StartUp Law(Tech)r
Blockchain Legal Resources
What is Blockchain/Web3/Crypto
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DLx's Blockchain Legal 101: https://practiceguides.chambers.com/practice-guides/comparison/672/8991/14372-14377-14387-14393-14400-14406-14409-14413-14416-14419
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Collins Belton 101: https://vimeo.com/721544135/7a5d6c8ce6
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Latham's Book of Jargon: https://www.lw.com/en/book-of-jargon/boj-blockchaincryptoandweb3
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A16z Transcribed Podcast: https://steno.ai/a16z-podcast/blockchains-crypto-web3-connections-models-more
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Decentralized Society: Finding Web3's Soul: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4105763
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Web1 to Web3:
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Value Accrual Fat Protocols (USV/Joel Monegro): https://www.usv.com/writing/2016/08/fat-protocols/
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Follow up article: https://www.placeholder.vc/blog/2020/1/30/thin-applications
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Fatt App Thesis: https://twitter.com/WestieCapital/status/1562079476837765120
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Cracks in the Fat Protocol Theory: https://messyproblems.substack.com/p/cracks-in-the-fat-protocol-theory
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Decentralization:
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Bitcoin White Paper: https://bitcoin.org/bitcoin.pdf​
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Miles Jennings - Decentralization for Web3 Builders: Principles, Models: https://future.com/web3-decentralization-models-framework-principles-how-to/
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Gary Gensler's MIT Class on Blockchain: https://www.openculture.com/2021/06/blockchain-and-money-a-free-online-course-from-mit.html
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Programming Learning Community:
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1st Amendment - Bitcoin is Free Speech (Justin S. Wales Richard J. Ovelmen): https://repository.law.miami.edu/cgi/viewcontent.cgi?article=4591&context=umlr
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4th Amendment - Unreasonable Searches and Seizures / Privacy / Third Party Doctrine (Drew Hinkes Video): https://vimeo.com/393699455 ​
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Developing Economies: A Proven Use Case for Crypto: https://marketing.kaiko.com/developing-economies-a-proven-use-case-for-crypto
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DLX: Decentralized finance: Ready for its “close-up”?: https://dlxlaw.com/wp-content/uploads/2021/12/Decentralized-finance-Ready-for-its-Close-Up-GLI-DeFi-Article-2021.pdf
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Web 3 Formation Tools:
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Otoco: https://otoco.io/​
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Otonomos: https://otonomos.com/
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NFTs
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Legal Consideration: https://www.jonesday.com/en/insights/2021/04/nfts-key-us-legal-considerations-for-an-emerging-asset-class
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How to Value NFT Fundamentals: https://newsletter.banklesshq.com/p/how-to-approach-nft-fundamentals
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Copyrights and NFTs: https://ipkitten.blogspot.com/2021/03/guest-post-copyright-nfts-of-digital.html
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How the DMCA Applies to NFTs: https://www.skadden.com/-/media/files/publications/2022/05/how_the_dmca_applies_to_nfts.pdf
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Fractionalized NFTS (Securities Laws):
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Wash Trading by Hildobby: https://community.dune.com/blog/nft-wash-trading-on-ethereum​
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DAOs
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Primer on DAOs:
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How to Create a DAO:
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Blockchain Council Guide: https://www.blockchain-council.org/dao/how-to-create-run-a-dao-a-comprehensive-guide/
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Aragon (ex. of a DAO builder): https://aragon.org/​
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DAO Governance Documents: https://daostack.io/
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Legal Wrappers:
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Fried Frank - A Primer on DAOs: https://www.friedfrank.com/siteFiles/Publications/FFTOCDAOArticle08172022.pdf
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Paradigm - Legal Wrappers and DAOs: https://www.paradigm.xyz/2022/06/dao-strategy-and-legal-wrappers
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A16z - A Legal Framework for Decentralized Autonomous Organizations: https://a16zcrypto.com/wp-content/uploads/2022/06/dao-legal-framework-part-1.pdf
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Kali Dao (DAO Wrapper Tools):
