   .    
  

  

  

  

  


   2009  2017 .    ,   .     ,     .              ,    .             .   -     ,      .           ,    .      ,       ,   ,      .





 ,  ,  ,  ,  

   .    



  

      



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   (  )         ;

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   2009  2017 .    ,            .     .    ,   ,   .

 2017 .           [1 -            ,    .   ,       ,     .       .](ICO)   ,     .  2017 . -  327  .      ICO.  ,     ,  295  . .    2016  2017 .    ICO     800%[2 - Sunnarborg A. ICO Investments Pass VC Funding in Blockchain Market First // CoinDesk. 2017. URL: http://www.coindesk.com/ico-investments-pass-vc-funding-in-blockchain-market-first/.].

   ICO   Mastercoin (Omni),   2013 .   600 . .   .   2014 .        Ethereum,     -    .   ICO   18  . .

   2017 .  Brave  35  .     .      Bancor  150  .     ,    ICO    [3 - Castor M. Too Easy? Critics Take Aim at Ethereum Token Standard Amid ICO Boom // CoinDesk. 2017. URL: http://www.coindesk.com/too-easy-critics-take-aim-at-ethereum-token-standard-amid-ico-boom/.].          Ethereum[4 - ,    ,         ,            .].

   ICO       ,    ,           [5 - Acheson N. Back to Basics for Blockchain Tokens? // CoinDesk. 2017. URL: http://www.coindesk.com/back-basics-blockchain-tokens/.].

         ,       .   , ,  -,   ,  ,    .  - ,      , ,   ,       .

                  .           ,        .     ,  ,   .        ,    /      ,         [6 - Iansiti M., Lakhani K. R. The Truth about Blockchain // Harvard Business Review. 2017. URL: https://hbr.org/2017/01/the-truth-about-blockchain.].

 ,     ,     : 1)  ; 2)     ; 3)  ; 4)   ( ,    ,  ); 5) - ,        [7 - Cummings D. European Financial Regulator Believes DLT Could Benefit Securities Markets // ETHNews. 2017. URL: https://www.ethnews.com/european-financial-regulator-believes-dlt-could-benefit-securities-markets.].                 .

  Harvard Business Review                         (single use/localizationy[8 - Iansiti ., Lakhani . R. The Truth About Blockchain // Harvard Business Review. 2017. URL: https://hbr.org/2017/01/the-truth-about-blockchain.].        .

             ,     ( )   , . .              .

    .    -,     .  ,        .           .

         .  ,   ICO,  ,     ,          .      -      -[9 - Smitcoin B. Ether Price Analysis: Heres What Just Went Down // Bitcoin Magazine. 2017. URL: https://bitcoinmagazine.com/articles/ether-price-analysis-heres-what-just-went-down/.]. ,           ,      [10 - .          The DAO.].  ,    -    ,    . ,        ,         .      , , ,     .

 ,  ,      ,     [11 - ,          Ethereum        300 ,  13 . .            (, Coinbase) , ,   . Bovaird . S 13: Ether Prices Plunge in GDAX Exchange Flash Crash // CoinDesk. 2017. URL: http://www.coindesk.com/13-ethereum-ether-prices-plunge-2500-gdax-exchange-flash-crash/.].   . ,      .       (    ,  ICO)   ,            .           ,      ,     .

           .              ,       .   ICO       ,      .       ,                ,  ,  .  ,           .     ,     ,    ,  [12 - Castor M. Too Easy? Critics Take Aim at Ethereum Token Standard Amid ICO Boom // CoinDesk. 2017. URL: http://www.coindesk.com/too-easy-critics-take-aim-at-ethereum-token-standard-amid-ico-boom/.].  ,       ,         [13 -           The DAO (  60  .     Ethereum),   Bitfinex ( 72  .     Ethereum).  ,          ,      . ,    Mt. Gox     460  . .].

 ,             [14 -  ,      ,    ICO   ,         .           .]. ,                [15 - Castillo . del. Identity without the Blockchain? Skepticism Grows for Once-Hot Use Case // Coindesk. 2017. URL: http://www.coindesk.com/identity-without-blockchain-skepticism-grows-hot-use-case/.]. ,            .    -          :        ,      .  -        ,       , [16 - Kanaracus C. Don't Believe the Blockchain Hype: Examining the Weaknesses and Risks // ZDNet. 2016. URL: http://www.zdnet.com/article/dont-believe-the-blockchain-hype-examining-its-weaknesses-and-risks/.].

 ,           -    ,        [17 - Martin A. J. Dont Let Banks Fool You, the Blockchain Really Does Have Other Uses // The Register. 2016. URL: https://www.theregister.co.uk/2016/09/27/ enoughblockchainspam/.].       , ,  .  ,    ,      [18 - Genovese . Blockchain Technology: Hype or Reality? // CIO. 2016. URL: http:// www.cio.com/article/3058266/security/blockchain-technology-hype-or-reality.html.]. ,       ,          .          -.

