S. Blockchain Technologies and the Securities

This course aims to cover the principal securities law issues surrounding blockchain technology, the assets and transactions native to the blockchain. The course takes as its foundation a thorough introduction to blockchain technology – including smart contracts, custody on the blockchain, and the mechanics of a blockchain-based transaction. It examines the structure and technology underlying prominent crypto assets such as bitcoin and Ethereum and then moves to understanding the legal structure underpinning the regulation of these technologies and assets. One of the principal aims of this course is to show that crypto is not one thing. Like any other set of assets, crypto assets can raise questions across the full range of the securities laws, as well as across other legal disciplines — from the payments laws, to property, secured transactions, contracts and tax law. The course aims to introduce students to the principal issues raised under the securities laws, while never losing sight of how the underlying blockchain technology affects, and often complicates legal and regulatory approaches — sometimes even to the point where we may question whether fundamentally different regulatory approaches may be required.