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Offshoring DAOs
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SEC's Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO: https://www.sec.gov/litigation/investreport/34-81207.pdf​
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Lexpunk (DAO Legal Defense): https://github.com/LeXpunK-Army/LeXpunK_DAO_Defense_Protocol/blob/main/Operator's%20Manual%20-%20LeXpunK%20Legal%20Defense%20Protocol.pdf
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Model Legislation for DAOs
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COALA: https://coala.global/wp-content/uploads/2022/03/DAO-Model-Law.pdf
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Eaglelex Summary of COALA's Model Legislation: https://banklessdao.mirror.xyz/nCRNjYBAxup4Ye0-k8BB_kNPCz7L1XI5l3XkiGWqx3Y​
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Aaron Wright (states and regulators can adapt existing legal regimes for DAOs): https://stanford-jblp.pubpub.org/pub/rise-of-daos/release/1
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Legal Dangers of Getting Involved in DAOs: The legal dangers of getting involved with DAOs: https://cointelegraph.com/magazine/legal-dangers-getting-involved-daos/​
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DAO Treasuries 101: https://www.youtube.com/watch?v=aYTTLOKE6xo&ab_channel=Interaxis
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Tokens
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Securities:
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SEC Report (claiming offering of crypto assets were investment contracts -> securities): https://www.sec.gov/litigation/investreport/34-81207.pdf
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Statute of Limitations: https://www.law.com/newyorklawjournal/2020/05/12/time-limitations-are-the-achilles-heel-of-cryptocurrency-securities-class-actions/?slreturn=20220723123037
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Crypto Rating Council’s Securities Law Framework: https://assets.website-files.com/5d766f847039d787f8a99a02/609998f89636a3f99c8429c6_CRC%20Securities%20Law%20Framework.pdf
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Gabe Shapiro's Philosophy of Securities Laws for Tokenized Networks: https://medium.com/sporos-dao/using-sweat-equity-to-motivate-talent-align-incentives-in-for-profit-daos-16bedb027a87
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What is a Security
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DLx Law's Guide: https://docs.0x.org/developer-resources/0x-legal-guide
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Summary by Jai Messari: https://corpgov.law.harvard.edu/2022/12/06/why-cryptoassets-are-not-securities/​
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Wahi Case - Analysis of Tokens: https://static1.squarespace.com/static/5dde9ca5fbd78f1f18ec6acb/t/62dae2295a0dd27c0c851740/1658511913938/Ishan+Case+%28crypto%29+IRP+Summary+7-22-22.pdf
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SIFMA - When Is a Digital Asset a Security: https://www.sifma.org/resources/news/when-is-a-digital-asset-a-security/
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Reves Test (Latham): https://www.jdsupra.com/legalnews/the-limits-of-applying-reves-v-ernst-5896777/
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Perpetual Futures: https://academy.binance.com/en/articles/what-are-perpetual-futures-contracts
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Token Side Letters / Warrants:
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SAFTS (Articles why these are tricky):
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SAFT Legal Checklist: https://www.buzko.legal/content-eng/saft-legal-checklist#read
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Token Warrant:
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Token Issuance
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SEC on ICOs: https://www.sec.gov/ICO
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Regulation S Offeirngs: https://www.pillsburylaw.com/images/content/4/7/v2/476/RobbinsRegS2013.pdf
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Token Compensation Explained​ by Zack Skelly
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Toku Token Primer: https://assets-global.website-files.com/654d1b8a7db50e93a158d79c/65ce1965a24198719c35ab3f_Toku%20Primer%20v3.pdf​
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Token Launches:
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a16z's Token Launch Playbook: https://a16zcrypto.substack.com/p/the-token-launch-playbook-special?utm_source=post-email-title&publication_id=811657&post_id=144053850&utm_campaign=email-post-title&isFreemail=true&r=1pdkue&triedRedirect=true&utm_medium=email
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Compliant ICO in US: ​https://dilendorf.com/wp-content/uploads/2018/05/How-to-Launch-ICO-In-the-US-1.pdf
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Reg S and Reg D Simultaneous Offerings:
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Smart Contracts
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Fiduciary Duty
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Blockchain Development and Fiduciary Duty: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3338270
