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E-raamat: Digital Assets and Blockchain Technology: US Law and Regulation

  • Formaat: PDF+DRM
  • Ilmumisaeg: 31-Jul-2020
  • Kirjastus: Edward Elgar Publishing Ltd
  • Keel: eng
  • ISBN-13: 9781789907445
  • Formaat - PDF+DRM
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  • Formaat: PDF+DRM
  • Ilmumisaeg: 31-Jul-2020
  • Kirjastus: Edward Elgar Publishing Ltd
  • Keel: eng
  • ISBN-13: 9781789907445

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This textbook examines the legal and regulatory approaches to digital assets and related technology taken by United States regulators. As cryptoassets and other blockchain applications mature, and regulatory authorities work hard to keep pace, Daniel Stabile, Kimberly Prior and Andrew Hinkes invite students to consider the legal approaches, challenges and tension points inherent in regulating these new products and systems. The authors explore the attempts to apply securities laws and money transmission regulation, the growth of smart contracts, the taxation of digital assets, and the intersection of digital assets and criminal law.

This innovative and unique textbook features:











Commentary and analysis by three leading attorneys engaged with the regulation of digital assets and blockchain technology, offering practical, real-world acumen A comprehensive overview of the origins, key features and mechanisms of blockchain technology, as well as a broad intimation of the divisive debates that will shape the future of digital assets, to guarantee a thorough introduction to the topic for students Excerpts of authorities and other materials from key regulators, including the Financial Crimes Enforcement Network, the Securities and Exchange Commission, the Commodities Futures Trade Commission, and the Internal Revenue Service, to add insight and nuance to classroom discussions.

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