CryptoCoinsInfoClub.com

Blockchain Laws

7 Ways Blockchain Will Change The Legal Industry Forever

7 Ways Blockchain Will Change The Legal Industry Forever

7 ways blockchain will change the legal industry forever 7 ways blockchain will change the legal industry forever From smart contracts to the chain of custody Blockchain technology has received quite a bit of attention over the last year, with the potential to be a transformative force across multiple diverse industries . At the heart of this is the blockchain itself which offers a technique to create and maintain an immutable but also transparent distributed and shared ledger to be able to store information in. When we think of high-tech industries, the legal sector is hardly one that comes to mind. After all, lawyers are often buried in the proverbial mountain of paperwork and the classic film about the legal profession is The Paper Chase, which ends with papers being blown all over the campus quad. However, the blockchain has the ability to disrupt the practice of law, and drag it into the current century theres already a Global Legal Blockchain Consortium which seeks to standardize and promote its adoption. Here are seven ways in which the blockchain will make a big impact on the legal world. Check out how Microsoft is making a blockchain thats fit for business Legal contracts are still written, with physical signatures required on original documents, which requires significant time to accomplish, all for a binding legal agreement. The blockchain holds the promise to change this into a digital process in whats being dubbed smart contracts. These smart contracts could potentially be created and executed directly between the relevant parties, with less lawyer involvement. OpenLaw endeavors to use the blockchain to decrease the cost and friction of creating, securing, and generating binding legal agreements. It also plans to provide the tools for storage of these agre Continue reading >>

How New Eu Privacy Laws Will Impact Blockchain: Expert Take

How New Eu Privacy Laws Will Impact Blockchain: Expert Take

How New EU Privacy Laws Will Impact Blockchain: Expert Take New European data protection regulation is hardly compatible with Blockchain In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation, and cryptocurrency adoption by different sectors of the economy. If you would like to contribute an Expert Take, please email your ideas and CV to [email protected] . EU privacy laws are set to undergo their biggest overhaul since being created in 1995. The new framework, entitled the General Data Protection Regulation (GDPR), comes into effect on May 25, 2018 and will drastically change how organizations handle the personal data they collect and use. The GDPR aims to harmonize data privacy laws throughout the EU and give individuals better control over their personal data. Under the GDPR, all organizations that store personal data of EU citizens or residents, including Blockchain projects, will be required to follow stringent data privacy rules. Failure to do so will result in fines based on the severity of the breach, the character of the infringement, and the organizations compliance protocol. The most egregious offenders will face hefty fines up to 20 mln euro or four percent of their annual revenue, whichever is higher. To avoid risking fines, all organizations handling the personal data of EU citizens or residents must take active steps to ensure compliance, not only those physically located in the EU. Because the GDPR applies to any online service that is accessed by EU citizens or residents, the regulations are likely to capture the vast majority of Blockchain projects re Continue reading >>

Wyoming Passes Bill To Relax Securities Law For Some Blockchain Tokens

Wyoming Passes Bill To Relax Securities Law For Some Blockchain Tokens

Wyoming Passes Bill To Relax Securities Law For Some Blockchain Tokens Wyoming lawmakers have approved a Bill allowing certain Blockchain tokens to be exempt from securities requirements. The US state of Wyoming has passed a bill Feb. 19 allowing certain Blockchain tokens to bypass securities regulations if they meet three key requirements as of July , 2018. House Bill HB0070 was sponsored by seven representatives and five senators of the Legislature of the State of Wyoming. The bill passed the Wyoming House of Representatives unanimously in its third reading with the approval of all 60 members. The move comes as US regulators at the national level seek to crack down on illegitimate offerings from the cryptocurrency and Blockchain space, placing emphasis on the need to monitor the market for the sake of protecting investors. According to the new bill, if tokens are offered in Wyoming or simply to the states residents via an Initial Coin Offering (ICO) or otherwise, the tokens will not need to be registered as securities in the state if they conform with the following three statutes: (i) The token has not been marketed by the developer or seller as an investment; (ii) The token is exchangeable or provided for the purposes of receiving goods or services; and (iii) The developer or seller of the token has not entered into a repurchase agreement of any kind or entered into any agreement, arrangement or scheme with the principal intent and effect of manipulating or attempting to manipulate the price of the token on a secondary market. HB0070 is one of two cryptocurrency-related projects sponsored by the twelve-member group currently making their way through the state legislative system.As Cointelegraph reported Monday Feb. 19, Wyoming Senate Bill 111 seeks to exempt crypto Continue reading >>

