, 13 tweets, 13 min read Read on Twitter
1/ HEY CRYPTO LAWYERS--@AndreaTinianow analyzes #Wyoming's commercial law for #blockchain assets & wrote a definitive guide to it for blockchain lawyers. She also compares it to @uniformlaws proposed Supplemental Act & favors WY's approach. @ForbesCrypto forbes.com/sites/andreati…
2/ Best quote: "As the founding director of the #Delaware Blockchain Initiative, I cannot stay silent about a law (the @uniformlaws Supplemental Act) that would extinguish the power of #blockchain technology to clean up problems in capital markets." So much here--will post more
3/ .@AndreaTinianow explains how #Wyoming confers "super-negotiability" to digital assets. She calls super-negotiability the "holy-grail" of commercial law (called the #UCC). I'd worked w/ Andrea before but hadn't realized she's a UCC expert from her prior work in #Delaware--wish
4/ we'd had her help last fall when drafting the bill! She caught all the key nuances (& there are many) in the new law--e.g., perfection of security interests for digital assets is by control (which is a key to how they all achieve super-negotiability), control can be either by
5/ the secured party (or agent, etc) OR by a smart contract created by the secured party, and--here's my personal favorite--a security interest perfected by control no only has priority but also is considered a "possessory security interest" (which, per well-established law, is
6/ governed by the law of the state where the collateral is located, & #Wyoming made it v easy to "locate" digital assets in Wyoming). I agree w/ her conclusion that this means Wyoming law has expansive jurisdiction. (OK, she didn't go as far as to say Wyoming is the #Delaware of
7/ digital asset law, but I think it is for this reason 😉🤠). #Delaware & #Wyoming have led the way in enabling #blockchain securities to be issued, which @AndreaTinianow & I agree will clean up inefficiencies & irregularities in capital mkts. By recognizing the direct ownership
8/ of digital assets in #Wyoming, Andrea notes this preserves #blockchain's best attributes & respects how the tech works--& solves well-documented probs created by the indirect ownership regime for securities. She came to the same conclusion we did in Wyoming about the Uniform
9/ Law Commission's Supplemental Act, which would apply the indirect ownership regime to #virtualcurrencies. "The super-negotiability of @uniformlaws Supplemental Act is attenuated because its super-negotiability applies to a mere claim rather than to the actual assets, and it
10/ applies to #virtualcurrencies only." By contrast "super-negotiability in Wyoming applies to #virtual currencies & #digitalsecurities--not just to VCs alone--& applies regardless of whether individuals own the digital assets directly or indirectly via a securities intermediary
11/ .@AndreaTinianow also picked up the nuance about #Wyoming's #digitalasset custody law--that recognizing direct ownership of digital assets puts teeth to custody under #bailment. "In short, no #securities custodian today can offer investors what a Wyoming-based custodian can
12/ offer for digital assets: a #bailment while retaining direct ownership. It is a beautiful thing!" Yep, we in #Wyoming think so too! 🤠 Lawyers will geek out on this article (UCC is a complex & esoteric area of law) but I suspect they'll refer back to it for a long time to
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