Andrea Tosato @Andrea_Tosato Twitter profile | Pikagi

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Andrea Tosato

@Andrea_Tosato

1,308

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1,138

Following

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Professor @SMULawSchool . Exploring commercial law, secured transactions, and bankruptcy, with a focus on digital assets, carbon credits and other intangibles.

https://t.co/1XjfoBlZv2

Joined September 2011

Don't wanna be here? Send us removal request.

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@Andrea_Tosato

Andrea Tosato

8 months

Thrilled to share that, Debt Tokens, co-authored with @ChrisOdinet and Diane Lourdes Dick, will be published in @PennLRev Immensely grateful for the feedback and support from friends, colleagues and students - special thanks to our RAs @IowaLawSchool

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@Andrea_Tosato

Andrea Tosato

3 years

US Commercial Law Angle. If El Salvador actually goes ahead and recognizes Bitcoin as legal tender...Bitcoin then becomes "money" under UCC § 1-201.... 🧐

@APompliano

Anthony Pompliano 🌪

3 years

BREAKING: The President of El Salvador just announced that he is making Bitcoin legal tender in his country. This is the first country to take such a courageous step, but it won’t be the last.

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@Andrea_Tosato

Andrea Tosato

3 years

El Salvador has recognized Bitcoin as legal tender. Historic. The Spaces chat with @nayibbukele was incredible. Shoutout to @nic__carter As the dust settles, let’s talk a little more about what this means for US commercial law and why I think we need to reform the UCC. A thread

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@Andrea_Tosato

Andrea Tosato

3 years

Some people have asked me the diff. between the reform El Salvador is considering (ie. recognizing Bitcoin as legal tender in El Salvador) and pre-existing legislation in Japan. Based on available translations, from a commercial law perspective, this is my limited understanding:

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@Andrea_Tosato

Andrea Tosato

8 months

I am thrilled to share that I will be joining the wonderful faculty at @SMULawSchool in the fall of 2024! I am very excited to start this new chapter and am so grateful for the opportunity to join this incredible community! See you in Dallas!

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Andrea Tosato to Join SMU Law Faculty

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@Andrea_Tosato

Andrea Tosato

3 years

@propelforward Further food for thought...bitcoin would be "money" under UCC § 1-201....

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@Andrea_Tosato

Andrea Tosato

9 months

New Article Alert!🚨🚨 Excited to share our latest work with Diane Lourdes Dick and @ChrisOdinet : Debt Tokens () Are you interested in the intersection between digital assets, bankruptcy, and commercial law?! Read Below!

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@Andrea_Tosato

Andrea Tosato

2 years

🚨🚨🚨 New paper out with @chrisodinet and @Professorkbruce : “The Private Law of Stablecoins” Ever wondered what happens to stablecoin holders if their stablecoin fails or its issuer goes bankrupt? Read below! 🧵

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@Andrea_Tosato

Andrea Tosato

2 years

This is why the Uniform Commercial Law matters. This is why secured transactions law matters. This is why bankruptcy law matters. @profjuliet @tjanger @propelforward @gonbegood @Prof_CarlaReyes @ChrisOdinet

@kadhim

kadhim (＾ｰ^)ノ

2 years

Significant moment in the Celsius bankruptcy as Judge Martin Glenn rules that $4.2bn of crypto deposited by customers to earn interest belongs to the estate, not the users:

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@Andrea_Tosato

Andrea Tosato

10 months

#AALS2024 My phenomenal co-author @ProfessorKBruce presenting her new research project exploring the secrecy issues involved in Bankruptcies of Crypto Platforms

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@Andrea_Tosato

Andrea Tosato

3 years

11/ GOOD NEWS: ALI/ULC are ALREADY working on reforming the UCC focusing on new tech. including Bitcoin (). Great crypto folks are providing input ( @CaitlinLong_ @propelforward @Prof_CarlaReyes @profjuliet and many others). I expect updates in July!

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@Andrea_Tosato

Andrea Tosato

10 months

More excellent work from @ChrisOdinet Discussing FinReg Issues in Crypto Real Property Finance #AALS2024

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@Andrea_Tosato

Andrea Tosato

2 years

Code is law....untill it ain't... Sues Woman After Sending Her $10 Million by Mistake (via @decryptmedia )

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@Andrea_Tosato

Andrea Tosato

1 year

Feeling incredibly honored to receive this award. A heartfelt thank you to all my @pennlaw students - you are the real MVPs! Your curiosity and passion inspire me every day!