,        ,       ,           [19 - Gault M. Lets Be Honest about The Problems with Blockchain and Finance // TechCrunch. 2016. URL: https://techcrunch.com/2016/02/03/lets-be-honest-about-the-problems-with-blockchain-and-finance/.].  ,       ,      [20 - What Are the Best Criticisms of Blockchain Technology? // Bitcoin Talk. 2015. URL: https://bitcointalk.org/index.php?topic=1080851.0.].   (      )     ,           [21 - Sharwood S. Failing Projects Pray Blockchain Works Aas Magic Middleware // The Register. 2016. URL: http://www.theregister.co.uk/2016/07/26/failing projects pray blockchainworksasmagicmiddleware/.].       .

,         ,      ,         .      -          [22 - dAnconia E Ethereum not Safe but Safer Than Other Blockchains: Vlad Zamfir // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/ethere-um- not- safe -but- safer-than- other-blockchains -vlad -zamfir.].           [23 - Demeester T Why Im Short Ethereum (and Long Bitcoin) // Medium. 2016. URL: https://medium.eom/@tuurdemeester/why-im-short-ethereum-and-long-bit-coin-aee5blcl98fd; Genovese B. Blockchain technology: hype or reality? // CIO. 2016.URL: http://www.cio.com/article/3058266/security/blockchain-technology-hype-or-reality.html.].

   ,         . ,    -,           ,      .           .

/    .     ,     -    de lege ferenda              .    ,       -,     .

 ,         -    ,      ICO.          .               .          ,    [24 -          ,    . .: Greenaple v. Detroit Edison . 618 F.2d 198 (2d Cir. 1980).        .: Hume . United States, 132 U.S. 406, 413 (1889); 525 F.2d 215 (3d Cir. 1975); Basic Inc. v. Levinson, 485 U.S. 224, 241224 (1988).       , .: Weiner v. Quaker Oats ., 129 F.3d 310, 320 (3d Cir. 1997); City of Monroe Emps. Ret. Sys. v. Bridgestone Corp., 399 F.3d 651, 669 (6th Cir. 2005); Shaw v. Digital Equip. Corp., 82 F.3d 1194, 1217 (1st Cir. 1996).].  ,                  (,     )[25 - Fintech and Financial Services: Initial Considerations // International Monetary Fund. 2017. URL: http://www.eirmews.com/pr_news/387676622/fintech-and-financi-al-services-initial-considerations.].

             .        ,      .    .      ,       . ,             ,    ,    ,       ,   . ,       , ,       ,      ,        [26 -             .].             ,         - ,      ,      ICO   .

        ( ,     [27 -     ,    --    , . ,     : (1)   ; (2)      .]   700   3000 . ).        .      ,     ,     .

         () /      [28 -           . .: European Parliament. How Blockchain Technology Could Change Our Lives. In-Depth Analysis // European Parliamentary Research Service. 2017.].        .           .                ,  ,             . ,       ()            ,       .         ,      .

   -                        (     , -).

         ,   ,      ()    .      ,      .        ,   . -,        - ,  ,     ,       .       ICO.  ,     ,     .

   ,     ,    / ,       (       ),    ,   .

,  ,   ,           .   2017 .        (SEC)       [29 - U.S. Securities and Exchange Commission. SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities. Press Release. 2017. URL: https://www.sec.gov/news/press-release/2017-131; . : Rizzo P. Emin Gun Sirer: SEC ICO Guidance is End of Beginning for Blockchains // CoinDesk. 2017. URL: https://www.coindesk.com/emin-gun-sirer-sec-ico-ruling-end-beginning-blockchains/; Higgins S. SEC: US Securities Laws May Apply to Token Sales // CoinDesk. 2017. URL: https://www.coindesk.com/securities-exchange-commission-us-securities-laws-may-apply-token-sales/.].   SEC              The DAO     (),    ,   .       .           .

-                   .        ,     ,     .          ,      .    ,    ,   .

      -    ,    2017 .         .         ,            .               .  ,              .

   2017 .     71%        Bitcoin[30 - Bitcoin Cash and the Civil War that Is Disrupting Digital Currency // South China Morning Post. 2017. URL: http://www.scmp.com/news/china/economy/article /2105527/bitcoin- cash  and  civil  war- disrupting  digital  currency.].

       .      ,              ,      . ,     51%            Bitcoin.         .

     ,         .  ,       ,             .              .      ,     2017 .          [31 - Tuwiner J. Bitcoin Mining in China // Buy Bitcoin Worldwide. 2017. URL: https://www.buybitcoinworldwide.com/mining/china/.].             ,           [32 - Bitcoin Can Be an Asset but not a Currency, Says China Central Bank Adviser // Reuters  CNBC. 2017. URL: https://www.cnbc.com/2017/07/06/bitcoin-can-be-an-asset-but-not-a-currency-says-china-central-bank-adviser.html; Froelings L. Chinese Government Eyes ICO Crackdown under New Illegal Financing Rules // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/chinese-govemment-eyes-ico-crackdown-under-new-illegal-financing-rules; Das S. China Considers Blanket Ban All ICOs: Report // CryptoCoinsNews. 2017. URL: https://www.cryptocoinsnews. com/china-considers-blanket-ban-icos-report/.]. ,    (People's Bank of China)                 50 . ,        (State Administration for Foreign Exchange, SAFE)               (   50 . ,    )[33 - Smith J. How a China Crackdown Caused Bitcoins Price to Plunge // Fortune. 2017. URL: http: //fortune. com/2017/01/05/bitcoin-plunge  china- currency/.].          10  2016 .  530  . .

