Legal Research

This article presents a comparative analysis of the application of US and EU securities laws to initial coin offerings (ICOs), or token sales. An extensive token taxonomy framework is proposed to categorize digital assets in order to advance a more precise discussion on the legal classification and regulation of tokens. For the US, a full analysis of the application of the Howey test to different types of tokens gives insight into classification of tokens as a security (“investment contract”) under Section 2(a)(1) of the US Securities Act of 1933 and 3(a)(10) of the Securities Exchange Act of 1934. For EU financial law, the analysis in this paper focuses on the classification of tokens as ‘transferable securities’ under Art. 4(1)(44) of MIFiD II.

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2018Stéphane BlemusLaw and Blockchain: A Legal Perspective on Current Regulatory Trends Worldwide
2018Wulf KaalInitial Coin Offerings: The Top 25 Jurisdictions and Their Comparative Regulatory Responses
2018Andrea Leiter, Jake GoldenfeinLegal Engineering on the Blockchain: 'Smart Contracts' as Legal Conduct
2017Richard Thompson Ainsworth, Musaad AlwohaibiThe First Real-Time Blockchain VAT - GCC Solves MTIC Fraud
2017Karen EC LevyBook-Smart, Not Street-Smart: Blockchain-Based Smart Contracts And The Social Workings Of Law
2017Michèle FinckBlockchain Regulation
2017Carla L. ReyesConceptualizing Cryptolaw
2017Angela WalchThe Path Of The Blockchain Lexicon (And The Law)
2017Aneta VondráčkováRegulation of Virtual Currency in the European Union
2017Julie A. MaupinMapping the Global Legal Landscape of Blockchain and Other Distributed Ledger Technologies
2017Paul OudinDecoding Blockchain Legal Issues — A Financial Law Perspective
2017Stefan Grundmann, Philipp HackerDigital Technology as a Challenge to European Contract Law – From the Existing to the Future Architecture
2017Iris M. BarsanLegal Challenges of Initial Coin Offerings (ICO)
2017Ajinkya Mahesh TulpuleEnforcement and Compliance in a Blockchain(ed) World
2017Usman ChohanInitial Coin Offerings (ICOs): Risks, Regulation, and Accountability
2017Philipp Hacker, Chris ThomaleCrypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law
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2017Dirk A. Zetzsche, Ross P. Buckley, Douglas W. ArnerThe Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain
2016Kevin D. WerbachTrustless Trust
2016Tom W. BellCopyrights, Privacy, and the Blockchain
2016Maria Letizia Perugini, Paolo Dal CheccoSmart Contracts: A Preliminary Evaluation
2016Lauren Henry ScholzAlgorithmic Contracts
2016David RountreeTechnology and contracts: Navigating the blockchain and the law.
2016Stephen M. McJohn, Ian McJohnThe Commercial Law of Bitcoin and Blockchain Transactions
2016Stephen M. McJohn, Ian McJohnThe Commercial Law of Bitcoin and Blockchain Transactions
2016Philipp PaechSecurities, Intermediation and the Blockchain - An Inevitable Choice between Liquidity and Legal Certainty?
2016Max RaskinThe Law and Legality of Smart Contracts
2016Alexander SavelyevContract Law 2.0: «Smart» Contracts As the Beginning of the End of Classic Contract Law
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2015Dawid De Villiers, Lara-Jade SherBitcoin - a new kind of money : financial law
2015Evan L. Greebel ,Kathleen Moriarty ,Claudia Callaway, Gregory XethalisRecent key Bitcoin and virtual currency regulatory and law enforcement developments
2015Quinn DuPont, Bill MaurerLedgers and Law in the Blockchain
2015Aaron Wright, Primavera De FilippiDecentralized Blockchain Technology and the Rise of Lex Cryptographia
2015Michael AbramowiczCryptocurrency-Based Law
2015Matthew P. PonsfordA Comparative Analysis of Bitcoin and Other Decentralised Virtual Currencies: Legal Regulation in the People's Republic of China, Canada, and the United States
2015Andrés Guadamuz, Christopher MarsdenBlockchains and Bitcoin: Regulatory Responses to Cryptocurrencies
2014Julie Andersen HillVirtual Currencies & Federal Law

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