Blockchain projects are often subject to uncertainty of all types – regulatory, market adoption and technological feasibility among them. But despite that uncertainty and other headwinds – as we forecasted – disruptions and evolutions in blockchain products continue to be rolled out by tradfi and defi actors alike.
In our latest Digital Assets Download, we highlight a number of these stories in our News Node, including several noteworthy product developments and regulatory steps in the United States and around the world. In addition, we examine a first-of-its-kind, triple-token merger, and the challenges and opportunities it creates. We also look at regulatory developments in derivatives and insurance – two sectors where the application of blockchain have only begun to be explored.
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective" on the digital assets multiverse—created by Mayer Brown's global Digital Assets, Blockchain & Cryptocurrency group. (Check out our previous editions of the Digital Assets Download).
THE LEAD BLOCK
Perspectives and insights from Mayer Brown lawyers and other thought leaders that touch on digital assets, decentralized finance, cryptocurrencies and related fields.
THREE-BODY PROBLEM: CHALLENGES AND CONSIDERATIONS FOR A FIRST-OF-ITS-KIND TRIPLE-TOKEN MERGER
Token holders for three separate decentralized protocols have recently proposed a first-of-its-kind merger of tokens that would create an "Artificial Superintelligence Alliance" with a single token and a new, independent AI research and development foundation. In this Legal Update, we examine the background of the Alliance, as well as its structure and concepts by drawing comparisons with traditional corporate joint ventures. We also examine the practical challenges of operating a decentralized JV and highlight a few key challenges and questions that will need to be addressed in the Alliance's implementation and governance.
CRYPTO DERIVATIVES: OVERVIEW
This Practice Note provides an introduction to digital asset derivatives, which are derivatives with digital assets, including cryptocurrencies, as their underlying asset. We provide an overview of the different types of digital asset and crypto asset derivatives, as well as an explanation of the ISDA Digital Asset Derivatives Definitions, which are standardized contract terms that may be used by market participants to document digital asset derivatives transactions.
US NAIC SPRING 2024 NATIONAL MEETING HIGHLIGHTS: MAJOR INVESTMENT-RELATED INITIATIVES
The US National Association of Insurance Commissioners ("NAIC") held its Spring National Meeting in Phoenix from March 14-18, 2024. This Legal Update reports on a number of important investment-related initiatives that were addressed or proposed during the Spring National Meeting including regulatory updates regarding the treatment of crypto assets for statutory accounting purposes.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.