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 the crypto-industry participants and state actors, exploring their ideologies on law, property, and innovation through extensive document and archival research. It highlights the tension between the crypto-industry’s belief in the qualities of crypto-assets, which are seen as exceeding the boundaries of conventional law, and state actors’ growing willingness to employ law as a flexible instrument to embrace innovation and enhance economic competitiveness. By employing Minsky’s financial instability hypothesis, the 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.
Hung, Alvin Hoi-Chun, Legal Consciousness and the Crypto Phenomenon: Property Ideologies, Innovation, and Potential Ramifications on Financial System Stability (July 17, 2023), under review at International Journal of Law in Context.
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