Principles for Crypto Legislation
A general introduction to “crypto,” both the underlying technology as well as the larger ecosystem, and a set of principles for legislating in this area to ensure that American rights...
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Software is Speech: Why Regulators Cannot Invent the Missing Middlemen
Financial regulation has traditionally applied where a person takes another’s affairs in hand—exercising custody, control, or delegated judgment. Modern software, however, allows individuals to transact directly, without intermediaries. Some regulators...
Framework for Securities Regulation of Cryptocurrencies
This report, originally published in 2016 and updated in 2018, presents a framework for securities regulation of cryptocurrencies— e.g. Bitcoin and derivative projects or “alt-coins.” The framework is based on...
The Need for a Federal Alternative to State Money Transmission Licensing
The several states rather than the federal government are the primary regulators of money transmitters. State-by-state money transmission licensing is inefficient because transmitters provide a networked good that inherently crosses...
State Digital Currency Principles and Framework
States have begun to look at how virtual currencies, such as Bitcoin, and the businesses that utilize them to provide consumer products, interact with money transmission and consumer protection policy....
A Securities Law Framework for Blockchain Tokens
This framework was originally published December 2016. It is well out of date now. Do not rely on it. As the development of blockchain tokens (also known as App Coins)...
Bitcoin: Risk Factors for Insurance
The February 2014 bankruptcy of Mt. Gox, the original and for three years running largest Bitcoin exchange1, may have been precipitated by a grand digital heist. Mt. Gox announced a...
Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, and Gambling
We predict and analyze the the next major wave of Bitcoin regulation.