Smart Contracts and Jurisdictional Selection for Web3 Projects (2024 Edition)

Alexander Loveyko
Alexander Loveyko | ChaseLawyers

Alexander Loveyko is a New York-licensed attorney based in Miami, specializes in intellectual property and entertainment law at ChaseLawyers®.

On-Demand: November 14, 2024

2 hour CLE

Tuition: $195.00
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Program Summary

Session I - Smart Contracts and Legal Enforceability – Alexander Loveyko

This session offers a comprehensive analysis of smart contracts, covering their definition, key concepts, and functionality as self-executing agreements based on code. Attendees will explore various use cases in decentralized finance (DeFi), NFTs, and DAOs. The session will also address critical legal issues such as the recognition of smart contracts as binding agreements potential challenges with automatic execution, and aligning legal standards with technical automation to ensure intent and consent. A deep dive into the enforceability of code-based contracts will highlight jurisdictional variations, case law, and regulatory guidance. Additionally, the session will discuss methods for resolving disputes, including the role of traditional and on-chain mechanisms, and examine the concept of "code is law." Security vulnerabilities and their legal implications, as well as best practices for auditing smart contracts, will also be covered. Finally, attendees will learn about integrating traditional legal principles with smart contracts and the future developments in this evolving area.

Key topics to be discussed:

  • Smart contracts
  • Legal issues in smart contract execution
  • Enforceability of code-based contracts
  • Dispute resolution in smart contract disputes
  • Addressing security vulnerabilities
  • Integrating traditional legal principles with smart contracts

Session II - Jurisdictional Selection in Web3 Projects – Alexander Loveyko

This session focuses on the critical considerations for selecting a jurisdiction for Web3 projects, including decentralized autonomous organizations (DAOs) and other blockchain-based ventures. Attendees will gain insights into jurisdictional options and how they impact regulatory compliance and legal presence. The discussion will compare offshore versus onshore jurisdictions, exploring the benefits of tax efficiencies and legal flexibility offered by offshore options against the more stringent compliance requirements of onshore alternatives. Key considerations such as regulatory frameworks for cryptocurrencies, privacy laws, data protection, and taxation will be analyzed to help attendees make informed decisions. The session will also spotlight jurisdictions favorable to Web3 projects, like Malta, Singapore, and Estonia, providing case studies of successful projects. Additionally, strategies for navigating multi-jurisdictional compliance with global regulations such as GDPR and FATF will be explored, along with predictions for emerging jurisdictions and the potential for supranational frameworks in the evolving decentralized world.

Key topics to be discussed:

  • Understanding legal jurisdictions for decentralized projects
  • Comparing offshore vs. onshore jurisdictions
  • Key considerations in choosing a jurisdiction
  • Jurisdictions favorable to web3 projects
  • Navigating compliance with global regulatory bodies
  • Future of jurisdictional selection in a decentralized world

Closed-captioning available

Speakers

Alex Loveyko_myLawCLEAlexander Loveyko | ChaseLawyers

Alexander Loveyko, Esq., a New York-licensed attorney based in Miami, specializes in intellectual property and entertainment law at ChaseLawyers®. He has a proven track record of assisting brands and influencers with their unique legal needs in the rapidly evolving digital landscape. Mr. Loveyko expertly navigates the complexities of social media technology projects, offering comprehensive legal support for advertising and transactional agreements, deals between brands and influencers, as well as new social media projects that similarly need to be guided when it comes to staying within the boundaries of social media, advertising, privacy and copyright laws.

Additionally, he has experience in organizing and managing online sweepstakes and contests, involving brands, third-party sponsors, organizers of sweepstakes, and influencers tasked with promoting a specific contest, providing end-to-end legal oversight to safeguard both the brands and their participating audiences. With a deep understanding of the challenges and opportunities presented by the internet and social media, Mr. Loveyko is a trusted advisor to clients looking to maximize their online presence while minimizing legal risks.

Agenda

Session I – Smart Contracts and Legal Enforceability | 1:00pm – 2:00pm

  • Smart contracts
    • Definition and basic concepts of smart contracts in blockchain technology
    • How smart contracts function: Self-executing agreements based on code
    • Use cases of smart contracts in decentralized platforms, DeFi, NFTs, and DAOs
  • Legal issues in smart contract execution
    • Legal status of smart contracts: Are they recognized as legally binding agreements?
    • Potential issues arising from the automatic nature of execution
    • Ensuring intent and consent in code-based agreements: Aligning legal standards with technical automation
  • Enforceability of code-based contracts
    • Key factors determining enforceability of smart contracts in different jurisdictions
    • Challenges in reconciling code with legal language and contract terms
    • Notable case law and regulatory guidelines on smart contracts enforceability
  • Dispute resolution in smart contract disputes
    • Methods of resolving disputes arising from smart contracts
    • The role of arbitration, mediation, and on-chain dispute resolution mechanisms
    • Exploring the concept of “code is law” vs. traditional legal frameworks
  • Addressing security vulnerabilities
    • Common security issues in smart contracts: Bugs, hacks, and flaws
    • Legal implications of vulnerabilities: Liability for damages caused by flawed code
    • Best practices for auditing and securing smart contracts before deployment
  • Integrating traditional legal principles with smart contracts
    • Bridging the gap between traditional legal concepts (e.g., contract law, tort law) and smart contract functionality
    • How to incorporate traditional legal safeguards (force majeure, breach remedies) into smart contracts
    • Future developments in legal standards for smart contracts and hybrid contracts (partcode, part-legal text)

