Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives

406 Pages·2022·6.111 MB·English

by  Rosario Girasa

PALGRAVE STUDIES IN
FINANCIAL SERVICES TECHNOLOGY
Regulation of
Cryptocurrencies
and Blockchain
Technologies
National and
International Perspectives
Second Edition
Rosario Girasa
Palgrave Studies in Financial Services Technology
Series Editor
Bernardo Nicoletti, Rome, Roma, Italy
The Palgrave Studies in Financial Services Technology series features orig-
inal research from leading and emerging scholars on contemporary issues
and developments in financial services technology. Falling into 4 broad
categories: channels, payments, credit, and governance; topics covered
include payments, mobile payments, trading and foreign transactions, big
data, risk, compliance, and business intelligence to support consumer and
commercial financial services. Covering all topics within the life cycle of
financial services, from channels to risk management, from security to
advanced applications, from information systems to automation, the series
also covers the full range of sectors: retail banking, private banking, corpo-
rate banking, custody and brokerage, wholesale banking, and insurance
companies. Titles within the series will be of value to both academics and
those working in the management of financial services.
Rosario Girasa
Regulation
of Cryptocurrencies
and Blockchain
Technologies
National and International Perspectives
Second Edition
Rosario Girasa
Lubin School of Business
Pace University
Pleasantville, NY, USA
ISSN 2662-5083 ISSN 2662-5091 (electronic)
Palgrave Studies in Financial Services Technology
ISBN 978-3-031-21811-8 ISBN 978-3-031-21812-5 (eBook)
https://doi.org/10.1007/978-3-031-21812-5
1st edition: © Springer International Publishing 2018
2nd edition: © The Editor(s) (if applicable) and The Author(s), under exclusive license
to Springer Nature Switzerland AG 2023
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Also, by author under the name of Rosario Girasa or Roy J. Girasa
Cyberlaw: National and International Perspectives (Prentice-Hall, 2002)
Corporate Governance in Finance Law (Palgrave Macmillan, 2013)
Laws and Regulations in Global Financial Markets Palgrave Macmillan,
(2013)
Shadow Banking: Rise, Risks, and Rewards of Non-Bank Financial
Services (Palgrave Macmillan, 2016)
Regulation of Cryptocurrencies and Blockchain Technologies: National
and International Perspectives (Palgrave Macmillan, 2018)
Artificial Intelligence as a Disruptive Technology (Palgrave Macmillan,
2020)
Regulation of Innovative Technologies (with Gino J. Scalabrini) (Palgrave
Macmillan, 2022)
Bartlett Family—George, Carol, Susan, Karen, and Laura
and
Marie Manganelli
Preface
This study reflects the remarkable changes that have occurred over the
past four years. Few topics are as exciting and interesting as witnessing the
major ongoing efforts to create alternate modes of payments presented by
cryptocurrencies and the innumerable other possible uses that are offered
by blockchain technology. Reading many other studies on diverse topics,
this author often queries what sources of data are used by those scholars.
For my studies, there are several invaluable sources that I examine daily.
The reader need to only examine the endnotes of this work to note that
there were hundreds of sources but, in fact, the most useful were those of
MIT Technology Review, Wired Magazine, The Economist for up-to-date
news related to the subject-matter, Fried Frank Regulatory Intelligence,
Mondaq which offers short essays on the latest legal occurrences, and
other sources. Being in my mid-eighties, I have never been so engrossed
as at the present time when each day presents new possibilities and a
shadowy view of what the future holds for humanity. In discussion with
scientists and other persons with great insight, it has become obvious that
predictions beyond a five-year time frame is fraught with possible errors
and are merely guesswork. This work does not presume to offer a future
insight beyond what has occurred up to the date of the submission of the
volume. Notwithstanding the risk, the conclusion speculates occurrences
that may greatly affect technological outcomes concerning the materials in
the text. Look forward to the future which requires a constantly learning
process which has made life immensely worthwhile.
ix
x PREFACE
The volume could not have been written without the input, advice,
and encouragement of Tula Weis of Palgrave Macmillan who made the
initial suggestion of a follow-up volume to the first edition. She has been
responsible in part or in whole for the other Palgrave Macmillan publica-
tions by me. Naveen Dass managed the practical aspects to be readied for
publication. Thank you to Mahesh Meiyazhagan who edited this text.
I researched alone all of the materials indicated therein and thus any
errors are mine alone.
Pleasantville, USA Rosario Girasa
Table of Cases
Alibaba Group Holding LTD v. Alibabacoin Foundation, No. 1:2018-cv-
02897 (S.D.N.Y. April 2, 2018).
Asahi Metal Industry Co. v. Superior Court, 480 U.S. 102 (1987).
Audet v. Fraser, No. 3:16-cv-940 (D. Conn. Jan. 22, 2019).
Balestra v. Cloud With Me Ltd., 2020 WL 4370392 (W.D. Pa. July 2,
2020).
Chino v. Dept. of Financial Services, Index No. 101880-15 (NY Ct. Cl.,
2015).
CFTC v. Dean, No. 18-cv-00345 (E.D.N.Y., Jan. 18, 2018).
CFTC v. Gelfman Blueprint, Inc. No. 1-17-cv-07181 (S.D.N.Y., Sept.
21, 2017).
CFTC v. HDR Global Trading Ltd., No. 1:20-cv-08132 (S.D.N.Y. Aug.
10, 2021).
CFTC v. McAfee, No. 21-cv-1919 (S.D.N.Y. March 5, 2021).
CFTC v. McDonnell, No. 18-cv-0361 (E.D.N.Y., Jan. 18, 2018).
CFTC v. My Big Coin Pay, Inc., No. 1:18-cv-10077-RWX (D.C. Ma.
Sept. 26, 2018).
Doran v. Petroleum Mgmt. Corp., 545 F.2d. 893 (1977).
Friel v. Dapper Labs, 653134 (N.Y. Sup. Ct. May 12, 2021).
FTC v. BF Labs, Inc., No. 4:14-cv-00815BCW (D.C. Mo. filed Sept. 14,
2014).
FTC v. Chevalier, No. 3:15-cv-01029-AC (D.C. Or. June 10, 2015).
xi