{"id":12413,"date":"2022-11-22T19:14:46","date_gmt":"2022-11-22T19:14:46","guid":{"rendered":"https:\/\/desarrollo5586.live-website.com\/?p=12413"},"modified":"2024-04-09T19:52:31","modified_gmt":"2024-04-09T19:52:31","slug":"blockchain-what-are-the-legal-implications-and-how-does-law-keep-up","status":"publish","type":"post","link":"https:\/\/desarrollo5586.live-website.com\/en\/blockchain-what-are-the-legal-implications-and-how-does-law-keep-up\/","title":{"rendered":"Blockchain: what are the legal implications and how does law keep up?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12413\" class=\"elementor elementor-12413\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2747c95 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2747c95\" data-element_type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-96df2d8\" data-id=\"96df2d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ae02dd elementor-widget elementor-widget-image\" data-id=\"5ae02dd\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.ontier.net\/en\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"110\" src=\"https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/ontier-e1669990601813-300x110-1.png\" class=\"attachment-full size-full wp-image-27332\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b2c052f\" data-id=\"b2c052f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b8a4b2a elementor-mobile-align-center elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"b8a4b2a\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"Capa_1\" height=\"512\" viewBox=\"0 0 567.6 567.6\" width=\"512\"><g><g id=\"Layer_2_00000128476315202531491510000008531801051533896102_\"><path d=\"m118.8 409.2h92.4v132h-92.4z\"><\/path><path d=\"m257.4 26.4h-184.8c-40.084.029-72.571 32.516-72.6 72.6v369.6c.029 40.084 32.516 72.571 72.6 72.6h6.6v-138.6c.029-18.213 14.787-32.971 33-33h105.6c18.213.029 32.971 14.787 33 33v138.6h59.4c10.935 0 19.8-8.865 19.8-19.8v-422.4c-.029-40.084-32.516-72.571-72.6-72.6zm-145.2 297c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4zm0-79.2c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4zm0-79.2c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4zm105.6 158.4c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4zm0-79.2c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4zm0-79.2c-14.58 0-26.4-11.82-26.4-26.4s11.82-26.4 26.4-26.4 26.4 11.82 26.4 26.4-11.82 26.4-26.4 26.4z\"><\/path><path d=\"m495 132h-105.6c-25.503.029-46.171 20.697-46.2 46.2v343.2c0 10.935 8.865 19.8 19.8 19.8h132c40.084-.029 72.571-32.516 72.6-72.6v-264c-.029-40.084-32.516-72.571-72.6-72.6zm-26.4 303.6h-52.8c-10.935 0-19.8-8.865-19.8-19.8s8.865-19.8 19.8-19.8h52.8c10.935 0 19.8 8.865 19.8 19.8s-8.865 19.8-19.8 19.8zm0-79.2h-52.8c-10.935 0-19.8-8.865-19.8-19.8s8.865-19.8 19.8-19.8h52.8c10.935 0 19.8 8.865 19.8 19.8s-8.865 19.8-19.8 19.8zm0-79.2h-52.8c-10.935 0-19.8-8.865-19.8-19.8s8.865-19.8 19.8-19.8h52.8c10.935 0 19.8 8.865 19.8 19.8s-8.865 19.8-19.8 19.8z\"><\/path><\/g><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">By: ONTIER<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-user-alt\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Authors: Jason E. Rosen Partner , Marta Corb\u00ed Country Manager.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1df74db6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1df74db6\" data-element_type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8fcd94b\" data-id=\"8fcd94b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a26a40a elementor-widget elementor-widget-text-editor\" data-id=\"3a26a40a\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><strong>Blockchain<\/strong> and related distributed ledger technologies have been a hot topic recently, with multiple industries exploring its various applications. \u00a0With new <strong>blockchain<\/strong> use cases emerging almost every day, it is changing the nature of doing business and helping companies reimagine how they manage tangible and digital assets. But, what are the <strong>legal implications a<\/strong>nd how does the law keep up?<\/p><p style=\"text-align: justify;\">In short, <strong>blockchain<\/strong> is a distributed ledger technology\u00a0that records and shares every transaction that occurs in the network of users. While any conventional database can store this sort of information, <strong>blockchain<\/strong> is unique in that it\u2019s totally decentralized.\u00a0<\/p><p style=\"text-align: justify;\">\u00a0<\/p><p style=\"text-align: justify;\">Rather than being maintained in one location, by a centralized administrator\u2014think of an Excel spreadsheet or a bank database\u2014many identical copies of a <strong>blockchain<\/strong> database are held on multiple computers spread out across a network.<\/p><p style=\"text-align: justify;\">\u00a0<\/p><p style=\"text-align: justify;\">The digital ledger is often described as a <strong>\u201cchain\u201d<\/strong> that\u2019s made up of individual<strong> \u201cblocks\u201d<\/strong> of data. As fresh data is periodically added to the network, a new <strong>\u201cblock\u201d<\/strong> is created and attached to the <strong>\u201cchain.\u201d<\/strong> This involves all nodes, which are the computers that run the <strong>blockchain&#8217;s<\/strong> software to validate and store the complete history of transactions on the network, updating their version of the <strong>blockchain<\/strong> ledger to be identical. Because each block is connected, the timing, order and content of the transactions cannot be altered, and blocks cannot be replaced unless all the nodes agree with the proposed change. Therefore, once stored on the <strong>blockchain<\/strong>, the data cannot be manipulated or changed \u2013 <strong>it is immutable.<\/strong><\/p><p style=\"text-align: justify;\"><strong>\u00a0<\/strong><\/p><p style=\"text-align: justify;\">This distributed ledger technology creates a secure, time-stamped, and immutable chain of information, which can evidence ownership and transfers of digital currencies and <strong>Non-Fungible Tokens (NFTs)<\/strong>. It also provides the platform for smart contract use and execution. However, these are only some of the ways the blockchain is utilized. Other evolving applications can include online voting, medical records, insurance policies, property and real estate records, copyrights and licenses\u00a0and supply chain tracking. They can also include smart contracts, where payouts between the contracted parties are embedded in the blockchain and automatically execute when contractual conditions have been met.