White & Case's Douglas Landy, James Kong and Ben Elron recently contributed a chapter to Global Legal Insights ("GLI's") Blockchain & Cryptocurrency Regulation 2022 publication. In the chapter, Douglas, James and Ben provide a high-level overview of the potential applicability of distributed ledger technology ("DLT") to the transfer of assets represented by "tokens" or other digital assets,1 and the regulatory environment developing around such tokens.
1 It should be noted that the use of the term "digital assets" is somewhat of a misnomer, as assets are typically understood as things that have value. Ideally, the Transfer Token should be conceptualized as akin to a book-entry that has no value in and of itself, but merely represents an underlying asset. Even the use of the word "token" is problematic, as it can both imply value and carry negative connotations associated with the raft of tokens issued pursuant to "initial coin offerings" in recent years. Here, we use the word token to mean that it is symbolic.
Ben Elron (White & Case, Law Clerk, Washington, DC) contributed to the development of this publication.
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