区块链监管:“法律”与“自律”之争
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摘要
区块链这一革命性技术给传统法律监管带来前所未有的挑战,采取何种监管策略与态度已成各国当务之急。依照不同区块链应用对国家合法利益的威胁性不同,传统法律与区块链系统内部规则之间的交互关系可大致分为"乘间伺隙""相辅相成"以及"减轻交易摩擦"三种情形。由于网络数字化时代公共与私人领域边界的动态变化和不确定性,以上三种交互关系中都存在国家干预的模糊性和代码监管的局限性等挑战和冲突。据此,传统法律在应对区块链时至少需要评估区块链网络活动是否属于私领域以及其是否存在危害参与者及广大公众的风险这两大要素,以便制定区块链治理的最低标准,避免法律与代码的无谓争斗,进而实现法律与区块链的共存共荣。
The revolutionary technology of blockchain has brought unprecedented challenges to traditional legal regulation. What kind of regulatory strategies and attitudes should be adopted have become a top priority for many countries. It suggests that there are three ways in which the code of law may interact with code as law, based primarily on the intended motives and purposes of those engaged in activities in developing, maintaining or undertaking transactions upon the network, namely: ‘hostile evasion', efficient alignment and alleviating transactional friction. Due to the dynamic changes and uncertainties between the public and private domain boundaries in the digital age of the Internet, there are challenges and conflicts in the above three interactions,such as the ambiguity of state intervention and the limitations of code regulation. As such, legal and technical code should avoid engaging in an unhelpful battle for supremacy and find a way in which they can coexist and collaborate.
The revolutionary technology of blockchain has brought unprecedented challenges to traditional legal regulation. What kind of regulatory strategies and attitudes should be adopted have become a top priority for many countries. It suggests that there are three ways in which the code of law may interact with code as law, based primarily on the intended motives and purposes of those engaged in activities in developing, maintaining or undertaking transactions upon the network, namely: ‘hostile evasion', efficient alignment and alleviating transactional friction. Due to the dynamic changes and uncertainties between the public and private domain boundaries in the digital age of the Internet, there are challenges and conflicts in the above three interactions,such as the ambiguity of state intervention and the limitations of code regulation. As such, legal and technical code should avoid engaging in an unhelpful battle for supremacy and find a way in which they can coexist and collaborate.
引文
[1]关于区块链的“不可变性”,see n.11 below。
[2]Smith,Jamie(2016)‘There Is More to Blockchain Than Moving Money.It Has the Potential to Transform Our Lives-Here's How’,World Economic Forum,9 November 2016;The Economist(2017)‘The Long Arm of the List’,15 July”;Boucher,Philip(2017).How Blockchain Technology Could Change Our Lives,European Parliamentary Research Service:European Parliament,February.
[3]Schiller,Ben.“How the Technology Behind Bitcoin Is Going to Change the Lives of the Bottom Billion.”Fast Company,3 May2016.See Plaster,Morgan.“Can Blockchain Title Registry Make Property Rights More Secure?”
[4]Yeung,Karen(2017)‘Blockchain,Transactional Security and the Promise of Automated Law Enforcement:The Withering of Freedom under Law?’In Philipp Otto and Eike Graf(eds)3TH1CS-A Reinvention of Ethics in a Digital Age,132-46.Berlin:i Rights.Media.
[5]Government Office for Science(2016).Distributed Ledger Technology:Beyond Block Chain.London(hereafter the‘Blackett Review 2016’).
[6]Blackett Review 2016,6.
[7]Blackett Review 2016,30.
[8]Lessig,L.(1999).Code and Other Laws of Cyberspace.New York,Basic Books.
[9]在本文中,笔者采用了Blackett Review所采用的方法,认为分布式分类账系统的技术代码包括软件(计算机代码)和协议,因为分布式分类账都需要这两种功能。Blackett Review 41.
[10]Blackett Review 2016.
[11]See Walch,Angela(2017)“Open Source Operational Risk:Should Public Blockchains Serve as Financial Market Infrastructures?”In David Lee Kuo Chuen and Robert H Deng(eds.),Handbook of Digital Banking&Internet Finance,Volume 2,forthcoming.Werbach指出,不变性并不总是有利于信任,因为它会提供错误的信心。特别是,区块链保证交易记录准确且只记录一次:区块链不能保证进行交易的人是私钥的合法所有者,也不能保证其他因素。Kevin Werbach(2016)‘Trustless Trust.’SSRN Network,accessed 9 June 2018.