The Coming Era Of State Blockchain Regulation

The Coming Era Of State Blockchain Regulation

Home The Coming Era of State Blockchain Regulation The Coming Era of State Blockchain Regulation State lawmakers have spent much of the last few decades grappling with the sweeping changes brought by the Internet. Even as that process continues, a recent technological innovation, blockchain - which some have called Internet 2.0 - appears to have started a whole new cycle of legislative and regulatory action in the states. In its capacity as a platform for interstate and international commerce, the Internet is a regulatory matter for the federal government. But since the Internet Revolution really began to impact the daily lives of the general public in the 1990s with the arrival of the World Wide Web and graphical web browsers, states have - as with many other issues that fall within federal purview - regulated in the gaps of that federal jurisdiction. While the Federal Communications Commission was drafting rules during the Obama administration requiring Internet providers to treat all content the same and Congress was repeatedly debating legislation that would allow states to collect sales taxes from out-of-state Internet retailers, states were passing laws making in-state affiliates of Internet retailers subject to sales taxes and requiring private or public entities to notify individuals about security breaches involving their personal information . On occasion states have also challenged federal edicts on Internet commerce. In 2016, for example, South Dakota passed remote sales tax legislation aimed at overturning the U.S. Supreme Courts decision in Quill Corp. v. North Dakota, affirming that a business must have a physical presence or nexus in a state in order for it to be subject to that states sales tax. And after the FCC voted this past December to repeal its Continue reading >>

Nebraska Considers Blockchain And Cryptocurrency Legislation

Nebraska Considers Blockchain And Cryptocurrency Legislation

Nebraska considers blockchain and cryptocurrency legislation Above: The Nebraska State Capitol building in Lincoln, Nebraska Four pieces of legislation concerning blockchain technology have been introduced in the Nebraska legislature already this year, three of which were debated in committee this week. Proponents of these bills say they will help to protect consumers while making Nebraska a national leader in the blockchain industry. Opponents are concerned that the technology is too young to be strictly defined and cumbersome regulation could scare away blockchain businesses. Either way, the conversation around this new technology has officially begun between the government and the community. Lots of questions were asked in the committee hearings, and the overwhelming sentiment was mostly that of curiosity. Senator Carol Blood introduced three of the bills. LB 691 , or Nebraska Virtual Currency Money Laundering Act, would penalize those who knowingly commit illegal acts using cryptocurrency. LB 694 would prohibit cities and counties from taxing or regulating distributed ledger technology. LB 695 would make smart contracts enforceable. Senator Blood told SPN, My intent is to lead the pack over other states scrambling to do the same type of legislation and put Nebraska on the map as a state that is open for business here in the Silicon Prairie. VentureBeats Heartland Tech channel invites you to join us and other senior business leaders at BLUEPRINT in Reno on March 5-7. Learn how to expand jobs to Middle America, lower costs, and boost profits. Click here to request an invite and be a part of the conversation. Two of the bills, LB 691 and 695, were debated in the banking committee on Wednesday. Kyle Tut of Blockera was one of the blockchain community members who provid Continue reading >>

Blockchain & Cryptocurrency Regulations In Us & Abroad - Business Insider

Blockchain & Cryptocurrency Regulations In Us & Abroad - Business Insider

Rapid Rise of Cryptocurrencies and Blockchain Technology Over the past few years, inventions in the fintech space have been rapidly transforming into innovationsthanksto early commercialization, mass acceptance and adoption. Cryptocurrencies have been around for a long time, but they have gained maximum traction and attention in the past decade. After the launch and success of Bitcoin, other cryptocurrencies soon followed, trying to break in the Fintech industry. The rise and success of cryptocurrencies has been such that today, there aremore than 1,100 cryptocurrencies currently trading in the financial market. The price of cryptocurrencies ranges between approximately a quarter to thousands of dollars. Although recently, Bitcoinbroke an all-time record high and hit a historic mark when its value peaked at a whopping $5,856.10 on October 13, 2017.The $5,000 markhas long been a threshold of high-anticipation in the bitcoin community. The currency, which is up more than 400% this year, is turning heads of businesses, financial institutions and governments all around the world. But it's also raising regulatory concerns and questions. In this article, BI Intelligence , Business Insiders premium research service, explores the regulations surrounding cryptocurrencies worldwide and their subsequent impact and spread. Cryptocurrency Regulations Around the World Amongst world economies and governments, cryptocurrency has been a topic ofcontinual debate. Many governments feel that allowing cryptocurrency for legal transactions and use would ultimately result in loss of economic power and a shift towards decentralized economies globally. Even though many countries across the world permit cryptocurrencies, they have been under scrutiny and seen with skeptical eyes in many others. Continue reading >>

