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Published Feb 22, 2022

Can the law keep up with crypto? With professor Tonya Evans

Professor Tonya Evans delves into the legal complexities surrounding DAOs, blockchain, and NFTs, emphasizing the urgent need for legal systems to evolve and address the challenges posed by decentralization and digital infringement, while balancing consumer protection and technological innovation.
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  • Blockchain Issues

    Blockchain technology presents unique legal and philosophical challenges due to its immutable nature. explains that while blockchain records are timestamped and permanent, the real issue arises when these records are linked to inaccurate or illegal activities. She emphasizes that the technology must align with existing laws, as it doesn't exist in a vacuum 1.

    The technology was not developed in a vacuum. It is developed in a construct that we all buy into of these laws.

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    adds that the tension between code and law is significant, as technology must comply with societal regulations 2.

       

    Crypto's Growth

    Cryptocurrencies are gaining mainstream attention, yet legal frameworks lag behind, complicating their integration into society. notes that while crypto is becoming more popular, with significant ad spending during events like the Super Bowl, it remains a small segment of the financial market 3. She highlights the importance of understanding crypto assets beyond just currencies, focusing on their broader implications and the need for legal adaptation.

    We are turning the corner, but it's still relatively early.

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    stresses the necessity for lawyers to grasp these changes to support future business and technological developments 4.

       

    Jurisdictional Issues

    Jurisdictional issues in blockchain transactions pose significant challenges, especially with cross-border agreements. expresses concern over how these agreements are enforced, given the decentralized nature of blockchain 5. She points out that while there are existing international treaties to handle cross-border contracts, applying them to blockchain is complex.

    This technology just takes it to the next level.

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    also discusses the role of intermediaries in navigating these complexities, suggesting a reimagined role that adds value without over-regulating the space 6.

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