@pennlaw

University of Pennsylvania Carey Law School

1 year

👏 Congratulations to the recipients of our 2022-2023 Faculty Awards: Incoming Dean Sophia Z. Lee, Bill Ewald, Jean Galbraith, Jasmine E. Harris ( @Jeharrislaw ), Matt Duncan L'03, and @Andrea_Tosato 🏆

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@Andrea_Tosato

Andrea Tosato

10 months

Fantastic presentation by @Prof_CarlaReyes on the intersection between corporate law and #DeFi / OpenSource software. Ooki Dai v CFCTC Tornado Cash v Ofac #AALS2024

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@Andrea_Tosato

Andrea Tosato

3 years

Grant lawmakers a little time to consider the Salvadorean "legal tender" development. Trust The Process...and the UCC-Emerging Technologies Committee 😉 Take a look: -> "Intangible Money" ... cc. @CaitlinLong_ @Prof_CarlaReyes @propelforward @profjuliet

@nic__carter

nic carter

3 years

“Bitcoin isn’t money because no sovereign has made it legal tender!” *bitcoin is designated legal tender by law* “Legal tender laws are antiquated and irrelevant anyway”

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@Andrea_Tosato

Andrea Tosato

10 months

No.

@RicFlairNatrBoy

Ric Flair®

@RicFlairNatrBoy

10 months

Wooooo! Wooooo! Wooooo! It's the Nature Boy, Ric Flair, and I'm here to tell you about the hottest thing in crypto – Wooooo! Coin! These guys are strutting in with liquidity like my legendary charisma. Why? Because the founders put their money where the Wooooo! is! But check this

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@Andrea_Tosato

Andrea Tosato

2 years

The table below summarizes our findings

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@Andrea_Tosato

Andrea Tosato

7 months

Great tl;dr of our paper Debt Tokens, forthcoming in @PennLRev ! Thank you, @KProfsBlog !!! 🙏🙏🙏🙏🙏

@KProfsBlog

ContractsProf Blog

7 months

The Blog is back! Today, in our "What's All the Fuss About" column, we provide a tl;dr on the blockbuster hit "Debt Tokens" by Diane Loudes Dick, @ChrisOdinet , and @Andrea_Tosato .

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@Andrea_Tosato

Andrea Tosato

2 years

💥💥🎉🎉💥💥 𝑪𝒓𝒚𝒑𝒕𝒐 𝒊𝒏 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑭𝒊𝒏𝒂𝒏𝒄𝒆 💥💥🎉🎉💥💥 Delighted to be bringing it to print with the fantastic team of editors @AlaLawReview

@ChrisOdinet

Chris Odinet

2 years

🚨Paper Update!: check out the latest version of " #Crypto in #RealEstateFinance " (forthcoming @AlaLawReview ) w/ @Andrea_Tosato & Wilson Freyermuth: .

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@Andrea_Tosato

Andrea Tosato

9 months

A heartfelt thank you to all the participants in the Wharton-Harvard Insolvency & Restructuring Conference and the AALS 2024 Commercial Law Panel. So many people have helped us develop this paper. In no special order, a special shout out to: @Prof_CarlaReyes @propelforward

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@Andrea_Tosato

Andrea Tosato

7 months

Excited to be attending @BYULaw / @UChicagoLaw Inaugural Winter Bankruptcy Conference. I'll be presenting our paper "Debt Tokens" co-authored with @ChrisOdinet and Diane Dick. Looking forward to hanging out with all the commercial law and bankruptcy law geeks!

@BYULaw

BYU Law School

7 months

BYU Law's Global Business Law Program will host two conferences this week: our 6th Annual Winter Deals Conference and Inaugural Winter Bankruptcy Conference.

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@Andrea_Tosato

Andrea Tosato

3 years

10/ The solution is reforming the UCC. Rather than adapting and stretching old rules and definitions, it’s preferable to craft new ones designed for digital assets such as Bitcoin that effectively serve both community and market needs

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@Andrea_Tosato

Andrea Tosato

1 year

In the USA, under the UCC (2022), you can tokenize -Chattel paper (Art 5, 9) -Documents of title, such as bills of lading and warehouse receipts (Art 7) -Money claims (receivables) that fit within the definition of "account" or "payment intangible" (Arts 9, 12) Outside of the

@lex_node

_gabrielShapir0

1 year

Purported "tokenization" of purported "RWAs" is mostly fake/impossible--a brief thread

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@Andrea_Tosato

Andrea Tosato

2 years

@1MarkMoss Hi @1MarkMoss I was involved in the UCC 2022 amendments. Like many others including @propelforward @CaitlinLong_ and @Prof_CarlaReyes These draft amendments do not AT ALL ban bitcoin "as an option to escape" - it's actually the opposite. I would be happy to talk more about this

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@Andrea_Tosato

Andrea Tosato

2 years

Realworld evidence of why UCC Article 12 was needed and why "control" is a method to perfect a security interest in a "controllable electronic record" Read the entire thread. @CaitlinLong_ @Prof_CarlaReyes @propelforward @gonbegood @profjuliet @ChrisOdinet

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@Andrea_Tosato

Andrea Tosato

2 years

@AaveAave intends to launch a new stablecoin, $GHO Below are my thoughts based on the paper I have co-authored with @ChrisOdinet and @ProfessorKBruce The Private Law of Stablecoins @SSRN 🧵 #StableCoin #stablecoins #CryptoWinter

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@Andrea_Tosato

Andrea Tosato

9 months

$TUSD is and always was structurally "wobbly". The redemption right they offer is extremely weak ...and can be suspended unilaterally at any time. Moreover, holders of $TUSD would be unsecured creditors in case of bankruptcy...

