Blockchain Developers and Fiduciary Duty: An Ill-Fitting Framework

By enabling new modes of human interaction, technological advancements catalyze the evolution of regulatory frameworks, tools, and approaches. The rate at which computer technology evolves outpaces that of legislation and rule-making. Our economy is increasingly structured not only by traditional fiduciary actors, but also by software systems, which allow assets to permeate markets rapidly and at a greater scale.  Rightfully, scholars and regulatory officials are examining the liability frameworks for software developers, and blockchain technologies dramatically demonstrate the challenge of scrutinizing an interconnected software system. Blockchain technologies emerged outside of institutions, and blockchain-based transactions bypass regulatory control.

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