Blockchain and the Law II: The Federal, State, and Regulatory Landscape

This series of three programs are designed to be a comprehensive guide to the new practice area of blockchain law. We will examine what blockchain is, also known as distributed ledger technology ("DLT"), and how it is used within our existing and pending laws and regulations both at the various state levels including New York, Florida, South Carolina, North Carolina, California, Wyoming, and Texas as well federal agencies including U.S. Securities Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), U.S. Treasuries Financial Crimes Enforcement Network (FinCEN), and the Internal Revenue Service (IRS). We will review foundation case law including the relevant factors of the Howey Test to the recently settled SEC vs. Telegram case. The course will focus on the past, present, and future of this technology as it relates to the law and the hurdles that must be overcome both at the startup and developmental business levels, as well as the public company level including Overstock and J.P. Morgan.

In Blockchain and the Law Part II, faculty Jonathan Dunsmoor will expand upon the foundation in the Introduction to Blockchain and the Law and analyze what is occurring in the regulatory and legal frameworks within various state and federal agencies including the U.S. Securities and Exchange Commission ("SEC"), U.S. Commodities Futures Trading Commission ("CFTC"), and the U.S. Department of the Treasury.

1. Review the positions taken by federal agencies regarding various types of cryptocurrencies, digital assets, and so-called stable coins
2. Analyze current case law and the pitfalls within those rulings, including the landmark case of Howey as it relates to the no-action letters by the SEC
3. Examine Libra and Central Bank Digital Currencies, also known as "global digital currencies"
4. Discuss the current legal and practical dilemmas that are confronted by the companies in this industry