Cryptoassets

Description

Cryptoassets represent one of the most high profile financial products in the world, and fastest growing financial products in history. From Bitcoin, Etherium and Ripple's XRP-so called "utility tokens" used to access financial services-to initial coin offerings that in 2017 rivalled venture capital in money raised for startups, with an estimated $5.6 billion (USD) raised worldwide across 435 ICOs. All the while, technologists have hailed the underlying blockchain technology for these assets as potentially game changing applications for financial payments and record-keeping.

At the same time, cryptoassets have produced considerable controversy. Many have turned out to be lacklustre investments for investors. Others, especially ICOs, have also attracted noticeable fraud, failing firms, and alarming lapses in information-sharing with investors. Consequently, many commentators around the world have pressed that ICO tokens be considered securities, and that concomitant registration and disclosure requirements attach to their sales to the public.

This volume assembles an impressive group of scholars, businesspersons and regulators to collectively write on cryptoassets. This volume represents perspectives from across the regulatory ecosystem, and includes technologists, venture capitalists, scholars, and practitioners in securities law and central banking.

About the author

Chris Brummer is a professor of law and Faculty Director of Georgetown's Institute of International Economic Law. He is also the Editor-in-Chief of fintechpolicy.org.

Table of contents

1. Introduction
Chris Brummer
2. Cryptocurrencies and the Evolution of Banking, Money and Payments
Benjamin Geva
3. Deconstructing 'Decentralization': Exploring the Core Claim of Crypto Systems
Angela Walch
4. Cryptoasset Valuation: Theory and Practice
Nic Carter
5. Towards a Stable Tokenized Medium of Exchange
Alexander Lipton
6. The Law and Finance of Initial Coin Offerings
Aurelio Gurrea-Martínez and Nydia Remolina León,
7. What Should Be Disclosed in an Initial Coin Offering?
Chris Brummer, Trevor I. Kiviat, and Jai Massari
8. Blockchains and the Risk Management Infrastructure of the Derivatives Industry
Petal Walker
9. Difficulties in Achieving Neutrality and Other Challenges in Taxing Crypto Assets
Christophe Waerzeggers and Irving Aw
10. Blockchain and Identity Persistence
Alex Marthews and Catherine Tucker
11. Policy and Regulatory Challenges of Distributed Ledger Technology and Digital Assets in Asia
Douglas Arner, Ross Buckley, Dirk Zetzsche, Bo Zhao, Anton Didenko, Cyn-Young Park and Emilija Pashoska
12. Casting Light on Central Bank Digital Currency
Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Itai Agur, Anil Ari, John Kiff, Adina Popescu, and Celine Rochon