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In Code(rs) We Trust: Software Developers as Fiduciaries in Public Blockchains: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3203198
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​Supplemental Rebuttal to Angela Walch’s Views on Software Devs as Fiduciaries: https://lex-node.medium.com/supplemental-rebuttal-to-angela-walchs-views-on-software-devs-as-fiduciaries-f886f2b47ffd
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Policy
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US Crypto Policy Tracker: https://cryptoforinnovation.org/us-crypto-policy-tracker/
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Cryptocurrency Regulation by Country 2022: https://www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2022/04/Cryptos-Report-Compendium-2022.pdf
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Biden Adminitration's Crypto Reports: https://www.theblock.co/post/170770/here-are-all-of-the-biden-administrations-crypto-reports
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Base Layer Neutrality: https://www.paradigm.xyz/2022/09/base-layer-neutrality
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Minimum Extractable Value (MEV) and Market Manipulation: https://www.bis.org/publ/bisbull58.pdf
Compliance
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Overview
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​Summary of Regulatory Landscape in US: https://docs.0x.org/developer-resources/0x-legal-guide
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Cryptocurrency Laws and Regulations by State: https://pro.bloomberglaw.com/brief/cryptocurrency-laws-and-regulations-by-state/#alabama
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Comply Advantage - Cryptocurrency Regulations Around The World: https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/
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Financial
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Money Services Business
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MSB or Not MSB?: https://www.wsgr.com/en/insights/msb-or-not-msb-that-is-the-question-for-determining-applicability-of-anti-money-laundering-rules.html
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Law: https://www.govinfo.gov/content/pkg/FR-2011-07-21/pdf/2011-18309.pdf
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Dapps Needing Money Transmitter Licenses - FinCEN: https://www.coindesk.com/markets/2019/05/09/fincen-says-some-dapps-are-subject-to-us-money-transmitter-rules/
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FinCEN Guidance on Virtual Currency: https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf
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Money Transmitter Licenses
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Financial Regulatory Structure: https://i2.wp.com/a16z.com/wp-content/uploads/2021/10/Regulators-1-scaled.jpg?ssl=1
- Fin Tech Regulation Guide: https://dashdevs.com/blog/the-ultimate-guide-to-us-fintech-regulations/#:~:text=Even%20fintechs%20offering%20relatively%20simple,to%20operate%20in%20the%20US
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​Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techs: https://www.bis.org/fsi/fsipapers19.pdf
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LeveragedTrading of Digital Asset Derivatives: https://medium.com/@mikefrisch_82381/what-does-it-mean-to-facilitate-leveraged-trading-6ed7a1773084
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Forward Contracts and Crypto: https://medium.com/@mikefrisch_82381/highlighting-regulatory-issues-with-forward-contracts-on-crypto-assets-d2a82c72c2b7
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Real World Asset Tokenization:
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Security Tokens
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AML/Money Laundering/BSA
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Basics:
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FATF
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FATF Standards: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.pdf
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FATF Guidance on Virtual Assets and Virtual Asset Service Providers: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Updated-Guidance-VA-VASP.pdf
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Updates for Virtual Assets (think international remittances): https://www.skadden.com/insights/publications/2021/11/recent-developments-in-the-regulation-of-virtual-assets/fatf-updates-its-global-guidelines
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Quick Guide: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Quick-guide-RBA-VA-VASPS.pdf
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How FATF Applies To MiCA in Europe: https://cointelegraph.com/news/mica-and-tofr-the-eu-moves-to-regulate-the-crypto-asset-market
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Mixers / Compliance
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Gambling:
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Overview of Gambling Laws: https://definitions.uslegal.com/g/gambling/#:~:text=Gambling%20is%20accepting%2C%20recording%2C%20or,conduct%20an%20'illegal%20gambling%20business.
