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Legal consciousness and the crypto phenomenon: property ideologies, innovations and potential ramifications on financial system stability

Published online by Cambridge University Press:  28 October 2024

Alvin Hoi-Chun Hung Open the ORCID record for Alvin Hoi-Chun Hung [Opens in a new window]
Alvin Hoi-Chun Hung*
Affiliation:
College of Law, Australian National University, Canberra, ACT, Australia
*
Email: [email protected]; [email protected]
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Abstract

How does the understanding of law among individuals involved in the crypto phenomenon originate, and how does it impact the trajectory of this innovation? This article examines the legal consciousness of crypto industry participants and state actors, exploring their ideologies on law, property and innovation through extensive document and archival research. It highlights the interplay between the crypto industry’s perception of crypto-assets’ possessing dynamic and self-regulating qualities beyond traditional legal boundaries and the increasing willingness of state actors, despite their reservations, to utilise law as a flexible tool to embrace innovation and promote economic competitiveness. By employing Minsky’s financial instability hypothesis, this article contextualises such legal consciousness within the financial system and contends that collective legal consciousness and associated behavioural dynamics substantially shape state–industry interactions, with the potential to destabilise the financial system. This article sheds light on the challenges presented by crypto-assets and the intricate interplay between law and technological advancements.

Keywords

Property lawfinancecrypto-assetslegal consciousnessinnovationMinsky
Type
Article
Information
International Journal of Law in Context , Volume 20 , Special Issue 4: Property in the Sharing Economy: Paradox, Disruption, and Institutional Design , December 2024 , pp. 598 - 616
Copyright
© The Author(s), 2024. Published by Cambridge University Press

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