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Offline fuzzy

User Issued Assets: Legal Questions
« on: December 07, 2014, 06:55:15 PM »

This post is to crowd-source a list of pertinent questions requiring answers with respect to the legalities of user-issued assets. 

I am currently based in the USA and have some connections who might be able to answer some of these questions.  Please feel free to ask anything and everything here and I will do my best to see they are answered.  If this becomes a thread that provides great value to the community, I suggest we offer a delegate spot to this team so we can receive free guidance. 

I am located in the USA, so all advice would be directed more toward this jurisdiction and those closely tied to it. 
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline davidpbrown

Re: User Issued Assets: Legal Questions
« Reply #1 on: December 07, 2014, 07:30:19 PM »
There is an obvious distinction to be made between two classes of digital tokens:
1. tokens pegged to real world assets by consensus of the value of those.. like bitUSD
2. tokens that are suggested to actually represent instances of real world assets.. like bitCarRegistration

The blockchain, for all its ability to act as third party authority cannot bridge the gap from the internet to the real world.

So, the substantial question that follows for that second class, is what needs to be done to make the link between tokens and assets, apparent and legally binding, expecting that the courts will need to acknowledge them at some point. Is that simply down to each company to satisfy the consumer that they will honour those assets; or is there already a minimum standard legal contract template that would do for this; or does something new need to be created?? I wonder there might be firms already selling real gold but is that just on the back of their credibility - or will such tokens always carry risk and be liable to whatever firm is selling those?


Incidentally, I saw recently Mastercoin has apparently opted to use the same law firm in Switzerland as Ethereum and others, so a more rounded sense of these types of questions might follow from all similar efforts.
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Offline Bitcoinfan

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Re: User Issued Assets: Legal Questions
« Reply #2 on: December 07, 2014, 08:58:01 PM »
This post is to crowd-source a list of pertinent questions requiring answers with respect to the legalities of user-issued assets. 

I am currently based in the USA and have some connections who might be able to answer some of these questions.  Please feel free to ask anything and everything here and I will do my best to see they are answered.  If this becomes a thread that provides great value to the community, I suggest we offer a delegate spot to this team so we can receive free guidance. 

I am located in the USA, so all advice would be directed more toward this jurisdiction and those closely tied to it.

Here's a good question that plays into the marketing plans of the community.  What is the legality surrounding paper tokens for use in transactions and for sales?  (eg. Bitusd's version of Casascius coins)
https://www.casascius.com/

Offline matt608

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Re: User Issued Assets: Legal Questions
« Reply #3 on: December 07, 2014, 09:30:05 PM »
Didn't the first draft of the NYDFS laws say that anyone creating a new coin had to get permission? Maybe this will be changed in the updated version, as its impossible to enforce.  Creating a new currency is on some platforms (and soon on BitShares) as easy as pushing a button.  You can't regulate button pushing.  Especially when it's a button people carry around in their pockets everywhere they go.  There will be thousands, probably tens of thousands, of asset issuers by the end of 2015 if there are't already (lots of spammy assets at the moment).  How can that be regulated?  <--- (that is my question).



Offline fuzzy

Re: User Issued Assets: Legal Questions
« Reply #4 on: December 08, 2014, 06:30:10 AM »
Didn't the first draft of the NYDFS laws say that anyone creating a new coin had to get permission? Maybe this will be changed in the updated version, as its impossible to enforce.  Creating a new currency is on some platforms (and soon on BitShares) as easy as pushing a button.  You can't regulate button pushing.  Especially when it's a button people carry around in their pockets everywhere they go.  There will be thousands, probably tens of thousands, of asset issuers by the end of 2015 if there are't already (lots of spammy assets at the moment).  How can that be regulated?  <--- (that is my question).

Thanks for the questions guys (and/or gals).  Please keep them flowing. 
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline toast

Re: User Issued Assets: Legal Questions
« Reply #5 on: December 08, 2014, 05:45:42 PM »
Didn't the first draft of the NYDFS laws say that anyone creating a new coin had to get permission? Maybe this will be changed in the updated version, as its impossible to enforce.  Creating a new currency is on some platforms (and soon on BitShares) as easy as pushing a button.  You can't regulate button pushing.  Especially when it's a button people carry around in their pockets everywhere they go.  There will be thousands, probably tens of thousands, of asset issuers by the end of 2015 if there are't already (lots of spammy assets at the moment).  How can that be regulated?  <--- (that is my question).

I do remember he came out after and specifically addressed this point - he doesn't want to regulate developers
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