[12]Blackett Review 2016,5.
[13]Bitcoin:The Magic of Mining(2015),The Economist,10 January at 58.
[14]Blackett Review 2016,5.
[15]Blackett Review 2016,17.
[16]Wright,A.,and De Fillipi,P.(2015)Decentralised Blockchain Technology and the rise of Lex Cryptographia'SSRN network,2.
[17]Werbach.Supra n.11.
[18]Blackett Review 2016.
[19]Werbach.Supra n 11.
[20]The Economist.(2015).‘The Trust Machine-The Promise of Blockchain.’31 October.
[21]Antonopoulos,A.(2014).Bitcoin security model:trust by computation.O'Reilly Radar.20 February.
[22]Yaw-Owusu,F.‘Blockchain:Moving from the Internet of Information to the Internet of Value’.
[23]Finck,M.(2017).‘Blockchain Regulation’Max Planck Institute for Innovation and Competition Research Paper Series No.17-13,Available via SSRN Network,4.
[24]Blackett Review 2016;Werbach.Supra n.11.
[25]Atzori,M.(2015).‘Blockchain Technology and Decentralized Governance:Is the State Still Necessary?’SSRN network(accessed10 June 2018).
[26]Coffee,J.(1981).‘No Soul to Damn,No Body to Kick:An Unscandalised Essay on the Problem of Corporate Punishment.’Michigan Law Review 79:413-424.Ferran,E.(2011).‘Corporate Attribution and the Directing Mind and Will.’Law Quarterly Review,Vol.127:239-259.
[27]正是在关于区块链治理的争论中突出了这些不同的利益。See for example De Filippi,P.and B.Loveluck(2016).‘The invisible politics of Bitcoin:governance crisis of a decentralised infrastructure.’Internet Policy Review 5(3)doi:10.14763/2016.3.427.
[28]Walch,A.(2017).‘Open Source Operational Risk:Should Public Blockchains Serve as Financial Market Infrastructures?’D.L.K.Chuen and R.H.Deng(eds.)Handbook of Digital Banking&Internet Finance,Volume 2.:forthcoming,10.
[29]Guadamuz,A.and C.Marsden(2015).‘Blockchains and Bitcoin:Regulatory Responses to Cryptocurrencies’.First Monday 20(12).
[30]参见下文关于法治的讨论,以及例如通过区块链系统分配能源对人类健康和安全、对参与者的财产利益和对破产公司的债权人的潜在危害。
[31]要使网络攻击成功,就必须同时攻击所有副本。
[32]See De Filippi,P.and B.Loveluck(2016).‘The invisible politics of Bitcoin:governance crisis of a decentralised infrastructure.’Internet Policy Review 5(3).
[33]DeNardis,L.(2014).The Global War for Internet Governance.New Haven,Yale University Press.
[34]Wu,T.and J.Goldsmith(2008).Who Controls the Internet?:Illusions of a Borderless World.New York,Oxford University Press.
[35]Ibid.DeNardis,supra n.33.
[36]FinCEN Statement of Facts and Violations,per FinCen Press Release,ibid.
[37]European Banking Authority(EBA)(2014).EBA Opinion on'Virtual Currencies,EBA EBA/Op/2014/08 at 36.
[38]Guadamuz,and Marsden,supra n.29.
[39]Ibid.
[40]Ibid.
[41]Financial Crimes and Enforcement Network(‘FinCEN’)(2015)‘FinCEN Fines Ripple Labs Inc in First Civil Enforcement Action Against a Virtual Currency Exchanger’,Press Release issued 5 May.
[42]Guadamuz and Marsden,supra n 20 at n.134.
[43]cf Blackett Review 2016,Chapter 3,supra n.6.
[44]Golumbia,David(2015)‘Bitcoin as Politics:Distributed Right-Wing Extremism’In Geert Lovink,Jess van Zyl and Patricia de Vries(eds/)Moneylab Reader:An Intervention in Digital Economy,118-31.Amsterdam:Institute of Network Cultures,2015,120.
[45]Paech,Philipp(2017)‘The Governance of Blockchain Financial Networks’Modern Law Review 80:1073110.
[46]例如,参见美国财政部部长最近的声明,他的部门正在审查比特币和其他加密货币的非法使用,并且尤为重要的是它们不被用于“非法”目的。
[47]The Blackett Review,supra n.6,at 34.See also Wright,Aaron and Primavera De Filippi(2015)‘Decentralised Blockchain Technology and the Rise of Lex Cryptographica’available via SSRN network at www.ssrn.com.
