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.
Some of the other topics I asked Caitlin to discuss with respect to Wyoming law were:
- Crypto ATMs
- 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.
Further Reading and Resources
Wyoming Blockchain Taskforce| Website