       100%            -       [34 - Oyedele A. One country dominates the global bitcoin market // Business Insider. 2017. URL: http://www.businessinsider.com/bitcoin-trading-china-yuan-remnibi-2017-1.].      30%     [35 - Qu C. Bitcoin in China: Price Discovery and Volatility Transmission. March 16. 2017. Available at SSRN: https://ssrn.com/abstract=2934031 or http:// dx.doi.org/10.2139/ssrn.2934031.].           .  ,            ,     .

     ,    ,        (1520%      1%   )[36 - Aru I. How Chinese Yuan, Capital Flight Influence Bitcoin Price // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/how-chinese-yuan-capital-flight-influence-bitcoin-price.].         ,     .         ,  [37 - Yang Misha. Cryptocurrency in China: Light-Touch Regulation in Demand. May 2. 2016. Available at SSRN: https://ssrn.com/abstract=2792477.]            ,        [38 - , ,   2017 .     ,          (OKCoin, Huobi.com, BTCChina)    . ,         ,         .  ,         .             .          7%. .: Qu . Bitcoin in China: Price Discovery and Volatility Transmission. March 16. 2017. Available at SSRN: https://ssm.com/abstract=2934031 or http://dx.doi.org/10.2139/ ssm.2934031.].      ,        ,          , ,   [39 - Ibid.].

        .         ICO,       .     4  2017 .      9%,   4900  4053 . .     (, Litecoin, Ethereum)  20%[40 - De Silva M. Peoples Bank of China Forbids ICOs // ETHNews. 2017. URL: https://www.ethnews.com/peoples-bank-of-china-forbids-icos; Chuan T., OLeary R. China Outlaws ICOs: Financial Regulators Order Halt on Token Trading // CoinDesk. 2017. URL: https://www.coindesk.com/china-outlaws-icos-financial-regulators-or-der-halt-token-trading/; Godbole O. Analysis: Bitcoin Price Corrects on China News, but Uptrend Still Intact // CoinDesk. 2017. URL: https://www.coindesk.com/bitcoin-price-healthy-correction-uptrend-intact/.].

 ,              ,     ,       .           , , ,        ,   .

,             ,   ,        . ,      ,     , : 1)        ; 2)         ,    ,    ; 3)            [41 - ,              (The Howey Test). .: SEC v. Howey ., 328 U.S. 293. 1946.]; 4)       ; 5)       .

 ,     ,    , : 1)             ; 2)     ,      ,     ; 3)  ,          ; 4)                [42 - Ibid.].

  ,  ,   .   -  ,      .  ,     per se, ,      ,     .  ,    ,     ICO,    ,   .

 ICO          .     de lege ferenda,    ,   .      .        (.,  ,   ).           : 1)         ,   ; 2)    ; 3)     ; 4)           ,    [43 - ,         ,             .].




1.         





1.1.   


               .               .      ,          , ,  . ,                    .               .     ,  ,      .

         . ,           ,         .             ,       (,   ).

                  .     ex ante,         .       , ,      . ,         ,         ,            .

 ,          ,        .            .  2008 .      (Bitcoin),       ,        .    Bitcoin          .

        .       ,           .   Google          13   0,34 .           121   0,32 .     2016 .       [44 - Umeh J. Blockchain Double Bubble or Double Trouble // IT Now. 2016. Vol. 58. P. 58-61.].      ,     ,   ,   [45 - World Economic Forum. The Future of Financial Infrastructure: An Ambitious Fook at How Blockchain Can Reshape Financial Services. August 2016. Future of financial services series. Available at: http://www3.weforum.org/docs/WEF_The_ future_of_financial_infrastructure.pdf.].

              Bitcoin.         Bitcoin,       .       ,      -.

  ?  ,      ()  ,    -.  ,          ,    .         .        ,       .            . ,          .            .  ,      ,          .  ,     Bitcoin.

  , Bitcoin           .         .        ,     ,      ,     .     Bitcoin               [46 - New to Bitcoin // Blockchain.info. The Most Popular Bitcoin Wallet. URL: https: //blockchain. info/en/wallet/#/.].               .

 Bitcoin    2008 .       ,        .  ,           ,      Bitcoin          .  2009 .       Bitcoin,   .  50     .               .   1 .     1309 [47 - I  2017 .     ,    1     1270 . .].

, 2010-,      Bitcoin.         Bitcoin Market,       ,  ,   .               10 [48 - Bitcoin Price Index Chart // CoinDesk. 2017. URL: http://www.coindesk, com/price/.].

-,     Bitcoin,          .           ,      .   2010 .          .   2010 .      ,     .    ,         . , -,    -,    ,       .