@CoinDesk

CoinDesk

9 months

$TUSD continued to wobble off its dollar peg as some firms claim their redemption requests were denied. By @shauryamalwa and @thesamreynolds .

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@Andrea_Tosato

Andrea Tosato

8 months

☺️

@KProfsBlog

ContractsProf Blog

8 months

The new top tens came out yesterday, and . . . wait, what? Everybody can go home for 60 days. @Andrea_Tosato , @ChrisOdinet , and Diane Lourdes Dick's "Debt Tokens" will soon be featured in our "What's All the Fuss About?" column

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@Andrea_Tosato

Andrea Tosato

2 years

NFT Securitizations are a fast-evolving space (see the UKJT paper released yesterday) In this essay w/ @ChrisOdinet , we discuss the regulatory framework proposed by Steven Schwarcz and share our private law perspective😊😊 A big thank you to the @BULawReview editors!

@ChrisOdinet

Chris Odinet

2 years

🚨New paper alert! Check out this essay w/ my super talented friend & coauthor @Andrea_Tosato where we review & analyze the use of #NFTs in #securitization -style transactions, as described in Steven Schwarcz's forthcoming article; all coming to you soon @BULawReview

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@Andrea_Tosato

Andrea Tosato

2 years

👇

@uniformlaws

Uniform Law Commission

2 years

First act up for consideration: the 2022 Amendments to the Uniform Commercial Code. The 2022 amendments update and modernize the UCC to address emerging technologies and ensure that the UCC continues to facilitate commercial activity well into the future.

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@Andrea_Tosato

Andrea Tosato

4 years

I am delighted to see my latest article, co-authored with @Giuliano_C , featured in the FinReg Blog of the Global Financial Markets Center at Duke University School of Law. It was a lot of fun working with the team @DukeGFMC !

@DFE_Duke

Duke Financial Economics Center

4 years

NEW FinReg blog post is out: Commercial Law Intersections: Coordination Failures and the Quest for Legal Coherence Link: Today's post is written by @Giuliano_C and @Andrea_Tosato @HKUniversity @UoN_Law @CLC_uon @HastingsLJ Read our blog for more!

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@Andrea_Tosato

Andrea Tosato

3 years

Today @AmLawInst and @uniformlaws hold the first reading for the draft Art 12 of the UCC. Art 12 would create a special regime for commercial transactions involving “Controllable Electronic Records” – INCLUDING Bitcoin. The meeting is live-streamed here:

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2021 Annual Meeting - Ninth Session

www.youtube.com

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@Andrea_Tosato

Andrea Tosato

8 months

Thank you to @USOCC for inviting me to talk about tokenization of real world assets and "Debt Tokens" (), alongside @profjuliet and Ed Smith. Fantastic discussion!

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@Andrea_Tosato

Andrea Tosato

1 year

🎉🎉🎉 Huge congratulations on being named an Am. Legal Tech. Award Finalist for Education! Your dedication to innovative teaching and research in #law & #tech is evident and truly inspirational. @SMULawSchool is lucky to have you! 🌟🎉🎉

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

1 year

I am honored to be named an Am. Legal Tech. Award Finalist for Education! Humbled to be named alongside colleagues in the academy that I admire and look up to. Will keep striving to bring innovative teaching and research in #law & #tech to @SMULawSchool

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@Andrea_Tosato

Andrea Tosato

3 years

1/ UCC1-201(a)(24) defines “money” as “medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries”

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@Andrea_Tosato

Andrea Tosato

8 months

If you are interested in DAOs and their corporate personhood - this paper is a must-read! 🔥🔥🔥🔥🔥🔥🔥

@ProfChristyHurt

Christine Hurt

@ProfChristyHurt

8 months

In "The Contractarian Joint Venture," @Prof_CarlaReyes and I offer DAOs pathway to an entity that doesn't have unlimited liability and doesn't issue securities. Proposals: default partnership statute amendment and new Howey/Reves test for crypto assets.