Tennessee Might Also Recognize Blockchain Data Through Proposed Law

Tennessee Might Also Recognize Blockchain Data Through Proposed Law

Tennessee Might Also Recognize Blockchain Data Through Proposed Law Jan 12, 2018 at 19:00 UTC|UpdatedJan 12, 2018 at 19:01 UTC A lawmaker in Tennessee has filed a new bill that recognizes blockchain signatures as legal electronic records, marking the latest legislative effort to do so in recent weeks. The bill , submitted to the Tennessee House of Representatives bystate lawmaker Jason Powell on Jan. 10, echoes similar pieces of legislation filed in Florida and Nebraska . "A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature.A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record." Like the other pieces of legislation, the bill clarifies that smart contracts - or self-executing agreements that trigger when certain conditions are met - would also have legal bearing within Tennessee. "No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term," the text reads. The move highlights the growing interest among state lawmakers in the concept, with Arizona's government finalizing a similar law last spring . Indeed, it points to a push to harmonize state laws around electronic records with blockchain-based data. But as with the efforts in Florida and Nebraska, it remains to be seen how other lawmakers will react as the measures move through the debate process. A draft version of the bill can be found below: Image Credit: Nagel Photography / Shutterstock.com The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinD Continue reading >>

Blockchain And The Law

Blockchain And The Law

Posted in CFTC, Cryptocurrencies, Enforcement Action, Jurisdiction Earlier this month, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York entered a preliminary injunction order against Patrick McDonnell and his company, CabbageTech, Corp. (together, the Defendants). In a landmark ruling, the order upheld the CFTCs position that virtual currencies are commodities subject to CFTC jurisdiction under the Commodities Exchange Act. The preliminary injunction was issued in response to a CFTC complaint from late-January (discussed here ),which alleged that the Defendants defrauded and misappropriated funds from customers in connection with the purported provision of virtual currency investment and trading services involving Bitcoin and Litecoin. According to the CFTC, the Defendants promised as much as 300% return on an investment in less than a week, then shut down all communications once they received funds from numerous customers. While the CFTC has brought several actions against allegedly fraudulent cryptocurrency-based schemes, their authority to do so had never been ruled upon by a federal court until now. In ordering the preliminary injunction, Judge Weinstein found that, [u]ntil Congress clarifies the matter, the CFTC has concurrent authority, along with other state and federal administrative agencies, and civil and criminal courts, over dealings in virtual currency. Furthermore, Judge Weinstein affirmed that the CFTCs jurisdiction over virtual currencies extends beyond transactions involving futures or derivatives thereon; and that, as in the case of CabbageTech, the CFTC possesses anti-fraud and anti-manipulation enforcement authority over interstate contracts of sale for virtual currency itself. Posted in CFTC, Cryptocurrencies, Continue reading >>

Blockchain And Ip Law: A Match Made In Crypto Heaven?

Blockchain And Ip Law: A Match Made In Crypto Heaven?

Blockchain and IP law: a match made in crypto heaven? By Birgit Clark, Baker McKenzie, London, United Kingdom Blockchain and related distributed ledger technologies have been a hot topic recently, with multiple industries exploring their possibilities and new blockchain use cases emerging almost every day. But how might these technologies be used in the context of intellectual property (IP) law and practice? Blockchain and related distributed ledger technologies are a hot topic, with new use cases emerging almost every day (photo: Rick_Jo / iStock / Getty Images Plus). Blockchain technology has become famous as the technology behind cryptocurrencies such as Bitcoin and Ethereum. In its basic form it is an open ledger of information that can be used to record and track transactions, and which is exchanged and verified on a peer-to-peer network. Blockchain and other distributed ledger technologies create a trustworthy and transparent record by allowing multiple parties to a transaction to verify what will be entered onto a ledger in advance without any single party having the ability to change any ledger entries later on. Each transaction or block is transmitted to all the participants in the network and must be verified by each participant node solving a complex mathematical puzzle. Once the block is verified, it is added to the ledger or chain. From the perspective of information, the real innovation of distributed ledger technology is that it ensures the integrity of the ledger by crowdsourcing oversight and removes the need for a central authority. In other words, transactions are verified and validated by the multiple computers that host the blockchain. For this reason it is seen as near unhackable, because to change any of the information on it, a cyber-attack woul Continue reading >>

