Regulation of Cryptocurrencies and Blockchain Technologies

National and International Perspectives

verfasst von: Rosario Girasa

Verlag: Springer International Publishing

Buchreihe : Palgrave Studies in Financial Services Technology

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This second edition further explores the regulatory landscape of cryptocurrency, highlighting the rise of Bitcoin, which is based on blockchain technology, and some of the many types of coins and tokens that emerged thereafter. Although Bitcoin and other cryptocurrencies have made national and international news with their dramatic rise and decline in value, nevertheless the underlying technology is being adopted by both industry and governments, which have noted the benefits of speed, cost efficiency, and protection from hacking. Based on numerous downloaded articles, laws, cases, and other materials, the book discusses the digital transformation, the types of cryptocurrencies, key actors, and the benefits and risks. It also addresses legal issues of digital technology and the evolving U.S. federal regulation. The varying treatment by individual U.S. states is reviewed together with attempts by organizations to arrive at a uniform regulatory regime. Both civil and criminal prosecutions are highlighted with an examination of the major cases that have arisen. This second edition specifically explores the creation of stablecoins, governments issuance of their own versions of digital currencies, new regulations that have been enacted and promulgated, and a clearer examination of futuristic evolutions that potentially will have a major impact upon the current cited technologies.

Inhaltsverzeichnis

Frontmatter

Chapter 1. The Digital Transformation

Abstract

The advent of the internet and the technological advancements related thereto have inaugurated a transformation in how we think and act that exceeds any of the prior historical inventions and discoveries. We speak to each other instantaneously, spend endless quanta of time on cell phones, computers, and other devices, and have created totally new ways of communication with one another. Industries, often reluctantly, have undergone digital transformations and disruptions in an endeavor to modernize and not become bankrupt by failure to upgrade and innovate as the oft-cited lessons of Kodak and Polaroid have imparted.

Rosario Girasa

Chapter 2. Technology Underlying Cryptocurrencies and Types of Cryptocurrencies

Abstract

The underlying technology for digital currencies is blockchain which is an electronic distributed ledger technology (DLT) that forms the basis of Bitcoin, and which serves as the foundation for most other cryptocurrencies. It has been defined in an article emanating from the FED “as some combination of components including peer-to-peer networking, distributed data storage, and cryptography that, among other things, can potentially change the way in which storage, recordkeeping, and transfer of a digital asset is done”.

Rosario Girasa

Chapter 3. Federal Regulation of Virtual Currencies

Abstract

Legal issues arising from blockchain technology and other advancements in the digital arena are reminiscent and comparable to the rise of the internet some two decades ago. Among the difficulties presented in the civil and criminal arenas are the adjustments required of legislators, regulators, and judges to address new challenges posed by innovative technologies. National and local governments, both in the US and abroad, are attempting to understand and regulate virtual currencies which raise issues affecting investors and consumers using them.

Rosario Girasa

Chapter 4. Alternatives to Traditional Virtual Currencies: Stablecoins and Central Banks Digital Currencies

Abstract

Among the risks of virtual currencies is that they are literally based on nothing other than what the perceiving individual believes a particular currency is worth. If it can be used to purchase goods, realty, services, or other assets, then its value is enhanced. Volatility is the main drawback for the rise and fall of a particular virtual currency. Without a government-backstop the holder is, in essence, left to speculate broadly in the hope of financial gain. In this chapter, we examine other alternatives that may offer the assurance of safety that is totally lacking in almost all such currencies. The discussion will focus on stablecoins which is descriptive of monetary or other assets backing found in alternative cryptocurrencies’ offerings.

Rosario Girasa

Chapter 5. Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies

Abstract

Although we have already cited a number of civil and criminal cases as they relate to specific subject-matter in prior chapters, we will focus on the broader enforcement both criminally and civilly. Criminal cases in US federal courts are prosecuted by the US Attorney’s Office in the District where the alleged federal crime has taken place and the admissible evidence will probably be sufficient to obtain and sustain a conviction.

Rosario Girasa

Chapter 6. States’ Regulation of Virtual Currencies

Abstract

The federal government, acting slowly in promulgating regulations concerning cryptocurrencies to date, in great part has ceded to the states the enactment of legislation or guidance concerning their use within their jurisdictions. The problem is that there is no model uniform legislation which a sizeable number of states find acceptable to promulgate but rather have enacted a variety of statutes and regulations.

Rosario Girasa

Chapter 7. Taxation of Virtual Currencies; Environmental, Social and Governance Considerations; Protection of Intellectual Property Rights; Antitrust; and Cybersecurity

Abstract

There are a multitude of legal issues attendant to virtual currencies. In this chapter, we consider several of the most pressing topics that have engendered significant controversy, the final solutions to which must be left to future legislative enactments and judicial decision-making. The focus summarily will be whether and to what degree are digital currency transactions are taxable; environmental, social, and governance (ESG) considerations; antitrust implications; the manner in which intellectual property rights are affected by the new technologies; and cybersecurity concerns.

Rosario Girasa

Chapter 8. International Regulation

Abstract

The advent and geometric speed of financial innovations brought about initially by the internet that serves as a basis for the transformation of global payments systems inevitably has raised significant concerns among law enforcement agencies of criminal activity, national central banks about the incorporation of new currencies into the global financial network, and other governmental apprehensions in their endeavor to protect inhabitants from harmful investments.

Rosario Girasa

Backmatter

Titel: Regulation of Cryptocurrencies and Blockchain Technologies
verfasst von: Rosario Girasa
Verlag: Springer International Publishing
Electronic ISBN: 978-3-031-21812-5
Print ISBN: 978-3-031-21811-8
DOI: https://doi.org/10.1007/978-3-031-21812-5