Blockchain Law

Cryptocurrency has boomed in the last several years. With cryptocurrency (like Bitcoin) necessarily comes Blockchain. What is Blockchain? Blockchain is a ledger system. Instead of the typical bank system in place for the dollar, Blockchain acts as a transparent digital ledger of transactions run by participants in the network. The ledger is constantly updated, and these updates are viewable by all participants. Blockchain is considered immutable – unchanging over time – which is one of the biggest factors drawing people and businesses in to using blockchain.

There are multiple types of Blockchain: public, consortium and private. Public blockchain is accessible to anyone. Consortium blockchain has restricted access. For example, a consortium blockchain may be limited to a certain preselected number of businesses. On the other hand, a private blockchain is restricted to one business or company. Blockchain allows for efficiency and security in knowing that transactions are immutable. The type of blockchain will depend on the purpose and need for it.

The rules and laws related to blockchain/cryptocurrency are evolving because of the multi-faceted nature of crypto. Depending on how the crypto is categorized (asset or commodity, etc.), the law may change. Several different areas of law could be implicated, including but not limited to, contract law, securities law, regulatory compliance, and intellectual property. Because of this, there are many different regulators involved, including the IRS, Securities and Exchange Commission, Department of Justice, and Congress. Even individual states are taking steps in regulating crypto.

The space around Blockchain is changing as lawyers, businessmen and just regular people step into the world of cryptocurrency. The law will continue to evolve and change, which requires constant attention to new developments.

The Davis Law Firm is located in Jacksonville, Florida and serves clients throughout the states of Florida and Georgia, including Jacksonville, Miami, Pensacola, Orlando, Tampa, St. Petersburg, St. Augustine, Fort Myers, Daytona Beach, Panama City, Destin, Melbourne, Fort Lauderdale, West Palm Beach, Tallahassee, the Florida Keys, and everywhere in between.

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