Extract from Isha Marathe’s article “With Legal Tech Blockchain Experimentation, U.S. is Lagging Behind”
New technologies, regardless of how advertisements and marketing campaigns may present them, are more often a part of a larger puzzle rather than the end-all-and-be-all of a finished product.
For example, ChatGPT, which initially seemed to be a magic bullet to many, is slowly being broken down into its various elements beyond the tool itself, with many leveraging the underlying generative AI Model in new ways.
Similarly, the blockchain—which some might say was overshadowed by the generative artificial intelligence boom late last year—is no different. And for several private and public jurisdictions across the world, the experimentation with decentralized technology beyond its first wave of use-cases has continued strong. But how regulations around the world will impact such experimentation is an open question.
At the Deep Dive into the Metaverse and Web3: Second Global Law Symposium hosted by the New York State Bar Association (NYSBA), in a panel titled “Understanding the Impact of Web3/Metaverse/Digital Assets and Currency on Legal Practice Areas Around the World,” a group of experts and legal professionals discussed the ways governments across the world are scrutinizing blockchain technology and whether the existing legal infrastructure will bolster or hinder Web3 development.