Blockchain and the Law III: Legislative Trends and Predictions

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 III, faculty Jonathan Dunsmoor will examine advanced protocols such as proof of stake versus proof of work, and what this means under the law. The course will review and analyze the Crypto-Currency Act of 2020, and what would need to change at state and federal levels for blockchain technology to become more mainstream. We will discuss and examine the possible legal implications and disasters which could come about through the failure to properly regulate these new technologies and expand upon future solutions which could allow lawyers greater access to financial and document management.

1. Examine the legal implications of advanced protocols such as proof of stake versus proof of work and what they mean under the current law
2. Question what the Crypto-Currency Act of 2020 will change if anything
3. Analyze what implications may derive from the Crypto-Currency Act and how to provide practitioners more clarity on the use of distributed ledger technology