 2010  2017 . Bitcoin     .   ,      .      ,    ,    [49 - . : Bitcoin History // Bitcoin Wiki. 2017. URL: http://en.bitcoin-wiki.org/Bitcoin_history.].






. 1.1. 

  Bitcoin[50 -   . 1.1   Schmidt Sergey, Tomas Knopp    : https://thenounproject.com]



,  Bitcoin      ,         .      .

  ?    ,     .  ,   ,   ,   (nodes). ,       ,       .          ,       .     .

        ,    .       ,      .  ,         .       ,      ,   ,     .

      .    ,        [51 - Antonopoulos A. Mastering Bitcoin // Mastering Bitcoin  Unlocking digital currencies. GitHub. 2017. URL: https://github.com/bitcoinbook/bitcoinbook.].                .            .

,              [52 - SWIFT Institute, The Impact and Potential of Blockchain on the Securities Transaction Lifecycle. 2016.].         ,             :     [53 -      -,     ,   .      -       ,   .].     ,    . ,        Bitcoin,     (proof of work)[54 - Lopp /. Bitcoin: The Trust Anchor in a Sea of Blockchains // CoinDesk. 2016. URL: http://www.coindesk.com/bitcoin-the-trust-anchor-in-a-sea-of-blockchains/.].          ,      [55 -  . Blockchain    //  . 2016. 3.].

 ,          .  ,        ,  . ,       (  [56 -      ,     ,       . ,     ,       Bitcoin, Ethereum.]),      ,   [57 -   ,  ,            ,  ,    . ,          ,           .     ,          . . : Larimer D. How to Launch a Crypto Currency Legally while Raising Funds // Bytemasters Blog. 2016. URL: https://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/; WalchA. The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk // New York University Journal of Legislation and Public PoUcy. 2015. Yol. 18. Iss. 4. P. 844.].

          -.     ,      :   [58 - Credit Suisse, Blockchain: The Trust Disrupter, 2016.].        -        .       .      ,        .     .       ,   . ,      : 1)      ; 2)              .  ,    , . . ,     ,     .

 ,           ,    .              ,       [59 -        -   .  -                   .   -       .  ,  ,  -      N + 1  ..].    .       .  ,            ,     .

,   ,    .        .         .          ,       .






. 1.2. 

 -   



 ,        ,    .        ,          ,     .     , . .        .              .       . ,                 .

   ,       ,      (Internet-of-Value).      .       ,      [60 - Baker . D. Trustless Property Systems and Anarchy: How Trustless Transfer Technology Will Shape the Future of Property Exchange [notes] // Southwestern Law Review. 2015. Vol. 45. No. 2. P. 367.].          .






. 1.3.

    API Bitcoin



                   . ,        ,       [61 - Reyes . L. Moving beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation: An Initial Proposal // Villanova Law Review. 2016. Vol. 61. Iss. 1. P. 277.].              .

      ,         [62 - Walch A. The Bitcoin Blockchain as Linancial Market Infrastructure: A Consideration of Operational Risk // New York University Journal of Legislation and Public Policy. 2015. Yol. 18. Iss. 4. P. 850.].            .          ,          [63 - Karch G. M. Bitcoin, the Law and Emerging Public Policy: Towards a 21st Century Regulatory Scheme // Llorida A & M University Law Review. 2014. Yol. 10. Iss. 1. P. 224. URL: http://commons.law.famu.edu/cgi/viewcontent.cgi?article=113 3 &context=famulawreview.].  ,      ,       .          (API)[64 -            ()     .       ,   ,             .],   ,    [65 - Ibid.].         .




1.2.  


        .       ,     .   ,           .         .    : 1) / ; 2)       ; 3)   ,     ; 4)  [66 - Poelstra A. On Stake and Consensus // WP Software. 2015; Proof of Stake versus Proof of Work (White Paper) // BitFury Group. 2015.]; 5)   ; 6)     -  (,     ); 7)        [67 - Wyman O. Blockchain in Capital Markets: The Prize and the Journey. February 2016. URL: http://www.dltmarket.com/docs/BlockchainInCapitalMarkets-ThePrizeAndTheJoumey.pdf.].






. 1.4.

 :  



                 ,  [68 -              (.: Brown R.G. A Simple Explanation of Bitcoin Sidechains // Thought on the Future of Finance. 2014. URF: https://gendal.me/2014/10/26/a-simple-explanation-of-bitcoin-sidechains/).].          ,  ,      ( ,    SWIFT[69 - .       SWIFT  -: SWIFT. The Global Provider of Secure Financial Messaging Services // SWIFT. 2017. URF: https://www.swift.com/news-events/press-releases/ swift-explores-blockchain-as-part-of-its-global-payments-innovation-initiative.]   ),   - [70 - Rapp H., Parisi C. From Paper-Based to Electronic Securities Post-Trading: Financial Automation and the Case of CREST // SWIFT Working Paper Series 2016. URF: https://www.swiftinstitute.org/wp-content/uploads/2016/ll/SWIP_2015_004_ CREST FINAF.pdf.].