Blockchain: Background, Challenges And Legal Issues

Blockchain: Background, Challenges And Legal Issues

Blockchain: background, challenges and legal issues Blockchain and distributed ledger technology offers significant and scalableprocessing power, high accuracy rates, and apparently unbreakable securityat a significantly reduced cost compared to the traditional systems thetechnology could replace, such as settlement, trading or accountingsystems. Like all new technology however, it poses challenges for suppliersand customers. So what are the key issues in relation to blockchain anddistributed ledger technology? In its simplest form, blockchain is a decentralisedtechnology or distributed ledger on which transactionsare anonymously recorded. This means the transactionledger is maintained simultaneously across a networkof unrelated computers or servers called nodes, likea spreadsheet that is duplicated thousands of timesacross a network of computers. The ledger containsa continuous and complete record (the chain) of alltransactions performed which are grouped into blocks:a block is only added to the chain if the nodes, whichare members in the blockchain network with high levelsof computing power, reach consensus on the next validblock to be added to the chain. A transaction can onlybe verified and form part of a candidate block if all thenodes on the network confirm that the transactionis valid. And in order to determine the validity of acandidate block, miner nodes compete to solve ahighly complex algorithm to verify it (on the BitcoinBlockchain this is known as the Proof of Work). Thefirst node to solve the algorithm and validate the blockshould be rewarded on the Bitcoin Blockchain thisreward takes the form of Bitcoins and this is referredto as mining for Bitcoins. Please see the diagram onpage 6 for further detail of this process. A block generally contains four piece Continue reading >>

How Blockchain Technology Can Drive The Legal Industry Forward

How Blockchain Technology Can Drive The Legal Industry Forward

How Blockchain Technology Can Drive the Legal Industry Forward A new legal structure that bestows and monitors trust must be employed. Is decentralization of traditional, gigantic central bank repositories of data the answer? Is blockchain technology the new path that the legal industry should take to sustain in the digital age? Let us consider the most significant implications of decentralized technologies to the legal industry. By Dmitry Dontsov |UPDATEDJan 08, 2018 at 04:48 PM Your article was successfully shared with the contacts you provided. Trust has always been a key instrument of economics. Up until recently, central banks have acted as the metaphorical custodian of trust, employing complex processes that force populations to participate in bank accounts and credit cards to earn trust benefits, like credit scores. Yet, devastating moments such as the 2008 U.S. financial crisis that took an enormous taxpayer-funded bailout showed the same centralized and slow processes were weakening and could not adapt quickly enough in a digital economy. Further, banks have become the number one target for malicious hackers. As a result, banking systems, credit rating agencies and other traditional legal instruments no longer remain effective mechanisms for P2P reputation and trust measurement. This article appeared in Cybersecurity Law & Strategy, an ALM publication for privacy and security professionals, Chief Information Security Officers, Chief Information Officers, Chief Technology Officers, Corporate Counsel, Internet and Tech Practitioners, In-House Counsel. Visit the website to learn more. A new legal structure that bestows and monitors trust must be employed. Is decentralization of these traditional, gigantic repositories of data the answer? Is blockchain technology Continue reading >>

Blockchain Technology Is On A Collision Course With Eu Privacy Law

Blockchain Technology Is On A Collision Course With Eu Privacy Law

Blockchain technology is on a collision course with EU privacy law Those who have heard of "blockchain" technology generally know it as the underpinning of the Bitcoin virtual currency, but there are myriad organizations planning different kinds of applications for it: executing contracts , modernizing land registries , even providing new systems for identity management . There's one huge problem on the horizon, though: European privacy law. The bloc's General Data Protection law, which will come into effect in a few months' time, says people must be able to demand that their personal data is rectified or deleted under many circumstances. A blockchain is essentially a growing, shared record of past activity that's distributed across many computers, and the whole point is that this chain of transactions (or other fragments of information) is in practice unchangeable this is what ensures the reliability of the information stored in the blockchain. For blockchain projects that involve the storage of personal data, these two facts do not mix well. And with sanctions for flouting the GDPR including fines of up to 20 million or 4 percent of global revenues, many businesses may find the ultra-buzzy blockchain trend a lot less palatable than they first thought. "[The GDPR] is agnostic about which specific technology is used for the processing, but it introduces a mandatory obligation for data controllers to apply the principle of 'data protection by design'," said Jan Philipp Albrecht, the member of the European Parliament who shepherded the GDPR through the legislative process. "This means for example that the data subject's rights can be easily exercised, including the right to deletion of data when it is no longer needed. "This is where blockchain applications will run into Continue reading >>

