A letter to SCL members from Sir Geoffrey Vos, Chair of the UK Jurisdiction Taskforce
I am writing to encourage you to take part in this consultation www.lawsociety.org.uk/news/stories/cryptoassets-dlt-and-smart-contracts-ukjt-consultation, launched by the UK Jurisdiction Taskforce (‘UKJT’), of which I am chair.
I am firmly of the view that smart contracts will only finally take off when market participants and investors have confidence in them. Mainstream investors need to be convinced that their legal rights can be protected when they trade in cryptoassets and enter into smart contracts. The UKJT believes that perceived legal uncertainty is the reason for some lack of confidence and that investor confidence would grow significantly if it were clear that cryptoassets were property in English law, that they could be the subject of a security interest and that smart legal contracts give rise to binding legal obligations.
The purpose of this consultation is to identify those key legal questions whose answers would help promote that certainty. They will form the basis of a legal statement that will be published by the UKJT in the Summer. We need your help in order to be able to target directly our questions to the main concerns of those working in this area.
The consultation paper is short and simple – asking if the questions we have identified are the right ones, and what others you suggest might be included, and why. The closing date is 21 June 2019. We are holding a public consultation on the same subject in London on 4 June and, again, I would encourage you to register your interest for that event. Further details can also be found at the link above.
It is only by involving people such as you, who understand the crucial importance of a sound legal framework for innovation by the technological industries, that we will be successful. Please help us to do that, and to produce the most useful possible statement of the law in the area.
With best wishes,
The Rt Hon Sir Geoffrey Vos
Chancellor of the High Court
SCL would like to respond to this consultation. If you would like to volunteer to lead SCL's response and host a meeting to formulate SCL's submission please email Caroline Gould at firstname.lastname@example.org We look forward to hearing from you.