Congress Takes Blockchain 101
Hien Mondesir
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I'm looking forward to speaking at the LegalHackers.org second global congress on using blockchain technology for legal instruments. I've written an article on Medium with a sneak-peek of a little demo I'll show.
I'll be joined on a panel by Nina Kilbride & Preston Byrne of ERIS Industries and will be moderated by Tom Brooke, Partner at Brooke and Brooke Attorneys. A legal expert from ConsenSys may participate as well. The panel is part of an invitation-only Summit of Legal Hackers organizers and legal-innovation thought leaders from around the world to share experiences and knowledge and to chart the path ahead for the Legal Hackers movement.
For the past two years we have worked with Representatives Mulvaney and Polis to educate their colleagues through briefings, hearings, and other events, and the Congressional Blockchain Caucus will be a wonderful new platform to continue these efforts. Their forward-thinking leadership on blockchain technology in Congress is unmatched.
Congressional caucuses are very important for like-minded members of congress to work together toward common policy goals. We are very excited by the formation of the Congressional Blockchain Caucus and look forward to continuing to work with its members to chart a path forward with the same type of light-touch regulation from which the early Internet benefited just a few decades ago.
The development of cryptocurrency and other popular blockchain applications have captured the attention of energy and environmental policymakers, global economists, and renewables industry players. Even as the value of cryptocurrencies slid from their all-time highs, the promise of these digital assets and the infrastructure being developed to support them has been transformative.
As with most emerging technologies, policymakers are still exploring the best approaches to regulating these new digital assets and business models. Questions about consumer protection, security, and the applicability of existing laws are to be expected; however, the environmental impact of these energy-intensive business practices has prompted considerable study and regulatory activity across the globe, including attention in the United States.
Now home to over a third of the global computing power dedicated to mining bitcoin, the United States has turned its attention to domestic miners and their impacts on the environment and local economies.
The January 20, 2022 Hearing made clear that policymakers are doing their due diligence into the impact that the United States could experience as the number of domestic cryptocurrency mining operations increase. Commentary from the Hearing forecasted that scrutinizing the sources and costs of energy used in cryptocurrency mining would be a priority for Democrat members of Congress.
As congressional, social, and economic pressures grow, it is evident that there is going to be a big focus on the sustainability of Bitcoin mining. As such, we may very well see announcements, like the deals mentioned above, well into 2022 and beyond.
These materials have been prepared for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel.
A Cornell Tech expert on blockchain technology testified Jan. 20 before a congressional subcommittee that digital currency, a notorious energy guzzler, can be validated in more ecologically prudent, greener ways.
Ari Juels, the Weill Family Foundation and Joan and Sanford I. Weill Professor at the Jacobs Technion-Cornell Institute at Cornell Tech, told the Subcommittee on Oversight and Investigations, part of the U.S. House Energy and Commerce Committee, that environmentally friendly cryptocurrency validation methods are swiftly becoming standard.
Today, companies use blockchain technology and digital assets for a variety of purposes. This Comment analyzes the digital token. If the Securities and Exchange Commission (SEC) views a digital token as a security, then the issuer of the digital token must comply with the registration and extensive disclosure requirements of federal securities laws.
To determine whether a digital asset is a security, the SEC relies on the test that the Supreme Court established in SEC v. W.J. Howey Co. Rather than enforcing a statute or agency rule, the SEC enforces securities laws by applying the Howey test on a fact-intensive case-by-case basis. This Comment takes the position that policymaking by enforcement is harmful to the financial technology industry and perpetuates the lack of clarity surrounding regulation of digital assets.
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