Blockchain and the Law: Towards a Responsible Blockchain Sector

https://larc.cardozo.yu.edu/event-invitations-2018/1043/thumbnail.jp

Not So Fast--Risks Related to the Use of a SAFT for Token Sales

On October 2, 2017, Cooley LLP and Protocol Labs released a whitepaper entitled “The SAFT Project: Toward a Compliant Token Sale Framework” (the “Whitepaper”), purporting to develop “a new, compliant framework” for engaging in the sale of blockchain-based tokens. The Whitepaper acknowledged that the framework has limitations, and invited a conversation within the blockchain and legal community. In that spirit, the below report analyzes the framework proposed in the Whitepaper and highlights a number of risks related to the use of a Simple Agreement for Future Tokens (a “SAFT”) for token sales. As explained below, while the framework proposed in the Whitepaper is arguably attractive in its simplicity, it may create more problems than it solves for sellers that follow its prescriptions. In particular, the Whitepaper seemingly advances an approach that: Blurs the true test of how tokens will be analyzed under U.S. federal securities law, which is highly dependent on the relevant facts and circumstances; Increases the risk that a token will be treated as a security by emphasizing the token’s speculative, profit-generating potential and relying on vague notions of “functionality” as a panacea to guard against broad securities laws implications; and Creates a class of early investors that are incentivized to flip their holdings instead of supporting enterprise growth, which could fuel speculation and hurt consumers. Although outside the scope of this report, the approach advanced in the Whitepaper also creates: (i) uncertainty as to the tax treatment of SAFT proceeds; and (ii) risk that the SAFT may constitute a non-exempt forward contract with potential implications under U.S. commodities laws. This report aims to advance the conversation regarding this emerging space and to caution those who may seek to rely solely on the Whitepaper’s conclusions as a basis for analyzing potential U.S. securities law risks when engaging in a token sale. The report does not take a position on whether other pre-sale or pre-order agreements for pre-functional tokens could comply with securities law. And, it is not intended to—and should not—be relied upon as legal advice; token sellers should consult their own counsel. The report proceeds in three parts. The first two sections provide a brief overview of utility tokens and the SAFT proposed in the Whitepaper. The final section outlines four concerns that should serve as a warning for those considering buying or selling tokens through a SAFT

Anexo: dictamen sala BIA al RGP de Córdoba

Ningun

Second Annual Blockchain and the Law Conference

https://larc.cardozo.yu.edu/event-invitations-2019/1049/thumbnail.jp

Full Text PDF of The JBBA, 11th Issue, May 2023

Full Text PDF of The JBBA, 11th Issue, May 202

Stakeholder Survey Preliminary White Paper

With a generous grant from the Columbia-IBM Center for Blockchain and Data Transparency, the Columbia Law School/Business School Program in the Law and Economics of Capital Markets (the “Program”) is conducting a survey of domestic and international securities markets regulators, entrepreneurs, private industry leaders, legal practitioners, academics, and other stakeholders in the securities markets (the “Survey”). The Survey is designed to provide a deeper understanding of what these stakeholders consider to be the most important issues raised by distributed ledger technology (“DLT”) for the securities markets and their regulation. DLT is an integral part of the larger revolution in computing, communication, and data storage that has transformed securities markets over the last few decades and promises further radical change in the years to come

An Exploration of Bitcoin Mining Practices:Miners’ Trust Challenges and Motivations

Bitcoin blockchain technology is a distributed ledger of nodes authorizing transactions between anonymous parties. Its key actors are miners using computational power to solve mathematical problems for validating transactions. By sharing blockchain's characteristics, mining is a decentralized, transparent and unregulated practice, less explored in HCI, so we know little about miners' motivations and experiences, and how these may impact on different dimensions of trust. This paper reports on interviews with 20 bitcoin miners about their practices and trust challenges. Findings contribute to HCI theories by extending the exploration of blockchain's characteristics relevant to trust with the competitiveness dimension underpinning the social organization of mining. We discuss the risks of collaborative mining due to centralization and dishonest administrators, and conclude with design implications highlighting the need for tools monitoring the distribution of rewards in collaborative mining, tools tracking data centers' authorization and reputation, and tools supporting the development of decentralized pools

The Educational Intelligent Economy – Lifelong Learning – A vision for the future

Almost every detail of our lives, where we go, what we do, and with whom is captured as digital data. Technological advancements in cloud computing, artificial intelligence, and data analytics offer the education sector new ways not only to improve policy and processes but also to personalize learning and teaching practice. However, these changes raise fundamental questions around who owns the data, how it might be used, and the consequences of use. The application of Big Data in education can be directed toward a wide range of stakeholders, such as educators, students, policy-makers, institutions, or researchers. It may also have different objectives, such as monitoring, student support, prediction, assessment, feedback, and personalization. This chapter presents the nuances and recent research trends spurred by technological advancements that ave influenced the education sector and highlights the need to look beyond the technical boundaries using a socio-semiotic lens. With the explosion of available information and digital technologies pervading cultural, social, political as well as economic spaces, being a lifelong learner is pivotal for success. However, technology on its own is not sufficient to drive this change. For technology to be successful, it should complement individual learning cultures and education systems. This chapter is broadly divided into two main sections. In the first section, we contemplate a vision for the future, which is deemed possible based on ongoing digital and computing advancements. The second section elaborates the technological, pedagogical, cultural, and political requirements to attain that vision

A framework for analysing blockchain technology adoption: Integrating institutional, market and technical factors

The adoption of blockchain technologies require the consideration of a broad range of factors, over and above the predominantly technology focus of most current work. Whilst scholarly literature on blockchain technology is only beginning to emerge, majority are focused on the technicalities of the technology and tend to ignore the organizational complexities of adopting the technology. Drawing from a focused review of literature, this paper proposed a conceptual framework for adoption of blockchain technology capturing the complex relationships between institutional, market and technical factors. The framework highlights that varying outcomes are possible, and the change process is focal as this shapes the form blockchain applications take. Factors presented in the framework (institutional, market and technical) interact and mutually influence each other. The proposed framework can be used by organisations as a reference point for adopting blockchain applications and by scholars to expand, refine and evaluate research into blockchain technology