<\/p><p style=\"text-align: justify;\">\u00a0<\/p><p style=\"text-align: justify;\">As <strong>blockchain<\/strong> and digital currencies application and use continues to grow, laws and regulations at the federal and state levels have been introduced\u00a0 to regulate <strong>blockchain<\/strong> technology and bolster its security and structure. In 2021, 33 states had pending legislation in the legislation session. Before that, states like Delaware, Georgia, Tennessee, Wyoming and Illinois adopted laws recognizing legal authority to use blockchain technology for electronic transactions (i.e. smart contracts). For example:<\/p><ul style=\"text-align: justify;\"><li>Wyoming is the frontrunner, having more than 20 laws relating to blockchain.<\/li><li>In 2017, Delaware amended the Delaware General Corporation Law to authorize the use of distributed ledgers or blockchain technology for the creation and maintenance of corporate records, including a Delaware corporations\u2019 stock ledger.<\/li><li>There is a bill pending in New York that would recognize the use of blockchain technology and smart contracts in commerce.<\/li><\/ul><p><strong>Last year, Congress introduced 35 bills concerning this technology including:<\/strong><\/p><ul style=\"text-align: justify;\"><li>The Consumer Safety Technology Act (H.R. 3723): promotes the study of potential blockchain technology primarily by the Department of Commerce and the Federal Trade Commission (FTC).<\/li><li>The Eliminate Barriers to Innovation Act (H.R. 1602): creates &#8216;Working Group on Digital Assets\u2019 by the an Securities and Exchange Commission and Commodity Futures Trading Commission to promote congressional comprehension of blockchain technology.<\/li><li>The Securities Clarity Act (H.R. 4451): provides clarification on how blockchain tokens would be regulated by the Securities and Exchange Commission.<\/li><li>The Blockchain Promotion Act of 2021 (S. 1869): establishes a working group to \u201crecommend to Congress a definition of blockchain technology.\u201d<\/li><li>The Blockchain Regulatory Certainty Act (H.R. 5045): ensures clarity for blockchain innovators by providing myriad blockchain-related services such as \u201ca safe harbor for licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.\u201d<\/li><\/ul><p style=\"text-align: justify;\">Moreover, various governmental agencies and intellectual property registries such as the <strong>European Union Intellectual Property Office<\/strong> <strong>(EUIPO)<\/strong> are actively researching the capabilities of <strong>blockchain;<\/strong> the EU Commission has plans for a <strong>blockchain<\/strong> observatory; and the US Congress recently created a <strong>Congressional Blockchain Caucus<\/strong>. Global standards for self-executing contracts are also actively discussed by various organizations.<\/p><p style=\"text-align: justify;\">\u00a0<\/p><p style=\"text-align: justify;\">It therefore appears to be only a question of time before the law codifies and regulates the various applications of the technology \u2013 as well as the corollary matters that naturally flow from its use &#8211; such as questions of governing law and jurisdiction, enforceability of smart contracts, data security and privacy concerns, and reliable rules and definitions for smart contracts. \u00a0It is evident that both state and federal lawmakers and regulators acknowledge the power of <strong>blockchain technology<\/strong>, and many have positioned for how it should be regulated and by whom. It will certainly be interesting to see how this plays out in the various jurisdictions and the courts.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50fc579 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50fc579\" data-element_type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-9eba5b4\" data-id=\"9eba5b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6168bd7 elementor-widget elementor-widget-image\" data-id=\"6168bd7\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.ontier.net\/en\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"110\" src=\"https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/ontier-e1669990601813-300x110-1.png\" class=\"attachment-full size-full wp-image-27332\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3b42278\" data-id=\"3b42278\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b4952bd elementor-align-left elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"b4952bd\" data-element_type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">ONTIER, a global law firm with offices in 13 countries around the world, advices companies, developers and high net worth individuals with investments in bitcoin and digital assets.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.ontier.net\/en\/\" target=\"_blank\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg 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Rosen Partner , Marta Corb\u00ed Country Manager. Blockchain and related distributed ledger technologies have been &hellip; <a href=\"https:\/\/desarrollo5586.live-website.com\/en\/blockchain-what-are-the-legal-implications-and-how-does-law-keep-up\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Blockchain: what are the legal implications and how does law keep up?<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":12415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[156],"tags":[],"class_list":["post-12413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blockchain: what are the legal implications and how does law keep up? - Spain-US Chamber of Commerce in Miami<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/desarrollo5586.live-website.com\/en\/blockchain-what-are-the-legal-implications-and-how-does-law-keep-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain: what are the legal implications and how does law keep up?\" \/>\n<meta property=\"og:description\" content=\"By: ONTIER Authors: Jason E. 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