Blockchain-Based Financial Investments and the Role of Regulatory Authorities: The Italian Perspective
CONSOB is the national Authority controlling the Italian regulatory market. The role of all type of gatekeepers, such as CONSOB, has indeed being challenged by the advent of distributed ledger technologies (such as the blockchain technology) and the real
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ckchain, Law and Governance
Blockchain, Law and Governance
Benedetta Cappiello • Gherardo Carullo Editors
Blockchain, Law and Governance
Editors Benedetta Cappiello Department of Italian and Supranational Public Law University of Milan Milan, Italy
Gherardo Carullo Department of Italian and Supranational Public Law University of Milan Milan, Italy
ISBN 978-3-030-52721-1 ISBN 978-3-030-52722-8 https://doi.org/10.1007/978-3-030-52722-8
(eBook)
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Foreword
Among the various characteristics generally attributed to blockchain (and DLTs), it can be firmly held that blockchain is a transactional technology. The fact has become widely accepted, and regardless of the qualification that should be given to it (and the importance of semantic), a consensus is emerging on the necessity to study its impact. That is fortunate. Indeed, blockchain modifies the quadriptych introduced by Lawrence Lessig in his book Code as regards the constraints exercised on all subjects when they engage with the rest of society: architecture, social norms, the market and the law. Many challenges arise from the new dynamism it creates. Of course, blockchain central characteristics (such as immutability) is a primary reason why it is being used. It allows interactions in a given framework, making the architectural constraint more preeminent. In the meantime, social norms and markets are coming into greater conflict. On the one hand, blockchain interactions are guided by the values conveyed by each ecosystem, while on the other hand, all exchanges are strongly influenced by economic incentives. Giving a closer look at blockchain forks provides
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