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27 Va. J.L. & Tech. 1 (2023-2024)

handle is hein.journals/vjolt27 and id is 1 raw text is: VIRGINIA JOURNAL OF LAW & TECHNOLOGY VOLUME 27 SUMMER 2023 NUMBER 1 DIGITAL CURRENCY INDUSTRY SELF- REGULATION: NOT ALL CONSENSUS IS AUTOMATIC Eric Alstont ABSTRACT The appropriate boundary between public and private regulation has long been of interest to law and economics scholars. Espeially relevant for understanding the private regulatory dynamics of the digital currengi industy are the w ays in which self-regulation has existed in financial markets. These studies suggest that too much market concentration and too much competition both diminish the possibilify or self -regulation in the interest of consumers. Similarly, certain exchange roles give rise to opportunities for market manpulation by sub-classes of actors in a way that make exchange self-regulation less likely, incentives for manipulation that are exacerbated due to jurisdictional competition. Nonetheless, the unique technical features of blockchain networks, and the way in which consumers and industy participants value transparengi and immutability make the possibiliy for productive self -regulation to beneit retail consumers greater tan skeptics make it out to be. Furthermore, industry sel -regulation can preempt or substitute for more distortionay or ill- itting regulation emanating /rom public authorities. Final ly, given the inevitability opublc regulation, this t Scholar in Residence, Finance Division, Leeds School of Business, University of Colorado Boulder. For helpful comments and suggestions, I thank participants of the Research Roundtable on Industry Self-Regulation at Scalia Law School and attendees of the 2022 Canadian Law and Economics Association Meetings at the University of Toronto Law School. Support for this research was provided by the Law and Economics Center at George Mason University. I thank Broccan Ware and David Johnson for research assistance. All errors are my own. 1 © 2023 Virginia Journal of Law & Technology, at http://www.vjolt.org/.

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