 ,               , . .    [71 - Lopp J. Bitcoin: The Trust Anchor in a Sea of Blockchains // CoinDesk. 2016. URF: http://www.coindesk.com/bitcoin-the-trust-anchor-in-a-sea-of-blockchains/.].      ,       [72 - Mougayar W. Blockchain Security Is Multi-Fayered, Here Are the 6 Most Important Fevels // Startup Management. 2016. URF: http://startupmanagement. org/2016/08/08/blockchain-security-is-multi-layered-here-are-the-6-most-im-portant-levels/.].

 ,  ,   ,      ,        .   ,   ,         .

     ,     ()           :

1)    :    ,  , , -    [73 - Green ., Miers I. Bolt: Anonymous Payment Channels for Decentralized Currencies // Information Security Institute. 2016. URL: https://eprint.iacr.org/2016/ 701; Beck A., Corallo M. et al. Enabling Blockchain Innovations with Pegged Sidechains // Blockstream Company. 2014. URL: https://blockstream.com/sidechains.pdf.];

2)      :   ( ,      ),   ,    ( ), ,  ,   [74 - Jones P. Coding for Better Regulatory Outcomes in the Internet Age of Bitcoin and Blockchains // CryptoIQ. 2016. URL: http://blog.cryptoiq.ca/?p=487.],      [75 - Lopp J. Bitcoin: The Trust Anchor in a Sea of Blockchains // CoinDesk. 2016. URL: http://www.coindesk.com/bitcoin-the-trust-anchor-in-a-sea-of-blockchains/; . : Deery B. Hashpower Is the Ends, Bitcoin Is the Means // Medium. 2016. URL: https://medium.com/@BrianDeery/hashpower-is-the-ends-bitcoin-is-the-means-4de61 c5 59bc0# .r7vubpk9t.];

3)    : ,      ,    (  ),   [76 - Ruben A. A Lawyers Perspective: Can Smart Contracts Exist Outside the Legal Structure? // Bitcoin Magazine. 2016. URL: https://bitcoinmagazine.liberty, me/a-lawyers-perspective-can-smart-contracts-exist-outside-the-legal-structure/.], [77 - Blockchain and the Law. An Uncharted Landscape // Clyde & Co (International Law Lirm). 2016. URL: http://www.clydeco.com/insight/article/blockchain.];

4)    ()  :      (global value chains)[78 - Rizzo P. Bank of America, HSBC Unveil Blockchain Supply Chain Project // CoinDesk. 2016. URL: http://www.coindesk.com/hsbc-bank-america-blockchain-supply-chain/.],   , [79 - Umeh J. Blockchain Double Bubble or Double Trouble? // IT Now. 2016. No. 58. P. 59.],   [80 - Lopp J. The Multifaceted Nature of Bitcoin // Medium. 2014. URL: https:// medium.eom/@lopp/the-multifaceted-nature-of-bitcoin-94d79e95b9ef#.t2i0miple.].






. 1.5. 

 [81 -   . 1.5   Salvia Santos, Symbolon, Gregor Cresnar, Aneeque Ahmed    : https://thenounproject.com.]



 .     -    .   Bitcoin    .  ,            .            [82 - Mougayar W. Watch Out  The ICOs Are Coming // CoinDesk. 2017. URL: http://www.coindesk.com/watch-out-the-icos-are-coming/.],     [83 - Holmes B. 10 Awesome Uses of Cryptocurrencies // Brave New Coin. 2014. URL: http://bravenewcoin.com/news/10-awesome-uses-of-cryptocurrency/.],     ,       [84 - Margin Trading // Poloniex. 2017. URL: https://poloniex.com/support/ aboutMarginTrading/.].

  Bitcoin        10-    .  Bitcoin          (colored coins)[85 - Colored Coins // Colored Coins. 2017. URL: http://coloredcoins.org.].  ,      API Bitcoin        ,         [86 - URL: https://www.conftool.com/landandpoverty2016/index.php?page=browseSess ions&print=head&form_session=406.].  ,  ,  

             .

     Bitcoin        ,      [87 - Colored Coins Protocol Specification // GitHub. 2017. URL: https://github. com/Colored-Coins/Colored-Coins-Protocol-Specification/wiki/Introduction.].           -     -.         .        ,     .    ,            .

-.         Bitcoin    -,   .       .    ?

 1994 .               (Nick Szabo).  -    ,         ,   . ,     ,        . ,      .           :   [88 - Gilot B. /. Code! =Law // CryptoIQ. 2016. URL: http://blog.cryptoiq. ca/?p=534.].

         ,       .    -       ,             [89 - Ibid.].

-         ,     ,    ,       . -    ,      . ,               [90 - Abmmowicz . Cryptoinsurance //Wake Forest Law Review. 2015. Vol. 50. Iss. 3. P. 672.].

     ,   .            .       .

      .           . ,         ;        [91 - Swanson I Consensus-as-a-service: A Brief Report on the Emergence of Permissioned, Distributed Ledger Systems // R3. 2015. URL: http://www.ofnum-bers.com/wp-content/uploads/2015/04/Permissioned-distributed-ledgers.pdf.].

