Acknowledgments |
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ix | |
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x | |
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xviii | |
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1 | (6) |
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2 Overview of distributed ledgertechnology and terminology |
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7 | (20) |
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2.1 The Genesis moment: Satoshi's white paper |
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7 | (10) |
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17 | (3) |
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2.2.3 Public and private keys |
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17 | (1) |
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18 | (2) |
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20 | (3) |
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2.3.3 Bitcoin's proof of work |
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20 | (2) |
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22 | (1) |
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2.4 The wide world of cryptoassets |
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23 | (4) |
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2.4.3 The growing world of cryptocurrencies and similar assets |
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23 | (1) |
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2.4.3 Public versus private systems |
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24 | (1) |
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24 | (2) |
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26 | (1) |
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3 The regulation of virtual currency businesses |
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27 | (100) |
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3.1 The principal US federal regulators |
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28 | (61) |
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3.1.3 The Financial Crimes Enforcement Network |
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28 | (29) |
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3.1.3 The Securities and Exchange Commission |
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57 | (11) |
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3.1.3 The Commodities Futures Trading Commission |
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68 | (21) |
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89 | (38) |
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90 | (18) |
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108 | (12) |
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120 | (5) |
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125 | (2) |
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4 Fundraisingand securities |
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127 | (62) |
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128 | (1) |
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4.2 lsatokenasecurity: early SECguidance |
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129 | (28) |
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4.3 Simple agreements for future tokens and the SAFT Project |
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157 | (9) |
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4.4 A "framework" for analyzing whether atoken is a security |
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166 | (8) |
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4.5 Tokens that are not securities: early SEC no-action letters |
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174 | (15) |
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5 Offers and sales of tokens under US securities laws |
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189 | (26) |
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5.1 Securities Act registration requirements |
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189 | (5) |
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5.1.3 Overview of the securities registration process |
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190 | (2) |
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5.1.3 Overview of material public company requirements |
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192 | (2) |
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5.2 Exemptions from the SEC registration requirements |
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194 | (8) |
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194 | (3) |
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197 | (2) |
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199 | (1) |
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5.2.3 Regulation Crowdfunding |
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200 | (2) |
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5.3 Other legal considerations when conducting a security token offering |
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202 | (13) |
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5.3.3 Application of the anti-fraud provisions |
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202 | (1) |
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5.3.3 Exchange Act registration requirements |
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203 | (1) |
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5.3.3 Broker-dealer registration requirements |
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203 | (1) |
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5.3.3 Investment Company Act registration requirements |
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204 | (3) |
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5.3.3 Registration as a money services business with FinCEN and/or state securities regulators |
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207 | (2) |
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5.3.3 Securities Act anti-touting provisions |
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209 | (4) |
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5.3.3 State law securities registration and other requirements |
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213 | (1) |
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5.3.3 Foreign securities laws |
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214 | (1) |
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5.3.3 Tax and accounting considerations |
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214 | (1) |
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215 | (1) |
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216 | (1) |
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6.2 Defining smart contracts |
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216 | (2) |
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6.3 How smart contracts work |
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218 | (2) |
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6.4 Types of smart contracts |
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220 | (2) |
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6.4.3 Single party smart contracts |
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221 | (1) |
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6.4.3 Degrees of integration into traditional contracts |
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221 | (1) |
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6.4.3 Smart legal contracts |
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222 | (1) |
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222 | (2) |
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6.6 When are smart contracts also legal contracts? |
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224 | (28) |
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6.6.3 Are smart contracts legally enforceable? |
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226 | (1) |
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6.6.3 Identifying the terms of the agreement |
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227 | (1) |
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6.6.3 B2C2 u. Quoine, and interpreting smart contracts |
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228 | (24) |
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6.7 Drafting smart contract code |
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252 | (1) |
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6.8 Are smart contracts inherently incompatible with the legal system? |
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253 | (5) |
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254 | (2) |
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6.8.3 Smart contracts as self-help |
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256 | (1) |
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6.8.3 Challenges created by automated execution |
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256 | (2) |
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6.9 External factors may impact smart contracts |
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258 | (4) |
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6.9.3 Governance of blockchain systems |
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258 | (3) |
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261 | (1) |
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261 | (1) |
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6.10 Useof smart contracts to create newstructures |
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262 | (3) |
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6.10.3 DeFi using smart contracts |
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262 | (1) |
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6.10.3 Decentralized entities and organizations |
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263 | (2) |
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6.11 United States legislative approaches to smart contracts |
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265 | (3) |
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7 The taxation of digital assets |
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268 | (1) |
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7.1 Preliminary IRS guidance |
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269 | (5) |
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7.2 IRSeffortstouncoverfailuretoreportgains |
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274 | (10) |
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7.3 Supplemental IRS guidance |
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284 | (14) |
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8 Virtual currency and criminal law |
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298 | (45) |
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8.1 The Silk Road: online marketplaces for illicit goods |
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299 | (16) |
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8.2 Virtual currencies created for improper purposes |
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315 | (16) |
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8.3 Criminal securities fraud |
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331 | (12) |
Appendix: recommended sources |
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343 | (1) |
Bibliography |
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344 | (11) |
Index |
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355 | |