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Blockchain & The Law Roundup: 8 January 2017

people are beginning to get back into the swing of things after the Christmas & New Year vacation. There is a fair amount of discussion over the wires about regulatory issues. From the US to the EU and onto India, we notice today.

 

Title: US Securities Regulations are in Need of a Blockchain Upgrade

Author: CrowdFund Insider

Date: 7 January 2018

URL: https://www.crowdfundinsider.com/2018/01/126768-us-securities-regulations-need-blockchain-upgrade/

Extract: We agree and believe the SEC should take it a step further and look to see how Blockchain can be incorporated to boost transparency and access to information beyond the convoluted stack of requirements today. Yes, the devil is in the details but it is time to have a 2020 Act, and not a 1933 Act, that matches the highly interconnected world of global trading and digital assets that is the future. Reardon’s recommendation is a good place to start. Hopefully, the SEC will choose to follow Reardon’s guidance.

 

Title: There Is No Such Thing as “the” Blockchain We’re using one word to describe a bunch of different technologies.

Author: Slate

Date: 5 January 2018

URL: http://www.slate.com/articles/technology/future_tense/2018/01/there_is_no_such_thing_as_the_blockchain.html

Extract: How do you quadruple your stock price without lifting a finger? In December 2017, the Long Island Ice Tea Corp. found an answer: Add the word blockchain to your company name. The beverage business made this move before doing much to justify its new branding as Long Blockchain Corp. Still, investors rewarded the company: Its stock rose 432 percent. That’s because blockchain, a piece of bitcoin’s technological plumbing, has recently become the buzzword of all buzzwords in the business world.

 

Title: Blockchain in government? Illinois lawmakers to explore benefits, possible regulation. After several new policies and pilots conducted by state agencies, lawmakers are now investigating the legal mechanisms needed to help the technology thrive inside government.

Author: State Scoop

Date: January 2018

URL: http://statescoop.com/illinios-legislature-investigates-blockchain-with-house-subcommittee

Extract:

 

Title: Gibraltar Passes Law Regulating Block Chain Companies

Author: Legal Gambling.com

Date: 5 January 2018

URL: https://www.legalgamblingandthelaw.com/news/gibraltar-passes-law-regulating-block-chain-companies/

Extract:  Gibraltar has become the first jurisdiction in the world to establish a regulatory framework for companies working on block chain technology. In this regard, a bill was passed in the 17-member local Parliament in December. Following the passage of the bill, all block chain technology companies storing and transmitting value must get a license from the Financial Services Commission (GFSC) of Gibraltar.

The British overseas territory, with an independent legal system from the UK, hopes to attract genuine companies with the newly brought about regulation. The GFSC website carries a notification, which states that effective January 1, 2018, companies involved in Distributed ledger Technology (DLT), or block chain technology, as it is commonly referred to, must be authorized by the Commission.

 

Title:  A Legal Renaissance, Blockchain Style

Author: Coin Desk

Date: 7 January 2018

URL: https://www.coindesk.com/2017-legal-renaissance-blockchain-style/

Extract:  Joshua Ashley Klayman is co-head of global law firm Morrison & Foerster LLP ‘s Blockchain + Smart Contracts Group and chairs the Wall Street Blockchain Alliance Legal Working Group.

The following article is an exclusive contribution to CoinDesk’s 2017 in Review, and represents the author’s personal views, not necessarily those of her employer.

 

Title: India: Lawyer demands proper framework for cryptocurrency, files PIL

Author: Times of India

Date: 7 January 2018

URL: https://timesofindia.indiatimes.com/city/kolkata/lawyer-files-pil-on-cryptocurrency/articleshow/62397340.cms

Extract: KOLKATA: A city-based lawyer has filed a public interest litigation with Calcutta High Court demanding a proper framework for cryptocurrency such as Bitcoin in the country, in the absence of which digital currencies were enjoying a free run in the underworld.
The lawyer also pointed out the link between cryptocurrency and dark web that, he alleged, aided money laundering and terror activities, apart from facilitating purchase of drugs.

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