   -    .        ,     [92 - Make Your Smart Contracts Legally Binding & Enforceable. Connect with Critical Data and Payments // SmartContract.com. 2016. URL: https://smartcon-tract. com/features.].     -             ,       ( ,      ).

 2017 .    Ethereum,           Bitcoin,        -,          .           IT-  2017 .  ,   Ethereum,   20 .       1  . ,    ,     ,   Ethereum  .  Ethereum       ,    : Alibaba Cloud, Microsoft Azure, RedHat OpenShift, Pivotal CloudFoundry[93 - Millar J. 2017: When Ethereum Will Go from IT to Enterprise // CoinDesk. 2017. URL: http://www.coindesk.com/2017-ethereum-will-go-enterprise/.].      IBM    ,     [94 - IBM Watson Health Announces Collaboration to Study the Use of Blockchain Technology for Secure Exchange of Healthcare Data // IBM. 2017. URL: http:// www-03.ibm.com/press/us/en/pressrelease/51394.wss.];         BitNation[95 - Estonian Government and Bitnation Begin Cooperation // e-Estonia.com. The Digital Society. 2015. URL: https://e-estonia.com/estonian-government-and-bitnation-begin-cooperation/.];       [96 - Higgins S. Australia's Postal Service Tests Blockchain Identity // CoinDesk. 2016. URL: http://www.coindesk.com/australia-post-blockchain-identity-voting/.].

    -           Barclays[97 - Rizzo P. Wave Brings Blockchain Trade Finance Trial to Barclays // CoinDesk. 2015. URL: www.coindesk.com/wave-blockchain-trade-finance-barclays/.].        -         [98 - Parker L. Delaware to Embrace the Emerging Blockchain and Smart Contract Technology Industry, with Distributed Ledger Shares // Brave New Coin. 2016. URL: http://bravenewcoin.com/news/delaware-to-embrace-the-emerging-block-chain-and-smart-contract-technology-industry-with-distributed-ledger-shares/.].

  .    (  )       -.      ,   [99 - Mougayar W. An Operational Framework for Decentralized Autonomous Organizations // Startup Management. 2015. URL: http://startupmanagement. org/2015/02/04/an-operational-framework-for-decentralized-autonomous-organi-zations/.].      -[100 -            ,       .           ,         .].   .          .

   ,        .        ,            .       ,  ,       .          . ,    ,        .




  .


   .

   ,     (https://www.litres.ru/a-s-pivnenko/blokcheyn-na-pike-haypa-pravovye-riski-i-vozmozhnosti/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


           ,    .   ,       ,     .       .




2


Sunnarborg A. ICO Investments Pass VC Funding in Blockchain Market First // CoinDesk. 2017. URL: http://www.coindesk.com/ico-investments-pass-vc-funding-in-blockchain-market-first/.




3


Castor M. Too Easy? Critics Take Aim at Ethereum Token Standard Amid ICO Boom // CoinDesk. 2017. URL: http://www.coindesk.com/too-easy-critics-take-aim-at-ethereum-token-standard-amid-ico-boom/.




4


,    ,         ,            .




5


Acheson N. Back to Basics for Blockchain Tokens? // CoinDesk. 2017. URL: http://www.coindesk.com/back-basics-blockchain-tokens/.




6


Iansiti M., Lakhani K. R. The Truth about Blockchain // Harvard Business Review. 2017. URL: https://hbr.org/2017/01/the-truth-about-blockchain.




7


Cummings D. European Financial Regulator Believes DLT Could Benefit Securities Markets // ETHNews. 2017. URL: https://www.ethnews.com/european-financial-regulator-believes-dlt-could-benefit-securities-markets.




8


Iansiti ., Lakhani . R. The Truth About Blockchain // Harvard Business Review. 2017. URL: https://hbr.org/2017/01/the-truth-about-blockchain.




9


Smitcoin B. Ether Price Analysis: Heres What Just Went Down // Bitcoin Magazine. 2017. URL: https://bitcoinmagazine.com/articles/ether-price-analysis-heres-what-just-went-down/.




10


.          The DAO.




11


,          Ethereum        300 ,  13 . .            (, Coinbase) , ,   . Bovaird . S 13: Ether Prices Plunge in GDAX Exchange Flash Crash // CoinDesk. 2017. URL: http://www.coindesk.com/13-ethereum-ether-prices-plunge-2500-gdax-exchange-flash-crash/.




12


Castor M. Too Easy? Critics Take Aim at Ethereum Token Standard Amid ICO Boom // CoinDesk. 2017. URL: http://www.coindesk.com/too-easy-critics-take-aim-at-ethereum-token-standard-amid-ico-boom/.




13


          The DAO (  60  .     Ethereum),   Bitfinex ( 72  .     Ethereum).  ,          ,      . ,    Mt. Gox     460  . .




14


 ,      ,    ICO   ,         .           .




15


Castillo . del. Identity without the Blockchain? Skepticism Grows for Once-Hot Use Case // Coindesk. 2017. URL: http://www.coindesk.com/identity-without-blockchain-skepticism-grows-hot-use-case/.




