Ep 79 - Creating Effective Blockchain Legislation w/ Caitlin Long

Caitlin Long knows Blockchain Law

Caitlin Long joins LAB Radio host Chris Groshong, just days after
resigning from the Wyoming Blockchain Taskforce. I had asked her
specifically to come on the show to comment on concepts the newly
formed California Blockchain Taskforce can glean from her
pioneering efforts.


We waste no time getting into the issues around the Uniform Law
Commission's (ULC) Uniform Regulation of Virtual Currencies
Businesses Act or URVCBA. Particularly the supplemental portion
which strips the property rights of owners. Ms. Long says if
we're not careful we may only recognize people's rights "...in
digital assets if you are in a debtor/creditor relationship with
your intermediary."  


This ties in nicely into a discussion of the Uniform Commercial
Code(UCC) with respect to Virtual Currencies. Currently, it is
being worked on by members of the special subcommittees of the
ULC. Meanwhile, the California Lawyers Association is considering
creating legislature for Commercial transactions at the state
level parallel to the California Blockchain Taskforce. It's
important that communication between these two entities needs to
take place.


 


The biggest problem is we are still defining the concepts and
applications of these new technologies. Without proper
definitions, it's nearly impossible to predict the outcomes of
future litigations. Judges, like many, just don't understand. I
know this from first hand experience while providing expert
witness testimony in Federal Court this summer.   


Banks play an important role in the crypto industry. The major
problem Wyoming is trying to solve is to make it easier for
crypto businesses to gain access to banking relationships. There
are currently 7 banks who've identified themselves as being
interested in applying for a Wyoming Banking license. 


There are still many boundaries at the Federal level. Least of
which is receiving a Banking Charter. We still have the SEC and
CFTC to consider. The ongoing delays with creating true Federal
regulation is an opportunity for the states to take advantage of
the situation.  


Surround yourself with smart, talented and humble people willing
to future proof legislation without hindering innovation.


Special thanks to Trace Mayer, Christopher Allen, Jesse Powell,
Joseph Pitluck, Amy and Devon James and many, many
more.  


Some of the other topics I asked Caitlin to discuss with respect
to Wyoming law were:  


Exchanges

Crypto ATMs

Foundations 

AML and Compliance

Series LLC



I wrap up the show with a final question about what she would
change about the crypto and blockchain industry if she could wave
a magic wand. 


Tweet your favorite quote and tag @CoinStructive @djkinkle
@CaitlinLong & #LABradio


 


Further Reading and Resources


Caitlin Long | Twitter | LinkedIn | Website


Wyoming Blockchain Taskforce| Website