Mayer Brown
Digital Assets Download
 

December 15, 2023
 
 

Digital Assets Download – Celebrating the Solstice and Scanning the Horizon for 2024: One of the world’s oldest holidays, the solstice has always been symbolically important as a turning point in the year. Whether it is called Saturnalia, Toji, Dong Zhi or Soyal, in the Northern Hemisphere the winter solstice signals a return to longer days and positive energy—just like the Digital Assets Download! In our final edition of 2023, we look into the year ahead with some fearless predictions (without the benefit of a time machine) and an important legal update for blockchain in financial transactions. We wrap up this Digital Assets Download with a “Lingo” term that expands on one of our predictions.

We hope you’ve enjoyed this year’s Digital Assets Downloads and we look forward to hearing from you in 2024. Best wishes, everyone!

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 all of our previous editions of the Digital Assets Download.)

Sharing is Caring: Please share this edition of the Digital Assets Download via LinkedIn and X, and tell us how we can better serve as your oracle to the digital assets world. 
 
 
Lead Block
 

Perspectives and insights from Mayer Brown lawyers and other thought leaders that touch on digital assets, decentralized finance, cryptocurrencies and related fields.

Without a TARDIS or a DeLorean, We Did the Best We Could: Five Blockchain Predictions for 2024

While the blockchain universe continues to expand, the direction and pace of its development will continue to be influenced by a number of variables – including financial markets, regulatory environments and politics. While we cannot predict how each of these variables will play out in 2024, in this piece we describe how we think some of them will influence blockchain developments in 2024, and what we may expect this universe to look like twelve months from now.

The Promise and Potential of Blockchain and New UCC Article 12

Investors paying attention only to the meltdown in crypto and NFT prices could have been forgiven for thinking that blockchain had had its 15 minutes of fame, something now suitable only for those with a considerable appetite for risk. But while crypto and NFTs generally run on blockchains, the technology of blockchain is much more robust and adaptable than its crypto and NFT use cases would suggest. In fact, by working with the 2022 amendments to the Uniform Commercial Code, blockchain technology may revolutionize secured transactions. This Legal Update focuses on the possible impact blockchain technology could have on the residential mortgage market, especially mortgages that were originated electronically.

 
 
 
News
Events
 

Selected events for deeper dives into different parts of the digital assets and DeFi world.

Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets

In the US House of Representatives, the Subcommittee on Digital Assets, Financial Technology and Inclusion of the Financial Services Committee held a hearing on crypto crime on Wednesday, November 15, 2023.

Commissioner Goldsmith Romero Participated in a Fireside Chat at TRM Labs’ Crypto Law Enforcement Summit

On November 8, 2023, US CFTC Commissioner Goldsmith Romero participated in a fireside chat at TRM Labs’ Crypto Law Enforcement Summit.

Commissioner Pham Speaks at the Blockchain Week in Busan 2023

On November 10, 2023, US CFTC Commissioner Caroline D. Pham participated in a fireside chat titled “Proposals for Innovation of Digital Asset Regulation” at the Blockchain Week in Busan.

Commissioner Johnson to Deliver a Keynote Address and Participate in a Fireside Chat at the Financial Times Crypto and Digital Assets Summit: Winter Edition

On December 5, 2023, US CFTC Commissioner Kristin N. Johnson delivered a keynote address and participated in a fireside chat at the Financial Times Crypto and Digital Assets Summit: Winter Edition in London, England.

Hearing on Fostering Financial Innovation

Michael S. Gibson, Director, Division of Supervision and Regulation on the Federal Reserve Board of Governors, testified before the US House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion in Washington, D.C.

 
 
 
Learn the Lingo
 

For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.

Token Standard

A token standard is a template and set of rules that provides the outlines and requirements for a particular type of smart contract. These rules describe the type of data that the token/smart contract should contain, the actions the token can perform, and the type of operations a token holder can take with respect to that token. A token standard can also provide guidelines for the creation, issuance, deployment, transfer, destruction, and other attributes of tokens on their underlying blockchain.

Some common token standards used on the Ethereum blockchain (the most widely used blockchain protocol for smart contracts) are known as ERC-20, ERC-721, ERC-777, and ERC-1155. Newer token standards still in development include ERC-3643. 
 
 
 

Writings on the Wall, Translating ‘Crypto’ Terms with Mayer Brown

From Airdrop to Wrapped Token, our illustrated glossary, “Writings on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.
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