The attraction to buyers is that, unlike …

Gambling On The Blockchain: How The Unlawful Internet Gambling Enforcement Act Has Opened The Door For Offshore Crypto Casinos, Samuel H. Brown Vii

Vanderbilt Journal of Entertainment & Technology Law

Online cryptocurrency casinos have seen a dramatic rise in popularity over the past thirty years as the rate of ownership of cryptocurrencies has risen almost as quickly as the US monetary value of a single Bitcoin. Current US laws and regulations are outdated; the only piece of federal legislation that provides oversight in the area of virtual gambling originated in 2006, more than fifteen years before the publication of this Note. Previous scholarship suggests that a lack of federal action has resulted in a surge of criminal activity, such as money laundering and tax evasion, as well as significant missed …

May I Pay More? Lessons From Jarrett For Blockchain Tax Policy, Amanda Parsons

Publications

In this article, Parsons examines Jarrett, t in which the taxpayers argue that blockchain reward tokens should be included in income only upon sale or exchange (a position that would raise their tax bills), and she explores why they sought this treatment and what implications it holds for policymakers trying to develop a tax regime for blockchain activities.

Delineating The Legal Framework For Data Protection: A Fundamental Rights Approach Or Data Propertization?, Efe Lawrence Ogbeide

Canadian Journal of Law and Technology

The Charter of Fundamental Rights of the European Union, like other key legal instruments around the globe, grants citizens the right to privacy in Article 7. The Charter, however, further provides for the right to data protection in Article 8. Simply put, the implication of Article 8 of the Charter is that the right to data protection is a fundamental right. The central question in this article is whether data protection indeed qualifies to be categorized as a fundamental right. If not, what other approach(es) to data protection may be implemented?

Cryptocurrency, Legibility, And Taxation, Amanda Parsons

Publications

In Jarrett v. United States, a taxpayer in Tennessee is arguing that staking cryptocurrency did not result in him earning “income” under federal income tax law. This case illustrates the fundamental challenge that cryptocurrency and blockchain technology present for tax law. Wealth creation in the crypto space is not readily legible to the state. This absence of legibility threatens tax law’s reliance on placing economic activities into categories to determine how they should be taxed. Furthermore, this case highlights the harms Congress and Treasury are risking by not taking action on cryptocurrency taxation. The uncertainty and lack of guidance on …

Blockchain Networks As Knowledge Commons, Ilia Murtazashvili, Jennifer Brick Murtazashvili, Martin B. H. Weiss, Michael J. Madison

Articles

Researchers interested in blockchains are increasingly attuned to questions of governance, including how blockchains relate to government, the ways blockchains are governed, and ways blockchains can improve prospects for successful self-governance. Our paper joins this research by exploring the implications of the Governing Knowledge Commons (GKC) framework to analyze governance of blockchains. Our novel contributions are making the case that blockchain networks represent knowledge commons governance, in the sense that they rely on collectively-managed technologies to pool and manage distributed information, illustrating the usefulness and novelty of the GCK methodology with an empirical case study of the evolution of Bitcoin, …

Can Blockchain Revolutionize Tax Administration?, Orly Sulami Mazur

Faculty Journal Articles and Book Chapters

Experts predict that the use of smart contracts and other applications of blockchain technology could revolutionize the manner in which we do business. Blockchain technology promises the elimination of middlemen, increased trust and transparency, and improved access to shared information and records. Thus, it is no surprise that companies and entrepreneurs are developing blockchain solutions for an array of markets, ranging from real estate to health care. But can this new technology revolutionize tax administration?

This Article is the first to consider blockchain technology’s role in addressing the shortcomings of our current administration system— namely, a large tax gap, high …

How To Sell Nfts Without Really Trying, Brian L. Frye

Law Faculty Scholarly Articles

Something is happening and we don’t know what it is. Suddenly last summer, the internet went nuts for “non-fungible tokens” or “NFTs.” In a matter of months, NFT sales swelled from a sleepy slough of the blockchain to a thundering cataract that shows no sign of slaking. Special NFTs sell for millions of dollars, and some are even securitized. It’s a big business that’s only getting bigger.

But no one seems to know why. Objectively, NFTs are useless, meaningless, and worthless. So why are people willing to pay millions of dollars for them, even begging for the opportunity? Maybe it …