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@Andrea_Tosato

Andrea Tosato

3 years

8/ As a matter of interpretation, even after the #BitcoinLaw , I agree that it would be preferable not to extend the UCC concept of “money” to cover Bitcoin. Imho, current UCC rules for “money” just don’t work with Bitcoin (see @Joecarlasare )

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@Andrea_Tosato

Andrea Tosato

6 years

Here are my thoughts on the use of IP licenses as collateral in secured transactions. Thank you to the Special Editors @Giuliano_C , Charles Mooney, & Steven Schwarcz, and the fantastic L&CP Editorial Team @DukeLaw #IntellectualProperty #IP #SecuredTransactions

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DUKE LAW | Law & Contemporary Problems

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@Andrea_Tosato

Andrea Tosato

2 years

Confused about the impact of the 2022 UCC Amendments on #Bitcoin and #CBDCs ? This essay from the amazing @Prof_CarlaReyes covers every angle! TL;DR: the 2022 UCC Amendments benefit #BTC and other digital assets - they do NOT pave the way for #CBDCs !

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@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

To encourage continued dialogue & education re: the 2022 UCC Amendments' impact on #Bitcoin & #crypto , I wrote up a more formal discussion of the dispute re: the definition of "money" in the UCC & the #commercial #law misunderstandings on which it rests:

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@Andrea_Tosato

Andrea Tosato

2 years

I will never get tired of saying this: the UCC is Private Law. Not Public Law nor Regulation. The UCC does NOT affect: -SEC and its definition of security -CFTC and its definition of commodity -FINcen and its definition of money -Money transmission licenses at state level

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

it is SUPER important to keep in mind that the UCC is private law - it is not regulatory in nature, and the definition of money in the UCC has no direct impact on the definition of money for other legal purposes such as in the Internal Revenue Code, the Bank Secrecy Act, 40/n

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@Andrea_Tosato

Andrea Tosato

3 years

3/ The good: applying UCC rules for “money” to Bitcoin would have some positive implications, in theory. Under the UCC, “money” is negotiable and it can be easily used as collateral in financial transactions

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@Andrea_Tosato

Andrea Tosato

3 years

6/ The ugly: Under the UCC, “possession” is only possible for tangible goods. Bitcoin isn’t tangible. So, if Bitcoin were classified as “money”, yet it were not possible to take “possession” of it…. no Bitcoin negotiability and no use as collateral. This would be a bad outcome

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@Andrea_Tosato

Andrea Tosato

3 years

4/ In particular, “negotiability” is key for commercial circulation. As @CaitlinLong_ has stressed, the crypto-community wants the law to treat Bitcoin as “negotiable” – to have better legal coverage when using it as a medium of exchange

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@Andrea_Tosato

Andrea Tosato

2 years

@HoffProf Crypto's new fad is using NFTs to buy/finance real estate This “novel” transaction model is touted as a technological upgrade It is not. It strips homebuyers of key protections against foreclosures and creates uncertainty in sorting creditors’ claims We have solutions!

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@Andrea_Tosato

Andrea Tosato

2 years

@CaitlinLong_ @uniformlaws 😊 ☺️Article 12 was a collective effort, I was just one of many who contributed A12 shows that industry/enthusiasts/coders and lawmakers can work together to create rules that are welcomed, bring legal certainty and promote innovation @Prof_CarlaReyes @propelforward @profjuliet

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@Andrea_Tosato

Andrea Tosato

2 years

Two days ago @stablecoin_HUSD lost its peg. Supposedly, HUSD has solid reserves. But if HUSD crashed or its issuer went bankrupt, how would things shake out for HUSD holders? With @ChrisOdinet and @ProfessorKBruce , we tried to answer this question 🧵

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@Andrea_Tosato

Andrea Tosato

1 year

This is the definition of Digital Asset in the McHenry-Thompson draft bill. A perfect example of a definition in a financial regulation statue that is ignorant about private law ("possession") and not technology neutral. So bad. SO. BAD.

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@Andrea_Tosato

Andrea Tosato

2 years

@CaitlinLong_

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@Andrea_Tosato

Andrea Tosato

6 years

@CremeDeLaCrypto @piotrstojanow I think one ought to look past "money". Challenging states/governments regarding their role as ultimate guarantors of property rights is potentially far more disruptive.

