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105 Iowa L. Rev. 1 (2019-2020)
Crypto Assets and Insider Trading Law's Domain

handle is hein.journals/ilr105 and id is 11 raw text is: Crypto Assets and Insider Trading Law's Domain Andrew Verstein* ABSTRACT: An extensive literature evaluates whether and how best to regulate insider trading. Far less attention has been given to what sorts of assets should be subject to insider trading regulation to begin with-just equity securities, all sorts of investments, or some point in between? This Article offers a theory of the domain of insider trading law. It does so in the context of a contemporary controversy: whether insider trading law applies, and should apply, to crypto assets such as bitcoin. It shows that crypto assets are within the domain of insider trading law, alongside securities and commodities-but that many other familiar investment assets lie beyond the domain. I. INTRODUCTION .............................................................................. 2 II. INTRODUCTION TO CRYPTO ASSETS ............................................. 8 III. INSIDER TRADING LAW ................................................................. 13 A. SECURITIES REGULATION ........................................................ 13 B . COM M ODITI S ........................................................................... 16 C. MAILANDWIREFRAUD ......................................................... 17 IV. DOCTRINE: Do CRYPTO ASSETS FIT INSIDER TRADING LAW? ..... 17 A. REGULA TED SUBJECTA -'ER ..................................................i 8 B. MATERIAL, NON-PUBLIC INFORMATION ................................. 21 1. Issuer Inform ation ...................................................... 22 2. Media Coverage and Commercial Treatment ............... 24 3. Regulation and Enforcement ......................................... 25 4. Exchange Listings ...................................................... 26 5. T rading ....................................................................... 29 * Professor of Law, Wake Forest University School of Law. J.D., Yale Law School. I am grateful for the helpful comments of Stephen M. Bainbridge, George S. Geis, Marie-Am6lie George, Mark Hall, Raina S. Haque, Saule Levmore, Anup Malani, James Park, Ron Wright and the participants in the American Association of Law Schools Annual Meeting's Discussion Group on the Future of Regulation in the Blockchain Era. Hannah L. Fry provided excellent research assistance.

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