[48]Paech supra n.45;Boucher supra n.2.
[49]Paech supra n.45
[50]The Blackett Review,supra n.6,at 45.
[51]Paech,supra n.45,at 1101-1103.
[52]The Blackett Review,supra n.6 at 34.
[53]The Blackett Review,supra n.6 at 44.
[54]Wright and De Filippi,supra n.31.
[55]See The Blackett Review 2016,supra n.6,at 44-45.
[56]The UK’s Chief Scientific Adviser refers‘RegTech’as encompassing‘any technological innovation that can be applied to or used in regulation,typically to improve efficiency and transparency’Government Office for Science(2015)Fintech Futures:The UK as a World Leader in Financial Technologies.London,47.
[57]The Blackett Review,17-18.
[58]M Finck,supra n.23.Werbach,K.(2016).‘Trustless Trust.’SSRN network,31.
[59]参见下文3.2中的讨论。
[60]参见下文3.2中关于DAO攻击事件的讨论。
[61]Australian Tax Office(2014)Tax Determination,TD 2014/25,‘Is bitcoin a’foreign currency'the purposes of Division 775 of the Income Tax Assessment Act 1997.
[62]Yeung,Karen(2017)‘Blockchain,Transactional Security and the Promise of Automated Law Enforcement:The Withering of Freedom under Law?’In Philipp Otto and Eike Graf(eds.)3ETH1CS-the Reinvention of Ethics in a Digital Age,132-46.Berlin:iRights.Media.
[63]Bach,Lord Willy(2016)‘The Crisis in the Justice System in England and Wales,Interim Report.’The Fabian Society,London.
[64]Schiller,Ben(2017)‘Can Initial Coin Offerings Give New Life to Social Good Companies?’Fast Company,15 September.
[65]Securities and Exchange Commission(2017)Report of Investigation Pursuant to Section 21(a)of the Securities Exchange Act of1934:The DAO,25 July.
[66]Per Financial Conduct Authority(2017)Consumer Warning About the Risks of Initial Coin Offerings(‘ICOs’),12 September.
[67]see PriceWaterhouse Coopers(2016)Blockchain-an Opportunity for Energy Producers and Consumers?Schiller,Ben(2017)‘Can Initial Coin Offerings Give New Life to Social Good Companies?’Fast Company,15 September.
[68]Cardwell,Diane.“Solar Experiment Lets Neighbors Trade Energy among Themselves.”The New York Times,13 March 2017.
[69]see PriceWaterhouse Coopers(2016)Blockchain-an Opportunity for Energy Producers and Consumers?Available at www.pwc.utilities/(accessed 29 November 2017)
[70]See Raskin,Max(2017)‘The Law and Legality of Smart Contracts’Georgetown Law Technology Review 1:305.
[71]PriceWaterhouse Coopers,supra,n.69.
[72]see Graham,Cosmo(1998)‘Is There a Crisis in Regulatory Accountability?’In Robert Baldwin,Colin Scott and Christopher Hood(eds),A Reader on Regulation,482.Oxford:Oxford University Press.
[73]PriceWaterhouse Coopers,supra n.69.
[74]Boucher supra n.2.
[75]Galligan,D.(2006).Law in Modern Society.Oxford,Clarendon Press.
[76]E甚至约翰·斯图亚特·穆勒(John Stuart Mill)也承认国家不会支持,(例如)一个人自愿将自己卖作奴隶:Mill,J.S.(1859)On Liberty.2nd ed.London:John W Parker&Son.
[77]See for example Feinberg,J(1989).The Moral Limits of the Criminal Law Volume 3:Harm to Self.Oxford University Press:Oxford.
[78]Government Office for Science(2015)Fintech Futures:The UK as a World Leader in Financial Technologies,Go-Science,London.
[79]Financial Conduct Authority.“Regulatory Sandbox Lessons Learned Report.”2017.
[80]See Cummings,Dan(2017)“Regulatory Sandboxes:A Practice for Innovation That Is Trending Worldwide.”
[81]Vaidhyanathan,S.(2011)The Googlization of Everything:(and Why We Should Worry).University of California Press,San Francisco.
[82]Boucher,supra n.2.
[83]关于相关背景,see SEC Report of Investigation Pursuant to Section 21(a)of the Securities Exchange Act of 1934:The DAO,Release No 81207,25 July 2017。
[84]Hinkes,Drew.“A Legal Analysis of the DAO Exploit and Possible Investor Rights.”Bitcoin Magazine,Jun 21,2016.