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@Andrea_Tosato

Andrea Tosato

2 years

We argue that three elements are crucial: i) centralized issuer (USDT, USDC) vs decentralized (DAI, FRAX) protocol; ii) Stabilization mechanism: reserves+exchange (USDC, USDT), dual-coin (Terra/Luna), and algorithmic rebasing (Ampleforth) ii) pegged to a currency vs commodity

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@Andrea_Tosato

Andrea Tosato

9 months

😊😊😊😊😊 Thanks @SSRN for highlighting our paper "Debt Tokens" @ChrisOdinet and Diane Lourdes Dick

@SSRN

SSRN

9 months

#Crypto & bankruptcy have collided & businesses find themselves in bankruptcy court. This Article offers the first comprehensive analysis of debt #tokens Read More: Subscribe: @ChrisOdinet @Andrea_Tosato @pennlaw #CryptoTwitter

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@Andrea_Tosato

Andrea Tosato

3 years

7/ So what happens with UCC/Bitcoin/“money” after the Salvadorean #BitcoinLaw !?!? Admittedly, we are in a grey area

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@Andrea_Tosato

Andrea Tosato

2 years

Devs as Fiduciaries? English Court of Appeal case on deck! Follow this thread from the amazing @gonbegood

@gonbegood

gonbe

2 years

Today Craig Wright is in the Court of Appeal in England and Wales in an appeal on the Tulip Trading case. 🌷 Probably the most significant #BTC / Bitcoin case to date, and directly involves developer duties. It starts after 10.30am (London) - I’ll follow along in this thread.

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@Andrea_Tosato

Andrea Tosato

7 months

After last year's unfounded attacks on UCC Article 12... This year, the misinformation machine is taking aim at UCC Article 8. The aim is to sow fear and amass political capital. The post below addresses these ridiculous conspiracy theories. Read it and share it broadly! 🔥

@uniformlaws

Uniform Law Commission

7 months

Who owns your investment securities? You do. Don’t buy into misinformation about Uniform Commercial Code Article 8. Get the facts directly from the Uniform Law Commission:

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@Andrea_Tosato

Andrea Tosato

3 years

9/ But if we do that…under the UCC, Bitcoin is treated as a “general intangible”…and UCC “general intangibles” do not have the benefit of negotiability. This outcome is not positive either. What is the solution? How do we fix this?

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@Andrea_Tosato

Andrea Tosato

2 years

We welcome your suggestions, criticisms, and observations! Thanks to @Prof_CarlaReyes @propelforward @kwerb @HoffProf @AdamLevitin @profjuliet @ProfArbel Tom Baker, Chuck Mooney, Diane Dick, and Katheleen Guzman for early feedback!

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@Andrea_Tosato

Andrea Tosato

2 years

This is disheartening - a complete misunderstanding of this bill Under the UCC 2022 Amendments (in South Dakota HB 1193 - the bill vetoed by @kristinoem ), #Bitcoin would be a "controllable electronic record" and get a legal treatment that is FAR better than that of "money"!

@KristiNoem

Kristi Noem

2 years

I VETOED HB 1193. This bill adopts a definition of ‘money’ to specifically exclude crypto like Bitcoin. And it opens the door to the risk that the federal government could adopt a Central Bank Digital Currency. South Dakota will always stand for Economic Freedom.

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@Andrea_Tosato

Andrea Tosato

2 years

🎯 Under the UCC, "controllable electronic records" #CERs get the benefit of negotiability, as well as clear rules for use as collateral! "Money" does not. This is because the UCC is not a set of rules focused on governing "legal tender" #Bitcoin benefits from being a #CER and

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

Far from favoring #CBDCs , the #UCC 2022 Amendments actually seek to facilitate the #negotiability of #CERs such as #bitcoin . Without such rules as the take-free rules, #bitcoin and other #CERs would indeed be at a disadvantage to #electronic money in terms of negotiability 23/n

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@Andrea_Tosato

Andrea Tosato

2 years

It's great to see the truth about the 2022 UCC Amendments emerging! Finally! Much respect for @DavidZell_ 👇🔥🔥👇🙏🙏

@DavidZell_

David Zell

2 years

The past few days have shown that uninformed “pro-bitcoin" policy advocacy can seriously backfire. People raised the alarm over changes to the Uniform Commercial Codes, falsely claiming that these changes "paved the way for CBDCs" and that not

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@Andrea_Tosato

Andrea Tosato

2 years

In "The Private Law of Stablecoins" together with @ChrisOdinet , @ProfessorKBruce we looked at all major Stablecoins and argued that they are extremely diverse from a private law perspective

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@Andrea_Tosato

Andrea Tosato

9 months

Complete Madness Florida's amendment to the UCC to "ban" #CBDCs makes no sense...and does not achieve its declared aim...in fact it has the opposite effect. And now...other states are copying it... Complete Madness

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Florida’s DeSantis Waging Toothless Campaign Against Digital Dollars, Lawyers Say

The political movement to use state commerce rules to stop central bank digital currencies is based in legal nonsense that has no power to ban anything, experts contend.

www.coindesk.com

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

9 months

3 more states have introduced bills like the Florida law that allegedly "bans" CBDCs through the #UCC . The article reporting it from @Cointelegraph says that these laws will "create significant roadblocks to #CBDCs " in the U.S. This is simply NOT TRUE. 1/2

