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25 U. Miami Int'l & Comp. L. Rev. 159 (2017-2018)
What I Learned Trading Cryptocurrencies While Studying the Law

handle is hein.journals/miaicr25 and id is 167 raw text is: 








    WHAT  I LEARNED TRADING CRYPTOCURRENCIES  WHILE
                   STUDYING  THE LAW


                   Joshua S. Morgan*


                   TABLE OF CONTENTS
I.  INTRODUCTION...........................................160
II. THE CURRENT STATE OF THE MARKET .............................164
         A. PUNDITS AND PLAYERS OPINE   ....................167
         B. LEGAL AND REGULATORY CONCERNS .     ............170
         C. THE LEGAL COMMUNITY'S ROLE .......................173
III. CRYPTO 101    .................................. ................174
         A. BLOCKCHAIN: BRIDGING THE TRUST GAP....................174
         B. WHAT  IS A LEDGER?   ...........................175
         C. Q: WHY  A DECENTRALIZED LEDGER INSTEAD OF A
            CENTRALIZED LEDGER? A: TRUST......................176
         D. WHAT  IS CONSENSUS?         .........................177
         E. WHAT'S IN A NAME? BLOCKCHAIN ......     ..........178
         F. SuzY LEMONADE: CONCEPTS APPLIED.............180
         G. THE (CURRENT) MAJOR LEAGUE COINS ............184
         H. WHAT  IS A SMART CONTRACT? ..................189
         I. INITIAL COIN OFFERING (ICO) ..... . ..................191
         J. BANKING THE UNBANKED ...............................194
IV. THE LEGAL CLIMATE OF ICOS ....  ..........................197
         A. PERVASWE PROBLEMS IN THE ICO MARKET ................197
         B. THE SEC's APPROACH  ..........................202
         C. THE DAO  DEBACLE            ........................203
         D. SEC   SUSPENDS  TRADING  IN THREE  PUBLIC
            COMPANIES LIKELY TO ENGAGE IN AN ICO..................206
         E. SEC   INTRODUCES CYBER  UNIT  AND  RETAIL
            STRATEGY INITIATIVES AND TAKES ENFORCEMENT
            ACTION AGAINST AN ICO .....................207







* J.D. Candidate 2018, University of Miami School of Law; B.S. 2014,
University of Texas at Austin.

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