What are the past, present and future antitrust implications of blockchain and Web3? A recent livestream from Level Legal discussed it.
The livestream was the latest episode of What’s Brewing in Antitrust with Level Legal’s Kevin Brzozowski and Evan Miller, a partner in Vincent and Elkins’ Antitrust Group, who discussed the intersection of antitrust law and blockchain/Web3 technologies, including implications for the future.
Miller discussed several considerations and implications related to antitrust law and blockchain/Web3 technologies. Here are two of them.
- Evolution of Thought Regarding Blockchain: According to Miller, the initial belief that blockchain’s decentralization negated antitrust has evolved: “Some of the initial academic literature that was coming out talked about blockchain being the death of antitrust because blockchain is inherently decentralized,” he said. The focus has shifted to recognizing the relevance of traditional antitrust issues in the Web3 space and the potential for antitrust enforcement to protect its pro-competitive potential.
- Trump Administration’s Pro-Crypto Stance: Miller noted that The Trump administration – both the 1.0 and (potentially) 2.0 administrations – have a favorable view of blockchain as a pro-competitive technology. “During Trump’s first administration, blockchain was of significant interest,” he said. “He spoke publicly about blockchain as a pro-competition technology and particularly commented on the decentralized nature of blockchain and the tokenomics that distribute governance.” This involves protecting “little tech” and potentially unleashing growth within the crypto and Web3 space by loosening SEC enforcement. Conversely, the Biden administration issued an executive order encouraging agencies to consider innovation and competition related to digital assets but lacked specific comments on blockchain from the DOJ or FTC.
So, what are the other considerations and implications? And what does the future hold? Find out here, it’s only one click! The future begins with a click!
So, what do you think? Are you interested in the antitrust implications of blockchain and Web3? Please share any comments you might have or if you’d like to know more about a particular topic.
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