Break | 2:00pm – 2:10pm

Session II – Jurisdictional Selection in Web3 Projects | 2:10pm – 3:10pm

  • Understanding legal jurisdictions for decentralized projects
    • Jurisdictional options for Web3 projects
    • How jurisdiction impacts regulatory compliance in decentralized environments
    • Considerations for establishing legal presence in various regions
  • Comparing offshore vs. onshore jurisdictions.
    • Key differences between offshore and onshore jurisdictions for Web3 companies
    • Benefits of offshore jurisdictions: Tax efficiencies, legal flexibility
    • Onshore jurisdictions and stricter compliance: When to consider
  • Key considerations in choosing a jurisdiction
    • Regulatory frameworks for cryptocurrencies, NFTs, and decentralized platforms
    • Privacy laws, data protection regulations, and IP laws
    • Taxation implications for digital assets and cross-border transactions
  • Jurisdictions favorable to web3 projects
    • Popular jurisdictions: Malta, Singapore, Switzerland, Cayman Islands, Estonia
    • Benefits of regulatory clarity and favorable tax policies
    • Case studies of successful Web3 projects in these jurisdictions
  • Navigating compliance with global regulatory bodies
    • Understanding multi-jurisdictional challenges in decentralized projects
    • How to ensure compliance with global regulations such as GDPR, FATF, and AML/KYC
    • Strategies for mitigating legal risks in different jurisdictions
  • Future of jurisdictional selection in a decentralized world
    • How evolving global regulations may impact jurisdictional choices
    • Predictions for emerging jurisdictions and their relevance to Web3
    • Potential for supranational frameworks governing decentralized projects

Credits

Alaska

Approved for CLE Credits
2 General

Our programs are CLE-eligible through Alaska’s recognition of multi-jurisdictional reciprocity.
Alabama

Pending CLE Approval
2 General

Arkansas

Approved for CLE Credits
2 General

Arizona

Approved for CLE Credits
2 General

California

Approved for CLE Credits
2 General

Colorado

Pending CLE Approval
2 General

Connecticut

Approved for CLE Credits
2 General

District of Columbia

No MCLE Required
2 CLE Hours

Delaware

Pending CLE Approval
2 General

Florida

Approved via Attorney Submission
2.5 General Hours

Receive CLE credit in Florida via attorney submission.
Georgia

Approved for CLE Credits
2 General

Hawaii

Approved for CLE Credits
2.4 General

Iowa

Pending CLE Approval
2 General

Idaho

Pending CLE Approval
2 General

Illinois

Pending CLE Approval
2 General

Indiana

Pending CLE Approval
2 General

Kansas

Pending CLE Approval
2 Substantive

Kentucky

Pending CLE Approval
2 General

Louisiana

Approved for Self-Study Credits
2 General

Massachusetts

No MCLE Required
2 CLE Hours

Maryland

No MCLE Required
2 CLE Hours

Maine

Pending CLE Approval
2 General

Michigan

No MCLE Required
2 CLE Hours

Minnesota

Approved for Self-Study Credits
2 General

Missouri

Approved for CLE Credits
2.4 General

Mississippi

Pending CLE Approval
2 General

Montana

Pending CLE Approval
2 General

North Carolina

Pending CLE Approval
2 General

North Dakota

Approved for CLE Credits
2 General

Our programs are CLE-eligible through North Dakota’s recognition of multi-jurisdictional reciprocity. Section 1, Policy 1.14
Nebraska

Pending CLE Approval
2 General

myLawCLE reports attendance to Nebraska on each attorney’s behalf for all programs. Please do not self-report.
New Hampshire

Approved for CLE Credits
120 General Minutes

As of July 1, 2014, the NHMCLE Board no longer provides pre- or post-approval of courses. Attendees must self-determine whether a program is eligible for credit, and self-report their attendance online at www.nhbar.org, based on qualification provisions of Rule 53.
New Jersey

Approved for CLE Credits
2.4 General

Our programs are CLE-eligible through New Jersey’s recognition of multi-jurisdictional reciprocity, except for the courses required under BCLE Reg. 201:2
New Mexico

Approved for Self-Study Credits
2 General

Nevada

Pending CLE Approval
2 General

New York

Approved for CLE Credits
2.4 General

Our programs are CLE-eligible through New York’s Approved Jurisdiction Group “B”.
Ohio

Pending CLE Approval
2 General

Oklahoma

Pending CLE Approval
2.5 General

Oregon

Pending CLE Approval
2 General

Pennsylvania

Approved for Self-Study Credits
2 General

Rhode Island

Pending CLE Approval
2.5 General

South Carolina

Pending CLE Approval
2 General

South Dakota

No MCLE Required
2 CLE Hours

Tennessee

Approved for Self-Study Credits
2 General

Texas

Approved for CLE Credits
2 General

Utah

Pending CLE Approval
2 General

Virginia

Not Eligible
2 General Hours

Vermont

Approved for CLE Credits
2 General

Washington

Approved via Attorney Submission
2 Law & Legal Hours

Receive CLE credit in Washington via Attorney Submission. myLawCLE will supply Washington state attorneys with instructions on how to gain credit.
Wisconsin

Approved for Self-Study Credits
2 General

West Virginia

Pending CLE Approval
2.4 General

Wyoming

Pending CLE Approval
2 General

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