A Legal Renaissance, Blockchain Style

A Legal Renaissance, Blockchain Style

Jan 7, 2018 at 11:00 UTC|UpdatedJan 7, 2018 at 23:12 UTC 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. The year that just ended was transformational. Blockchain and cryptocurrency entered the common vernacular. Previously, my family and friends, many of whom likely viewed me as earnest and well meaning - yet nonetheless tinfoil hat-wearing - politely tolerated my attempts to regale them with tales of how "blockchain can change the world." But now, dinner conversations regularly revolve around digital tokens and exchanges - and the ever-popular question, "Why didn't you tell us sooner?" I find myself smiling at the realization that, now, sometimes I am the one at the table who tries to change the subject when cryptocurrency come up. Those exchanges aside, geeking out about blockchain remains one of my favorite pastimes, and, happily, in 2017, I had the pleasure of meeting many like-minded people. This time last year, however, I had no idea that many of my closest crypto-collaborators, my blockchain sounding boards, and, truly, some of my best friends, would be lawyers I'd meet in the market. Lawyers at large firms, small firms, no firms, in-house. Lawyers from across the United States, and from around the world. Whether formed in think tanks and legal working groups, or forged on social media platforms, like LinkedIn, those blockchain legal relationships have proven to be meaningful, real and enormously valuable. Perhaps that is my take-away: 2017 was the year that individua Continue reading >>

Blockchain Data Protection Law | Deloitte Legal Deutschland

Blockchain Data Protection Law | Deloitte Legal Deutschland

IV. Potential conflicts with data protection law Blockchain applications are currently amongst the most discussed topics when it comes to the precursors of the fourth industrial revolution. Within the global Deloitte network, the Deloitte Blockchain Institute was founded in order to analyze and consult on the technical and economic potentials and risks of blockchain applications for sector-specific industries (e.g. telecommunications or media ). The following article deals with blockchain applications from the perspective of data protection law, in particular the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 (General Data Protection Regulation - "GDPR"), which will enter into force in May 2018. In addition to an approximation to the term blockchain (cf. section I.), the main question addressed by this article is, to what extent this technology will impact on those areas of life that have been traditionally regulated by analogue law and institutions (cf. section II.). Finally, the potential of blockchain is briefly addressed as an instrument of data protection (cf. section III.) and explains the extent to which data protection law may create certain boundaries to potential applications of blockchain technology (cf. section IV.). As the term already suggests, one of the essential characteristics of a blockchain is the concatenation of blocks. More specifically, such blocks are comprised of a certain number of cumulative records, the contents of which are interconnected in such manner that each subsequent block contains a cryptographic image of the previous block. Thus it can be ensured that data cannot be manipulated unrecognized after the respective data has been entered into a block, completed and "attached" to a subsequent blo Continue reading >>

Blockchain And The Law

Blockchain And The Law

Since Bitcoin appeared in 2009, the digital currency has been hailed as an Internet marvel and decried as the preferred transaction vehicle for all manner of criminals. It has left nearly everyone without a computer science degree confused: Just how do you mine money from ones and zeros? The answer lies in a technology called blockchain, which can be used for much more than Bitcoin. A general-purpose tool for creating secure, decentralized, peer-to-peer applications, blockchain technology has been compared to the Internet itself in both form and impact. Some have said this tool may change society as we know it. Blockchains are being used to create autonomous computer programs known as smart contracts, to expedite payments, to create financial instruments, to organize the exchange of data and information, and to facilitate interactions between humans and machines. The technology could affect governance itself, by supporting new organizational structures that promote more democratic and participatory decision making. Primavera De Filippi and Aaron Wright acknowledge this potential and urge the law to catch up. That is because disintermediationa blockchains greatest assetsubverts critical regulation. By cutting out middlemen, such as large online operators and multinational corporations, blockchains run the risk of undermining the capacity of governmental authorities to supervise activities in banking, commerce, law, and other vital areas. De Filippi and Wright welcome the new possibilities inherent in blockchains. But as Blockchain and the Law makes clear, the technology cannot be harnessed productively without new rules and new approaches to legal thinking. Continue reading >>

More in ethereum