Tarantino v. Miramax: The Rise of NFTs and Their Copyright Implications
Emily Dieli Non-fungible tokens (NFTs) are digital assets that are part of a relatively new industry involving blockchains and cryptocurrencies. As NFTs grow in popularity, questions have arisen over NFT copyright ownership. A federal court will have the opportunity to rule on this issue for the first time in a pending case between Miramax and Quentin Tarantino. The film production company and the well-known director are in dispute over intellectual property ownership of screenplay scenes that Tarantino sold as NFTs. The outcome of the case and future laws will have a direct impact on the way NFTs are purchased and...
Regulating the Unregulatable: The Digital Commodity Exchange Act’s Use- Based Approach to Cryptocurrency Regulation
Becky Powell Since the creation of Bitcoin in 2008, the cryptocurrency market has grown exponentially and remained relatively free from government oversight. Only within the last five years have federal agencies begun to regulate the risks the industry poses. Their response to date, though, has been piecemeal because they lack explicit, statutory jurisdiction over the industry. As a result, the cryptocurrency market faces several risks that threaten to derail its future growth. For one, the industry is a playground for criminal activity, including everything from money laundering to fraud to cyberattacks. The market is also extremely volatile, and consumers have...
The Facebook Diem Project: Can Big Tech Create Its Own Currencies?
Jo-an Chen Cryptocurrencies are rising in popularity as both a means for investment and a medium for exchange for goods and services. In 2019, Facebook announced its intent to create a new stablecoin cryptocurrency called Libra as a means to promote financial inclusion and access to the unbanked population. After its initial failed launch in 2019 due to heavy regulatory criticism over data privacy, money laundering, and financial instability concerns, Facebook is once again seeking to relaunch the Diem Project in 2021. This Essay discusses the potential social benefits, the disruption to financial institutions, and the regulatory challenges that the...
The Reimagined Schoolyard: Cryptocurrency’s Adoption in Tomorrow’s International Monetary Order
Stephen Wilks This Article looks to specific periods in the socio-legal history of money to make a series of predictive statements about cryptocurrency’s contemporary impact. New forms of currency have been more consequential than simply solving narrowly defined problems. They have shaped relationships between technology and government’s expansionary aims to produce important structural arrangements – sometimes at the cost of disrupting incumbent ones. In the prehistoric era, commodity based forms of money gave way to metal coins and systems of exchange that facilitated trade expansion and would eventually express political power in their physical design. The large-scale circulation of paper...