ABSTRACT
There is not, and should not be, any such thing as a ‘law of cryptotokens’. A cryptotoken is simply a tool which is used to effect a transaction. The role of the law is to decide: 1. Whether or not to give effect to that transaction; and 2. Whether the transaction has been entered into in accordance with the laws which apply to a transaction of that type. As regards the first consideration, the law should approach any issue involving tokens by asking three simple questions: What was the token designed to do? What did the participants in the transaction concerned believe that they were doing? and Would that assessment have been shared by people generally? If the answers to all of these questions are clear, then the law should strive to deliver the intended outcome of the transaction …
Gleeson, Simon, The Treatment of Cryptotokens at English Law – Back to the Future (July 17, 2019).
First posted 2021-01-19 05:50:21
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