16


Kanaracus C. Don't Believe the Blockchain Hype: Examining the Weaknesses and Risks // ZDNet. 2016. URL: http://www.zdnet.com/article/dont-believe-the-blockchain-hype-examining-its-weaknesses-and-risks/.




17


Martin A. J. Dont Let Banks Fool You, the Blockchain Really Does Have Other Uses // The Register. 2016. URL: https://www.theregister.co.uk/2016/09/27/ enoughblockchainspam/.




18


Genovese . Blockchain Technology: Hype or Reality? // CIO. 2016. URL: http:// www.cio.com/article/3058266/security/blockchain-technology-hype-or-reality.html.




19


Gault M. Lets Be Honest about The Problems with Blockchain and Finance // TechCrunch. 2016. URL: https://techcrunch.com/2016/02/03/lets-be-honest-about-the-problems-with-blockchain-and-finance/.




20


What Are the Best Criticisms of Blockchain Technology? // Bitcoin Talk. 2015. URL: https://bitcointalk.org/index.php?topic=1080851.0.




21


Sharwood S. Failing Projects Pray Blockchain Works Aas Magic Middleware // The Register. 2016. URL: http://www.theregister.co.uk/2016/07/26/failing projects pray blockchainworksasmagicmiddleware/.




22


dAnconia E Ethereum not Safe but Safer Than Other Blockchains: Vlad Zamfir // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/ethere-um- not- safe -but- safer-than- other-blockchains -vlad -zamfir.




23


Demeester T Why Im Short Ethereum (and Long Bitcoin) // Medium. 2016. URL: https://medium.eom/@tuurdemeester/why-im-short-ethereum-and-long-bit-coin-aee5blcl98fd; Genovese B. Blockchain technology: hype or reality? // CIO. 2016.

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24


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25


Fintech and Financial Services: Initial Considerations // International Monetary Fund. 2017. URL: http://www.eirmews.com/pr_news/387676622/fintech-and-financi-al-services-initial-considerations.




26


            .




27


    ,    --    , . ,     : (1)   ; (2)      .




28


          . .: European Parliament. How Blockchain Technology Could Change Our Lives. In-Depth Analysis // European Parliamentary Research Service. 2017.




29


U.S. Securities and Exchange Commission. SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities. Press Release. 2017. URL: https://www.sec.gov/news/press-release/2017-131; . : Rizzo P. Emin Gun Sirer: SEC ICO Guidance is End of Beginning for Blockchains // CoinDesk. 2017. URL: https://www.coindesk.com/emin-gun-sirer-sec-ico-ruling-end-beginning-blockchains/; Higgins S. SEC: US Securities Laws May Apply to Token Sales // CoinDesk. 2017. URL: https://www.coindesk.com/securities-exchange-commission-us-securities-laws-may-apply-token-sales/.




30


Bitcoin Cash and the Civil War that Is Disrupting Digital Currency // South China Morning Post. 2017. URL: http://www.scmp.com/news/china/economy/article /2105527/bitcoin- cash  and  civil  war- disrupting  digital  currency.




31


Tuwiner J. Bitcoin Mining in China // Buy Bitcoin Worldwide. 2017. URL: https://www.buybitcoinworldwide.com/mining/china/.




32


Bitcoin Can Be an Asset but not a Currency, Says China Central Bank Adviser // Reuters  CNBC. 2017. URL: https://www.cnbc.com/2017/07/06/bitcoin-can-be-an-asset-but-not-a-currency-says-china-central-bank-adviser.html; Froelings L. Chinese Government Eyes ICO Crackdown under New Illegal Financing Rules // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/chinese-govemment-eyes-ico-crackdown-under-new-illegal-financing-rules; Das S. China Considers Blanket Ban All ICOs: Report // CryptoCoinsNews. 2017. URL: https://www.cryptocoinsnews. com/china-considers-blanket-ban-icos-report/.




33


Smith J. How a China Crackdown Caused Bitcoins Price to Plunge // Fortune. 2017. URL: http: //fortune. com/2017/01/05/bitcoin-plunge  china- currency/.




34


Oyedele A. One country dominates the global bitcoin market // Business Insider. 2017. URL: http://www.businessinsider.com/bitcoin-trading-china-yuan-remnibi-2017-1.




35


Qu C. Bitcoin in China: Price Discovery and Volatility Transmission. March 16. 2017. Available at SSRN: https://ssrn.com/abstract=2934031 or http:// dx.doi.org/10.2139/ssrn.2934031.




36


Aru I. How Chinese Yuan, Capital Flight Influence Bitcoin Price // The CoinTelegraph. 2017. URL: https://cointelegraph.com/news/how-chinese-yuan-capital-flight-influence-bitcoin-price.




37


Yang Misha. Cryptocurrency in China: Light-Touch Regulation in Demand. May 2. 2016. Available at SSRN: https://ssrn.com/abstract=2792477.




38


, ,   2017 .     ,          (OKCoin, Huobi.com, BTCChina)    .

