Boston University law professor Tamar Frankel describes the history of money and its role in societies and governments, leading up to today’s bitcoin and the issues governments face in attempting to regulate the cryptocurrency. Rather than purport to provide answer to these pressing questions, Frankel seeks instead to open the door to plain English discussions about the duality of money as asset and as money, the legal control of money transfers to prevent violations of the law, and the government’s control of money supply, which affects the economy and financial systems.
Chapman University, Fowler School of Law, professor Ronald D. Rotunda comments on a recent opinion by the Nebraska bar concluding that lawyers may receive digital currencies such as bitcoin for their services, but only subject to certain conditions. Rotunda provides a brief explanation of bitcoin and explains why the opinion makes no sense. Rotunda calls upon lawyers and state bars to consider the impact of new technology on lawyers, but not to impose special rules on novel tools that are simply a new way of engaging in a traditional endeavor.