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@Andrea_Tosato

Andrea Tosato

3 years

5/ The not so good: as observed by Prof Schroeder and recently @JoeCarlasare , UCC rules for “money” assume that it is a tangible thing (ie banknotes/metal coins) and link its negotiability and use as collateral to a person taking “possession” of "money"

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@Andrea_Tosato

Andrea Tosato

2 years

I celebrate the return of Admiralty Law @UARKLaw 💥💥 Congratulations to @ProfRobAnderson 👏👏👏👏

@ProfRobAnderson

Robert Anderson

@ProfRobAnderson

2 years

I’m also belatedly filling the Admiralty spot left when this faculty member left. Read the text if you think I’m kidding…

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@Andrea_Tosato

Andrea Tosato

2 years

To date, in legal scholarship, stablecoins (SCs) have been primarily analyzed from a FinReg perspective. Our paper provides the first comprehensive private law analysis. By complementing FinReg scholarship, we aim to lay foundations for better normative solutions for SCs.

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@Andrea_Tosato

Andrea Tosato

3 years

2/ As the Salvadorean #BitcoinLaw has recognized Bitcoin as legal tender, is it now “money” under the UCC? What would the implications be? Good/bad?

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@Andrea_Tosato

Andrea Tosato

7 months

This is a fantastic paper. It sheds light on several aspects of FTX that have been overlooked. Fantastic work! 🔥🔥

@daskeel

David Skeel @ Penn

7 months

With the SBF sentencing coming up and a new examiner in the FTX bankruptcy, this new article by @Jonathan_Lipson and me may be of interest.

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@Andrea_Tosato

Andrea Tosato

2 years

Don't miss out on @Prof_CarlaReyes latest gem: "Emerging Technology’s Language Wars". And if you don't trust my advice....trust that of @lsolum 👇👇👇👇👇

Download of the Week: "Emerging Technology’s Language Wars" by Reyes

Carla Reyes (Southern Methodist University - Dedman School of Law) has posted Emerging Technology’s Language Wars: AI and Criminal Justice (Journal of Law & Innovation (Forthcoming, 2022)) on SSRN....

lsolum.typepad.com

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@Andrea_Tosato

Andrea Tosato

2 years

@DavidZell_ is exactly right 🎯 But also....some people sowed confusion and panic on purpose. To get clicks, sell ads and acquire political capital. The result is that anyone dealing in digital assets, including #bitcoin , in South Dakota....is worse off. A lot worse off.

@DavidZell_

David Zell

2 years

Not enough people are talking about the UCC fiasco where many pro-bitcoin actors fought hard against pro-bitcoin policy. A good reminder that when you pull the fire alarm, there better be a fire.

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@Andrea_Tosato

Andrea Tosato

2 years

Dear @WarrenDavidson , Your letter contains two statements that are factually inaccurate. 🧵1/n

@WarrenDavidson

Warren Davidson 🇺🇸

@WarrenDavidson

2 years

Only Congress could lawfully establish a Central Bank Digital Currency in the United States, but that hasn’t stopped CBDC advocates from working to normalize this Orwellian payment system. Today, I sent a letter to my colleagues encouraging them to help prevent state efforts to

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@Andrea_Tosato

Andrea Tosato

2 years

Follow @JacobRobinsonJD ! His Law of Code podcast is the best! Nice to see @HesterPeirce mention UCC Article 12 as a model for creating rules for crypto via an inclusive and collaborative process 🤞 @uniformlaws @profjuliet @Prof_CarlaReyes @CaitlinLong_

@JacobRobinsonJD

Jacob Robinson

@JacobRobinsonJD

2 years

Pretty sweet to see Commissioner Hester Peirce’s speech at Duke reference a Law of Code episode with the great @propelforward & @Andrea_Tosato

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@Andrea_Tosato

Andrea Tosato

2 years

@Viking4Eth @govkristinoem I am afraid that you are mistaken.... The bill @govkristinoem just vetoed actually favors Bitcoin, makes it negotiable and enables its use as collateral Take a look at this thread:

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

Ok, I think that is all I've got. But if I have missed something, I invite others to add (here is looking at you @Andrea_Tosato @propelforward @ChrisOdinet @CaitlinLong_ ). Also happy to answer any questions about any of it! 42/42

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@Andrea_Tosato

Andrea Tosato

2 years

Always great to work with the amazing @Prof_CarlaReyes It's important to set the record straight about the #UCC 2022 Amendments

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

Still curious about the #UCC Amendments and what they mean for #Bitcoin ? @Andrea_Tosato and I break it down in: Crypto’s Future Is at Stake in a Dispute Over Commercial Law’s Definition of Money via @BarronsOnline

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@Andrea_Tosato

Andrea Tosato

2 years

@UNIDROITorg Doing great work on the private law dimension of #digitalassets @Prof_CarlaReyes @HamzaHameed007 @bob_trojan @NTiradoM @gonbegood @propelforward

@Prof_CarlaReyes

Carla L. Reyes

@Prof_CarlaReyes

2 years

Mid-way through the 6th meeting of the @UNIDROITorg Work Group on #digitalassets and private law. Enjoying the discussion and grateful to be learning from the best in the field!