 ,         ,         .  ,         .             .          7%. .: Qu . Bitcoin in China: Price Discovery and Volatility Transmission. March 16. 2017. Available at SSRN: https://ssm.com/abstract=2934031 or http://dx.doi.org/10.2139/ ssm.2934031.




39


Ibid.




40


De Silva M. Peoples Bank of China Forbids ICOs // ETHNews. 2017. URL: https://www.ethnews.com/peoples-bank-of-china-forbids-icos; Chuan T., OLeary R. China Outlaws ICOs: Financial Regulators Order Halt on Token Trading // CoinDesk. 2017. URL: https://www.coindesk.com/china-outlaws-icos-financial-regulators-or-der-halt-token-trading/; Godbole O. Analysis: Bitcoin Price Corrects on China News, but Uptrend Still Intact // CoinDesk. 2017. URL: https://www.coindesk.com/bitcoin-price-healthy-correction-uptrend-intact/.




41


,              (The Howey Test). .: SEC v. Howey ., 328 U.S. 293. 1946.




42


Ibid.




43


,         ,             .




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Umeh J. Blockchain Double Bubble or Double Trouble // IT Now. 2016. Vol. 58. P. 58-61.




45


World Economic Forum. The Future of Financial Infrastructure: An Ambitious Fook at How Blockchain Can Reshape Financial Services. August 2016. Future of financial services series. Available at: http://www3.weforum.org/docs/WEF_The_ future_of_financial_infrastructure.pdf.




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New to Bitcoin // Blockchain.info. The Most Popular Bitcoin Wallet. URL: https: //blockchain. info/en/wallet/#/.




47


I  2017 .     ,    1     1270 . .




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Bitcoin Price Index Chart // CoinDesk. 2017. URL: http://www.coindesk, com/price/.




49


. : Bitcoin History // Bitcoin Wiki. 2017. URL: http://en.bitcoin-wiki.org/Bitcoin_history.




50


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51


Antonopoulos A. Mastering Bitcoin // Mastering Bitcoin  Unlocking digital currencies. GitHub. 2017. URL: https://github.com/bitcoinbook/bitcoinbook.




52


SWIFT Institute, The Impact and Potential of Blockchain on the Securities Transaction Lifecycle. 2016.




53


     -,     ,   .      -       ,   .




54


Lopp /. Bitcoin: The Trust Anchor in a Sea of Blockchains // CoinDesk. 2016. URL: http://www.coindesk.com/bitcoin-the-trust-anchor-in-a-sea-of-blockchains/.




55


 . Blockchain    //  . 2016. 3.




56


     ,     ,       . ,     ,       Bitcoin, Ethereum.




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Credit Suisse, Blockchain: The Trust Disrupter, 2016.




59


       -   .  -                   .   -       .  ,  ,  -      N + 1  ..




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Walch A. The Bitcoin Blockchain as Linancial Market Infrastructure: A Consideration of Operational Risk // New York University Journal of Legislation and Public Policy. 2015. Yol. 18. Iss. 4. P. 850.




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64


           ()     .       ,   ,             .




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Ibid.




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Poelstra A. On Stake and Consensus // WP Software. 2015; Proof of Stake versus Proof of Work (White Paper) // BitFury Group. 2015.




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Wyman O. Blockchain in Capital Markets: The Prize and the Journey. February 2016. URL: http://www.dltmarket.com/docs/BlockchainInCapitalMarkets-ThePrizeAndTheJoumey.pdf.




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Lopp J. Bitcoin: The Trust Anchor in a Sea of Blockchains // CoinDesk. 2016. URF: http://www.coindesk.com/bitcoin-the-trust-anchor-in-a-sea-of-blockchains/.




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Mougayar W. Blockchain Security Is Multi-Fayered, Here Are the 6 Most Important Fevels // Startup Management. 2016. URF: http://startupmanagement. org/2016/08/08/blockchain-security-is-multi-layered-here-are-the-6-most-im-portant-levels/.




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Ruben A. A Lawyers Perspective: Can Smart Contracts Exist Outside the Legal Structure? // Bitcoin Magazine. 2016. URL: https://bitcoinmagazine.liberty, me/a-lawyers-perspective-can-smart-contracts-exist-outside-the-legal-structure/.




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78


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Umeh J. Blockchain Double Bubble or Double Trouble? // IT Now. 2016. No. 58. P. 59.




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Colored Coins // Colored Coins. 2017. URL: http://coloredcoins.org.




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URL: https://www.conftool.com/landandpoverty2016/index.php?page=browseSess ions&print=head&form_session=406.




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Gilot B. /. Code! =Law // CryptoIQ. 2016. URL: http://blog.cryptoiq. ca/?p=534.




89


Ibid.




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Abmmowicz . Cryptoinsurance //Wake Forest Law Review. 2015. Vol. 50. Iss. 3. P. 672.




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Estonian Government and Bitnation Begin Cooperation // e-Estonia.com. The Digital Society. 2015. URL: https://e-estonia.com/estonian-government-and-bitnation-begin-cooperation/.




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100


           ,       .           ,         .


