Digital Assets

Catalog description

This course will introduce students to the law and policy governing digital assets, particularly crypto assets, a super-set of computer software protocols. The professor will approach the course from his perspective as a full-time business planner and advisor with more than 40 years of experience in major law firms and the SEC. The bankruptcies of FTX and other centralized crypto companies will be explored in this seminar. Crypto assets include cryptocurrencies such as Bitcoin, Ether and stablecoins, consumption tokens, non-fungible tokens (NFTs) and other decentralized finance (DeFi) assets, often traded on exchanges and sometimes managed by decentralized autonomous organizations (DAOs). The applicable law is a combination of securities, commodities, derivatives, banking, money transmission, business organization and other US federal and state laws. Attention also will be given to non-US law in this seminar and to pending US federal legislation. Political economy views and choices, game theory and concerns about regulatory capture, the environment and inclusion of historically underbanked communities also will inform instruction and classroom discussions. Pedagogy of the course will consist of assigned readings (articles, cases, existing and proposed regulations and legislation) underlying seminar discussions. There might be occasional guest speakers from diverse sectors of the digital assets industry and the practicing Bar. Students will be expected to participate via Q&A when guest speakers present. A final paper also will be required.