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Skills v Chance: https://www.firstamendment.com/skill-gaming-legal-guide/
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The Unlawful Internet Gambling Enforcement Act and the Exemption for Fantasy Sports: https://journals.iupui.edu/index.php/jlas/article/download/22335/21895/33678
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Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA): https://www.fdic.gov/news/financial-institution-letters/2010/fil10035a.pdf
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10 Legal Issues with Fantasy Sports: https://www.lexisnexis.com/community/insights/legal/practical-guidance-journal/b/pa/posts/10-legal-issues-with-fantasy-sports
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White & Case - Wire act: https://www.whitecase.com/insight-alert/first-circuit-rejects-dojs-expansive-view-wire-act
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Contests v. Sweepstakes Laws: https://gleam.io/blog/contest-laws-by-state/#:~:text=The%20main%20laws%20you%20need,where%20winners%20are%20randomly%20drawn.
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Compliance Policies
Sanctions
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OFAC / Strict Liability: https://www.perkinscoie.com/en/news-insights/ofac-releases-new-detailed-guidance-for-the-digital-currency-industry.html#:~:text=Strict%20Liability.,prohibited%20transaction%2C%20even%20if%20inadvertently.
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OFAC / Mixers:
Tax
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DeFi Tax: https://www.pwc.com/us/en/tax-services/publications/insights/assets/pwc-demystifying-defi-tax.pdf
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Taxation of Block Rewards: https://www.taxnotes.com/featured-analysis/law-policy-and-taxation-block-rewards/2022/06/03/7dhq5
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Taxation of Decentralized Finance: https://www.friedfrank.com/uploads/siteFiles/Publications/Schwartz%20%2802-07-2022%29.pdf
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Viewpoints on Regulation
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Regulating Front End (Larry Florio): https://twitter.com/larryflorio/status/1588311868862771201?s=46&t=o2TcLVRtAUMmpDi41Vblhw
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Rebecca Rettig at Aave on Law of Code: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy81ZTI4NzNkOC9wb2RjYXN0L3Jzcw/episode/NjBjODM4NDAtYTQwZC00ZjNlLTg4NGItZDE1YTliYjRlMzM0?hl=en&ved=2ahUKEwiLlqLyyp_7AhWvkYkEHUdbAnIQjrkEegQIDBAF&ep=6
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Erik Voorhees - Fundamentals of Crypto Regulation: https://www.moneyandstate.com/blog/response-to-sbf
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Miles Jennings - Regulate Web3 Apps, Not Protocols: https://a16zcrypto.com/web3-regulation-apps-not-protocols/?utm_source=substack&utm_medium=email
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On Gary Gensler, and Registration and Disclosure: https://lexdao.substack.com/p/on-gary-gensler-andregistration-and?utm_source=post-email-title&publication_id=85035&post_id=77863160&isFreemail=true&utm_medium=email
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Blockchain Association on Stablecoins: https://theblockchainassociation.org/wp-content/uploads/2023/03/Letter-to-Congress-on-Stablecoin-Legislation.pdf
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Polygon Principles on Regulation: https://github.com/policy-at-polygon/Policy-Principles/blob/main/%5BFINAL%20for%20GH%5D%20Polygon%20Policy%20Principles%20(1).pdf
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Rebecca Rettig Tweet; https://twitter.com/RebeccaRettig1/status/1633816987880095744​
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​Coinbase's Paul Agrewal on Staking not a Security: https://www.coinbase.com/blog/coinbases-staking-services-are-not-securities-and-heres-why
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Proof of Stake Alliance on U.S. Federal Securities and Commodity Law Analysis of Liquid Staking Receipt Tokens: https://static1.squarespace.com/static/62f147feb8108a08e666aea5/t/63f41766f6095b07bec7d1e8/1676941158721/U.S.+Federal+Securities+and+Commodity+Law+Analysis+of+Liquid+Staking+Receipt+Tokens+%28Willkie+Draft+02.14.23%29.pdf
