Aaron Wright is a Professor of Law at the Cardozo School of Law in New York City.
He is also the co-inventor of OpenLaw – a blockchain-based protocol for the creation and execution of smart legal agreements.
In this episode, Aaron and I discuss:
– What OpenLaw is
– What the SAFT is (including some of its lesser known deficiencies) -and-
– The future of ICOs from a legal perspective
[00:59] – Who is Aaron Wright and what is OpenLaw? Introduction and overview [14:15] – What is a smart contract? What is a legal agreement? What problem is OpenLaw trying to solve? [25:55] – OpenLaw launch timeline [28:07] – The OpenLaw markup language [35:17] – What is a SAFT? Why does Aaron think it’s a bad idea? [42:10] – The Howey Test and the SAFT [53:03] – The Forman Case: An alternative to the Howey Test [53:55] – Why “facts and circumstances” and “economic realities” are key in determining whether or not a token is a security [56:20] – What’s next for ICOs from a legal perspective? [1:01:31] – Can the law keep up with rapid pace of technological innovation? [1:05:23] – Aaron’s take on the Blockchain killer app [1:07:37] – His prediction of where Bitcoin and Ethereum will be in 10 years [1:10:52] – Aaron Wright’s advice to companies and entrepreneurs interested in innovating with Blockchain [1:11:20] – Conclusion
– OpenLaw video tutorials
– The Brooklyn Project by ConsenSys
– Forman case (utility)