[85]SEC表示,鉴于事实和情况,它拒绝采取强制措施,而是“警告业界和市场参与者”,因为他们试图利用区块链技术规避证券法律。
[86]自2017年7月包括Coindash黑客攻击的DAO攻击事件以来,其他与ICO有关的其他非法黑客行为也进一步发生。
[87]Paech supra n.45.
[88]See Perri 6(1998)The Future of Privacy.London:Demos.
[89]Cunningham,Alan(2016)‘Decentralisation,Distrust&Fear of the Body-the Worrying Rise of CryptoLaw’Script-ed 13:235-57.
[90]Walch,Angela(2017)‘The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk’.Journal of Legislation and Public Policy 18:837.
[91]The Blackett Review 2016,Chapter 3,supra n.6.
[92]Black,Julia.Rules and Regulators.Oxford:Clarendon Press,1997.
[93]Hart,H L A.The Concept of Law.New York:Oxford University Press,1961,124-130.
[94]Walch,Angela(2017)‘The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk’.Journal of Legislation and Public Policy 18:837.
[95]The Blackett Review 2016:43
[2]Smith,Jamie(2016)‘There Is More to Blockchain Than Moving Money.It Has the Potential to Transform Our Lives-Here's How’,World Economic Forum,9 November 2016;The Economist(2017)‘The Long Arm of the List’,15 July”;Boucher,Philip(2017).How Blockchain Technology Could Change Our Lives,European Parliamentary Research Service:European Parliament,February.
[3]Schiller,Ben.“How the Technology Behind Bitcoin Is Going to Change the Lives of the Bottom Billion.”Fast Company,3 May2016.See Plaster,Morgan.“Can Blockchain Title Registry Make Property Rights More Secure?”
[4]Yeung,Karen(2017)‘Blockchain,Transactional Security and the Promise of Automated Law Enforcement:The Withering of Freedom under Law?’In Philipp Otto and Eike Graf(eds)3TH1CS-A Reinvention of Ethics in a Digital Age,132-46.Berlin:i Rights.Media.
[5]Government Office for Science(2016).Distributed Ledger Technology:Beyond Block Chain.London(hereafter the‘Blackett Review 2016’).
[6]Blackett Review 2016,6.
[7]Blackett Review 2016,30.
[8]Lessig,L.(1999).Code and Other Laws of Cyberspace.New York,Basic Books.
[9]在本文中,笔者采用了Blackett Review所采用的方法,认为分布式分类账系统的技术代码包括软件(计算机代码)和协议,因为分布式分类账都需要这两种功能。Blackett Review 41.
[10]Blackett Review 2016.
[11]See Walch,Angela(2017)“Open Source Operational Risk:Should Public Blockchains Serve as Financial Market Infrastructures?”In David Lee Kuo Chuen and Robert H Deng(eds.),Handbook of Digital Banking&Internet Finance,Volume 2,forthcoming.Werbach指出,不变性并不总是有利于信任,因为它会提供错误的信心。特别是,区块链保证交易记录准确且只记录一次:区块链不能保证进行交易的人是私钥的合法所有者,也不能保证其他因素。Kevin Werbach(2016)‘Trustless Trust.’SSRN Network,accessed 9 June 2018.
[12]Blackett Review 2016,5.
[13]Bitcoin:The Magic of Mining(2015),The Economist,10 January at 58.
[14]Blackett Review 2016,5.
[15]Blackett Review 2016,17.
[16]Wright,A.,and De Fillipi,P.(2015)Decentralised Blockchain Technology and the rise of Lex Cryptographia'SSRN network,2.
[17]Werbach.Supra n.11.
[18]Blackett Review 2016.
[19]Werbach.Supra n 11.
[20]The Economist.(2015).‘The Trust Machine-The Promise of Blockchain.’31 October.
[21]Antonopoulos,A.(2014).Bitcoin security model:trust by computation.O'Reilly Radar.20 February.
[22]Yaw-Owusu,F.‘Blockchain:Moving from the Internet of Information to the Internet of Value’.
[23]Finck,M.(2017).‘Blockchain Regulation’Max Planck Institute for Innovation and Competition Research Paper Series No.17-13,Available via SSRN Network,4.
[24]Blackett Review 2016;Werbach.Supra n.11.
[25]Atzori,M.(2015).‘Blockchain Technology and Decentralized Governance:Is the State Still Necessary?’SSRN network(accessed10 June 2018).