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Proof of Stake Alliance on U.S. Federal Income Tax Analysis of Liquid Staking: https://static1.squarespace.com/static/62f147feb8108a08e666aea5/t/63f3fd27f0b0fc45f7d906c2/1676934439845/U.S._Federal_Income_Tax_Analysis_of_Liquid_Staking.pdf
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Coin Center: Is the Bank Secrecy Act unconstitutional?: https://www.coincenter.org/its-time-to-have-the-conversation-is-the-bank-secrecy-act-unconstitutional/
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Geofencing: https://variant.fund/articles/practical-guide-to-geofencing/
Bankruptcy
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Congressional Research Service - Crypto Assets and Property of the Bankruptcy Estate: An Analysis: https://crsreports.congress.gov/product/pdf/LSB/LSB10832
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Crypto-Assets Under the Insolvency and Bankruptcy Code: https://news.law.fordham.edu/jcfl/2020/10/25/crypto-assets-under-the-insolvency-and-bankruptcy-code/
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Shearman & Sterling: Cryptoassets & Insolvency: https://sites-shearman.vuturevx.com/27/3956/uploads/shearman-and-sterling---crypto-and-insolvency---2022.pdf
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Adam Levitin: Not Your Keys, Not Your Coins: Unpriced Credit Risk in Cryptocurrency: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4107019
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Potential preference exposure for withdrawing crypto: https://www.reuters.com/legal/litigation/potential-preference-exposure-withdrawing-crypto-2022-08-16/
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Crypto Customers Don’t Own Their Deposits: https://www.abi.org/newsroom/daily-wire/crypto-customers-don%E2%80%99t-own-their-deposits-with-celsius-network-judge-glenn-says
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Proskauer: Cryptocurrency Assets in Bankruptcy: https://www.blockchainandthelaw.com/2022/07/the-other-side-of-the-coin-cryptocurrency-assets-in-bankruptcy/#_ftn6
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Crypto VC Considerations
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Proxy Voting Rule: https://www.sec.gov/investment/slb20-proxy-voting-responsibilities-investment-advisers
Random
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Attorney-Client Privilege with Metaverse: https://lexdao.substack.com/p/5-guidelines-attorney-client-privilege-metaverse
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Curia Arbitration: https://mirror.xyz/cattin.eth/WvxhuxLuZIObP2lXopL81_c9YD4j6-fQWVjgY3aKPHY
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Creating Cryptolaw for the Uniform Commercial Code by Carla Reyes: https://scholarlycommons.law.wlu.edu/wlulr/vol78/iss4/7/
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UCC Article 9 on Secured Transactions: https://www.hodgsonruss.com/media/publication/1758_UCC%20Article%209%20Secured%20Party%20Sales%20_w-008-7326_.pdf
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UCC Article 12 on Digital Assets: https://www.jdsupra.com/legalnews/the-ucc-gets-a-digital-asset-refresh-2857883/
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Secured Transactions
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How to Perfect and Attach: https://www.nolo.com/legal-encyclopedia/how-attach-perfect-security-interest-under-the-ucc.html
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Negotiability: http://web.nacm.org/pdfs/educ_presentations/Principles_Ch16_v3.pdf​
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Is Bitcoin a Bearer Asset: https://coinbits.app/blog/is-bitcoin-a-bearer-asset#:~:text=In%20practice%2C%20bitcoin%20functions%20like,the%20first%20of%20its%20kind.​
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A Repository on Crypto Legal Cases: https://github.com/LeXpunK-Army/Crypto-CaseLaw
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Code Deference by Drew Hinkes: https://jcl.law.uiowa.edu/sites/jcl.law.uiowa.edu/files/2021-08/Hinkes_Final_Web_0.pdf