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@Andrea_Tosato

Andrea Tosato

2 years

With this taxonomy in mind, we parse the terms of service of some of the largest SCs: USDT, USDC, DAI, USDP/BUSD, TUSD, GUSD, HUSD, DAI Our goal is to determine a)the rights of the holders of these SCs vis-à-vis their issuers and b)their fate in the event of failure/bankruptcy

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@Andrea_Tosato

Andrea Tosato

1 year

Interested in the private law problems created by tokenization/cryptocurrencies/NFTs and their custody? @UNIDROITorg has recently adopted its "Principles on Digital Assets and Private Law" Imho, the best international soft law document in this space

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@Andrea_Tosato

Andrea Tosato

2 years

@Prof_CarlaReyes talking about UCC Article 12 at the @FordhamLawNYC Blockchain Symposium Fantastic Stuff 👏👏 More dialogue between private law and fon reg people is required! Congratulations to @DonnaRedel for organizing a fantastic event!

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@Andrea_Tosato

Andrea Tosato

2 years

The first part of our paper presents an original taxonomy. Legal scholars often lump SCs together…they're “all the same”…. a form of “unregulated banks” We disagree. Our article shows that SCs are very diverse and that differences have very real legal implications

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@Andrea_Tosato

Andrea Tosato

7 months

We are sooo back!

@Stanford

Stanford University

7 months

Prof. George Triantis, leading scholar in contracts and business law, has been appointed dean of Stanford Law School. He will assume his new position on June 17.

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@Andrea_Tosato

Andrea Tosato

10 months

Hello @SenatorBrakey , There's a common misunderstanding regarding the 2022 UCC Amendments. Contrary to being pro-CBDC and anti-Bitcoin, they actually support digital currencies like Bitcoin. @Prof_CarlaReyes and I have written about all of this: We

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Crypto's Future Is at Stake in a Dispute Over Commercial Law's Definition of Money

Normally routine updates to the Uniform Commercial Code have become a hot political issue. The opposition is misguided, Carla L. Reyes and Andrea Tosato write.

www.barrons.com

@TheMaineWire

The Maine Wire

10 months

. @SenatorBrakey is raising the alarm against adopting the Uniform Commercial Code — an event which, he said, could lead to the development of a Central Bank Digital Currency. Read all the details:

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@Andrea_Tosato

Andrea Tosato

2 years

Congratulations! This is a fantastic piece!

@danielledonfro

Danielle D'Onfro

@danielledonfro

2 years

I am delighted to announce that “Contract-Wrapped Property” is forthcoming in @HarvLRev . Equitable servitudes on chattels are not supposed to be enforceable, but suddenly they are.

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@Andrea_Tosato

Andrea Tosato

2 years

So much respect for @AB_Brammer 👇🙏🙏👇🔥

@AB_Brammer

Alex Brammer

2 years

It's important to admit when you make a mistake. A lot of people (myself included) who didn't have a deep understanding of the Uniform Commercial Code have mistakenly come out against the 2022 UCC amendments thinking that they were somehow pro-CBDC and anti- #bitcoin . When I

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@Andrea_Tosato

Andrea Tosato

8 months

I also want to deeply thank the @PennLaw community for welcoming me so warmly as a visiting professor these past few years. My colleagues and students there will always hold a special place in my ❤️

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@Andrea_Tosato

Andrea Tosato

2 years

Word is spreading 💥💥🔥🔥 The 2022 UCC Amendments do not pave the way for CBDCs Rather, they introduce a coherent commercial law regime for digital assets, including #Bitcoin

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@Andrea_Tosato

Andrea Tosato

2 years

Great to see our new paper 𝑻𝒉𝒆 𝑷𝒓𝒊𝒗𝒂𝒕𝒆 𝑳𝒂𝒘 𝒐𝒇 𝑺𝒕𝒂𝒃𝒍𝒆𝒄𝒐𝒊𝒏𝒔 ( @SSRN ) make waves among leading practitioners in Fintech, Web3 and all things Crypto! Please, keep sending us your feedback! @propelforward

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Drew Hinkes on LinkedIn: The Private Law of Stablecoins | 13 comments

What happens when a #stablecoin issuer goes bankrupt? What rights do stablecoin holders have vs. their issuers? This paper by Prof.'s Andrea Tosato Christopher… | 13 comments on LinkedIn

www.linkedin.com

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@Andrea_Tosato

Andrea Tosato

2 years

The disinformation about the 2022 UCC Amendments has to stop. @AB_Brammer is 100% correct:

@AB_Brammer

Alex Brammer

2 years

The recent uproar around changes to the UCC seems to be the result of a fundamental lack of understanding of commercial law, and we may be shooting ourselves in the foot - and hampering #bitcoin adoption - if we don't change course quickly. Thanks to

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@Andrea_Tosato

Andrea Tosato

2 years

@Prof_CarlaReyes @anatalonbeck @ABABusLaw @ChrisOdinet @carlissc @profjuliet I will be in DC this week and would love to get coffee/lunch/tea! HMU Disclaimer: it is very likely that I will enthusiastically ramble about my most recent paper on Stablecoins 😉 @ChrisOdinet @ProfessorKBruce About this spring dinner. STRONG YES. Add @propelforward as well!

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@Andrea_Tosato

Andrea Tosato

9 months

3/Many Unsecured Creditors Now Hold Bankruptcy Trade Claims Instead of their bitcoins, stablecoins, etc., these creditors hold unsecured bankruptcy claims - typically in the form of trade debts - that are complex to assign and challenging to value

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@Andrea_Tosato

Andrea Tosato

2 years

II) Via Corporate Form SC Issuer adopts corporate personhood that limits the rights of creditors and other third persons to its reserves/custodial holdings - New York Special Purpose Trust Company - Wyoming Special Purpose Depository Institution @CaitlinLong_

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@Andrea_Tosato

Andrea Tosato

9 months

13/Policy Implications So what are the policy implications? Well making predictions is hard....but... Previously, under UCC Article 9, assigning bankruptcy trade debts required extensive due diligence, written agreements, and public filings, limiting their liquidity. The 2022

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@Andrea_Tosato

Andrea Tosato

2 years

@KProfsBlog Below, a few pics of Bill Henning receiving his award. "Living Legend"

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@Andrea_Tosato

Andrea Tosato

2 years

@AaveAave proposal doesn’t even mention the rights of $GHO holders What are the rights of $GHO holders if the protocol fails? What if a hacker finds an exploit and mints billions of coins (eg $AUSD)? Would $GHO holders have a claim against anyone/anything? Where/how/how much?

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@Andrea_Tosato

Andrea Tosato

2 years

Under the rules that have been vetoed: -CERs get negotiability + clear rules for use as collateral -"money" is subject to a very restrictive regime, as the UCC does not provide extensive rules to govern "legal tender" #Bitcoin would BENEFIT from being a #CER and not #money !

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@Andrea_Tosato

Andrea Tosato

3 years

@lex_node is exactly right. This is why UCC Draft Article 12 does not look to the physical location of the parties...or their "accounts".... to determine the applicable law to a transaction involving digital assets (§ 12-107)👇

@lex_node

_gabrielShapir0

3 years

how do I know whether my blockchain "accounts" are in the U.S. if my ledgerX is in the U.S., does that mean the account is "inside the U.S."? if I go to Mexico with my ledgerX, is the "account" now "outside the U.S."? what if I left a copy of the seed phase in the U.S.?

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@Andrea_Tosato

Andrea Tosato

6 years

IP is the most valuable asset owned by Startups - Such a shame that it is only seldom used as collateral to reduce the cost of credit

@HooverIP2

Hoover IP²

6 years

#IP Portfolio Can Be A Game-Changer For Startups via @inc42

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@Andrea_Tosato

Andrea Tosato

6 years

Third day @UN with @Giuliano_C negotiating the Draft Practice Guide to the #UNCITRAL Model Law on Secured Transactions #securedtransactions #accesstofinance #finreg #IntellectualProperty #financialinclusion @ItalyUN_NY

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UNCITRAL Working Group VI - Secured Transactions

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@Andrea_Tosato

Andrea Tosato

2 years

The 2022 UCC Amendments only carve out "controllable electronic records" such as #Bitcoin from the definition of "money". This is a GOOD thing for #Bictoin and other cryptocurrencies. See @Prof_CarlaReyes : and @yael : 4/n

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In Attempt to Stop CBDCs, States Are Rejecting Seemingly Pro-Bitcoin Legislation

www.btcpolicy.org

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@Andrea_Tosato

Andrea Tosato

2 years

This is a significant development...

@JacobRobinsonJD

Jacob Robinson

@JacobRobinsonJD

2 years

4) CSA believes STABLECOIN arrangements may constitute securities and/or derivatives. This categorization could lead to a major delisting of stables on Canadian exchanges (who are prohibited from allowing 🇨🇦 clients exposure to any crypto asset that is a security/derivative).

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@Andrea_Tosato

Andrea Tosato

2 years

@HoffProf @DanielEWalters_ @jadler1969 I thought we had agreed that it was "et al"?!?!? I am confused

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