[26]Coffee,J.(1981).‘No Soul to Damn,No Body to Kick:An Unscandalised Essay on the Problem of Corporate Punishment.’Michigan Law Review 79:413-424.Ferran,E.(2011).‘Corporate Attribution and the Directing Mind and Will.’Law Quarterly Review,Vol.127:239-259.
[27]正是在关于区块链治理的争论中突出了这些不同的利益。See for example De Filippi,P.and B.Loveluck(2016).‘The invisible politics of Bitcoin:governance crisis of a decentralised infrastructure.’Internet Policy Review 5(3)doi:10.14763/2016.3.427.
[28]Walch,A.(2017).‘Open Source Operational Risk:Should Public Blockchains Serve as Financial Market Infrastructures?’D.L.K.Chuen and R.H.Deng(eds.)Handbook of Digital Banking&Internet Finance,Volume 2.:forthcoming,10.
[29]Guadamuz,A.and C.Marsden(2015).‘Blockchains and Bitcoin:Regulatory Responses to Cryptocurrencies’.First Monday 20(12).
[30]参见下文关于法治的讨论,以及例如通过区块链系统分配能源对人类健康和安全、对参与者的财产利益和对破产公司的债权人的潜在危害。
[31]要使网络攻击成功,就必须同时攻击所有副本。
[32]See De Filippi,P.and B.Loveluck(2016).‘The invisible politics of Bitcoin:governance crisis of a decentralised infrastructure.’Internet Policy Review 5(3).
[33]DeNardis,L.(2014).The Global War for Internet Governance.New Haven,Yale University Press.
[34]Wu,T.and J.Goldsmith(2008).Who Controls the Internet?:Illusions of a Borderless World.New York,Oxford University Press.
[35]Ibid.DeNardis,supra n.33.
[36]FinCEN Statement of Facts and Violations,per FinCen Press Release,ibid.
[37]European Banking Authority(EBA)(2014).EBA Opinion on'Virtual Currencies,EBA EBA/Op/2014/08 at 36.
[38]Guadamuz,and Marsden,supra n.29.
[39]Ibid.
[40]Ibid.
[41]Financial Crimes and Enforcement Network(‘FinCEN’)(2015)‘FinCEN Fines Ripple Labs Inc in First Civil Enforcement Action Against a Virtual Currency Exchanger’,Press Release issued 5 May.
[42]Guadamuz and Marsden,supra n 20 at n.134.
[43]cf Blackett Review 2016,Chapter 3,supra n.6.
[44]Golumbia,David(2015)‘Bitcoin as Politics:Distributed Right-Wing Extremism’In Geert Lovink,Jess van Zyl and Patricia de Vries(eds/)Moneylab Reader:An Intervention in Digital Economy,118-31.Amsterdam:Institute of Network Cultures,2015,120.
[45]Paech,Philipp(2017)‘The Governance of Blockchain Financial Networks’Modern Law Review 80:1073110.
[46]例如,参见美国财政部部长最近的声明,他的部门正在审查比特币和其他加密货币的非法使用,并且尤为重要的是它们不被用于“非法”目的。
[47]The Blackett Review,supra n.6,at 34.See also Wright,Aaron and Primavera De Filippi(2015)‘Decentralised Blockchain Technology and the Rise of Lex Cryptographica’available via SSRN network at www.ssrn.com.
[48]Paech supra n.45;Boucher supra n.2.
[49]Paech supra n.45
[50]The Blackett Review,supra n.6,at 45.
[51]Paech,supra n.45,at 1101-1103.
[52]The Blackett Review,supra n.6 at 34.
[53]The Blackett Review,supra n.6 at 44.
[54]Wright and De Filippi,supra n.31.
[55]See The Blackett Review 2016,supra n.6,at 44-45.
[56]The UK’s Chief Scientific Adviser refers‘RegTech’as encompassing‘any technological innovation that can be applied to or used in regulation,typically to improve efficiency and transparency’Government Office for Science(2015)Fintech Futures:The UK as a World Leader in Financial Technologies.London,47.
[57]The Blackett Review,17-18.
[58]M Finck,supra n.23.Werbach,K.(2016).‘Trustless Trust.’SSRN network,31.
[59]参见下文3.2中的讨论。
[60]参见下文3.2中关于DAO攻击事件的讨论。
[61]Australian Tax Office(2014)Tax Determination,TD 2014/25,‘Is bitcoin a’foreign currency'the purposes of Division 775 of the Income Tax Assessment Act 1997.
