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Open Matters: Why Permissionless Blockchains are Essential to the Future of the Internet

This report offers a non-technical but thorough explanation of “blockchain technology” with a focus on the key variables within consensus mechanism design that differentiate so-called permissioned or closed and permissionless...

A Securities Law Framework for Blockchain Tokens

This framework was originally published December 2016. It is well out of date now. Do not rely on it. As the development of blockchain tokens (also known as App Coins)...

Bitcoin: A Primer for Policymakers

Overcoming Obstacles to Banking Virtual Currency Businesses

Virtual currency businesses (“VCBs”) offer an alternative payment rail to traditional banks and financial institutions. In order to operate, though, VCBs themselves rely on banks to conduct fundamental payment, savings,...

Bitcoin: Risk Factors for Insurance

Bitcoin: Our Best Tool for Privacy and Identity on the Internet

Financial privacy is an umbrella term for both data security and privacy. We can think of security as the ability to hide information from all comers and privacy, following Nissenbaum’s...

Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, and Gambling

The New Palgrave Dictionary of Economics: cryptocurrency