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State Digital Currency Principles and Framework
States have begun to look at how virtual currencies, such as Bitcoin, and the businesses that utilize them to provide consumer products, interact with money transmission and consumer protection policy....
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 It is well out of date now.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)...
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: 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...