[62]Yeung,Karen(2017)‘Blockchain,Transactional Security and the Promise of Automated Law Enforcement:The Withering of Freedom under Law?’In Philipp Otto and Eike Graf(eds.)3ETH1CS-the Reinvention of Ethics in a Digital Age,132-46.Berlin:iRights.Media.
[63]Bach,Lord Willy(2016)‘The Crisis in the Justice System in England and Wales,Interim Report.’The Fabian Society,London.
[64]Schiller,Ben(2017)‘Can Initial Coin Offerings Give New Life to Social Good Companies?’Fast Company,15 September.
[65]Securities and Exchange Commission(2017)Report of Investigation Pursuant to Section 21(a)of the Securities Exchange Act of1934:The DAO,25 July.
[66]Per Financial Conduct Authority(2017)Consumer Warning About the Risks of Initial Coin Offerings(‘ICOs’),12 September.
[67]see PriceWaterhouse Coopers(2016)Blockchain-an Opportunity for Energy Producers and Consumers?Schiller,Ben(2017)‘Can Initial Coin Offerings Give New Life to Social Good Companies?’Fast Company,15 September.
[68]Cardwell,Diane.“Solar Experiment Lets Neighbors Trade Energy among Themselves.”The New York Times,13 March 2017.
[69]see PriceWaterhouse Coopers(2016)Blockchain-an Opportunity for Energy Producers and Consumers?Available at www.pwc.utilities/(accessed 29 November 2017)
[70]See Raskin,Max(2017)‘The Law and Legality of Smart Contracts’Georgetown Law Technology Review 1:305.
[71]PriceWaterhouse Coopers,supra,n.69.
[72]see Graham,Cosmo(1998)‘Is There a Crisis in Regulatory Accountability?’In Robert Baldwin,Colin Scott and Christopher Hood(eds),A Reader on Regulation,482.Oxford:Oxford University Press.
[73]PriceWaterhouse Coopers,supra n.69.
[74]Boucher supra n.2.
[75]Galligan,D.(2006).Law in Modern Society.Oxford,Clarendon Press.
[76]E甚至约翰·斯图亚特·穆勒(John Stuart Mill)也承认国家不会支持,(例如)一个人自愿将自己卖作奴隶:Mill,J.S.(1859)On Liberty.2nd ed.London:John W Parker&Son.
[77]See for example Feinberg,J(1989).The Moral Limits of the Criminal Law Volume 3:Harm to Self.Oxford University Press:Oxford.
[78]Government Office for Science(2015)Fintech Futures:The UK as a World Leader in Financial Technologies,Go-Science,London.
[79]Financial Conduct Authority.“Regulatory Sandbox Lessons Learned Report.”2017.
[80]See Cummings,Dan(2017)“Regulatory Sandboxes:A Practice for Innovation That Is Trending Worldwide.”
[81]Vaidhyanathan,S.(2011)The Googlization of Everything:(and Why We Should Worry).University of California Press,San Francisco.
[82]Boucher,supra n.2.
[83]关于相关背景,see SEC Report of Investigation Pursuant to Section 21(a)of the Securities Exchange Act of 1934:The DAO,Release No 81207,25 July 2017。
[84]Hinkes,Drew.“A Legal Analysis of the DAO Exploit and Possible Investor Rights.”Bitcoin Magazine,Jun 21,2016.
[85]SEC表示,鉴于事实和情况,它拒绝采取强制措施,而是“警告业界和市场参与者”,因为他们试图利用区块链技术规避证券法律。
[86]自2017年7月包括Coindash黑客攻击的DAO攻击事件以来,其他与ICO有关的其他非法黑客行为也进一步发生。
[87]Paech supra n.45.
[88]See Perri 6(1998)The Future of Privacy.London:Demos.
[89]Cunningham,Alan(2016)‘Decentralisation,Distrust&Fear of the Body-the Worrying Rise of CryptoLaw’Script-ed 13:235-57.
[90]Walch,Angela(2017)‘The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk’.Journal of Legislation and Public Policy 18:837.
[91]The Blackett Review 2016,Chapter 3,supra n.6.
[92]Black,Julia.Rules and Regulators.Oxford:Clarendon Press,1997.
[93]Hart,H L A.The Concept of Law.New York:Oxford University Press,1961,124-130.
[94]Walch,Angela(2017)‘The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk’.Journal of Legislation and Public Policy 18:837.
[95]The Blackett Review 2016:43