CEU eTD Collection Hungary utca9. 1051 Budapest, Nador European UniversityCentral PROFESSOR: European COURSE: Company Law LL.M. THESIS SHORT CAN BITCOINSELFBE CAN ANALYSIS OF UNITED STATES, EUROPEAN UNION OF EUROPEANANALYSIS UNITEDUNION ISLAMIC STATES, AND LEGAL
Caterina Sganga
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Mohammad Mahmoud Ibrahim Tayel Ibrahim Mahmoud Mohammad
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Hepburn preservation which, all must admit, may, in certain contingencies, become become contingencies, certain in may, admit, must all which, preservation to issue bill issue to case of interpretation nx . Lee v. Knox the plain text of the of text plain the e ruet of argument he itsappearance inthe U.S.,forfirst thetime adoptionthe since ofConstitution,the was Civil the War of ‘ es, or in any emergency any in or es, The Significance of Unaccounted Currencies Knox Knox (1871) oe ol hv rpeetd na duln o te oe spl rltv t is antd in magnitude its to relative supply money the of doubling near a represented have would lone s e fuelling , of credit ( credit of v. ‘ behind h Ftr o Cnrl akn: Lso F Lesson A Banking: Central of Future The on the Lee Supreme uted n authority any 89 rulings, in rulings, had the text h first the “ held for the gold Greenbacks , issue greenbacks which is highly important for establishing the functional the establishing for important highly is which C government broadened onstitution clause (Art or case Court . The first The . - , E - as discussed below. case 14.pdf … ” the occurring in 1862, 1863, and 1864. 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Richard of the quantity in circulation, by general consent to its currency in payments, and payments, in currency its to consent general by circulation, in quantity the by determined value, purchasing a but value, intrinsic no have latter the metal; T injustice instrument ofthegrossest render are notes tender legal contracts, these to parties all of expectation the to contrary if, indispensable… July, 1864, to the rate of of rate the to 1864, July, issued first when depreciation slight very a with Beginning notes. States United the of history the in exemplified strikingly been tender legal pro the to as opinion by he former possess intrinsic value determined by the weight and fineness of fineness and weight the by determined value intrinsic possess former he ebr v Griswold v. Hepburn ’ s power to issue greenback ( greenback issue to power s , the . 90 judges - inspired paper money inflation and suspension. Commodity values of most metallic coins rose sharply rose coins metallic most of values Commodity suspension. and inflation money paper inspired can change materially the operation of these laws. 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The State of Missouri 29 4 U.S. Pet. 410(1830) no Sta all of prosperity and interest the affected deeply which and States, United the through felt was which mischief roots the by mischief this up cut To man. and man between confidence all expose sudden, and an speculations, ruinous of sources the are loss; immense to individuals great often changes, these and changing; continually is value Its fluctuation. considerable to liable always been has medium a Such gold dollar. paper in cents twenty and dollar a recently until rose then and , functional as observed during the during observed as ack currency(paper money): fiat value had valid concerns over the over concerns valid had te should emit billsshould ofcredit. - determination determination aspect J., said in the case of of case the in said J., f 1934. f , the commodity money commodity of intrinsic goldof intrinsic In contrast, In highly risky for the social welfare and pub and welfare social the for risky highly Great Depression, Depression, Great – deflationary feature of commodity money commodity of feature deflationary the people declared in their Constitution that Constitution their in declared people the the second second the Craig v. 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This Bitcoin. with associated risk volatility the with especially , - central , ” ‘ , oeay eta Pann ad h State The and Planning Central Monetary - and and mentioned features mentioned section 10 section , who observed that the that observed who , medium of exchange of medium - urther examination in the the in examination urther planning “ ” anti . is 94 es needed - - not resemble not state hoarding ) s that the fundamental bottom line of the ideal legal tender tender legal ideal the of line bottom fundamental the that - cinl eiiin of definition nctional of credits of part - hoarding and anti and hoarding ( as - standard and wo and standard 27 However, it seems it However, ” - discussed - milton like codes ofBitcoin.codes have to be parts be to have 34 gold/silver money gold/silver is not an issue an not is and their and - standard a nebulous concept for both regulatonebulous concepta both for friedmans gold standard gold policy in chapter 3 - - thoughts te bt sae cmo theme common a share both they ; prohibition. prohibition. uld inflation (intrinsic value) (intrinsic inflation ’ rationale behind rationale (aur 19) t < at 1999) (January , ea tne i lgt f h US the of light in tender legal rather of the self the of that per se per - is costs ) either in its in either . “ assumption is not is assumption thoroughly consistent with consistent thoroughly - credit of bill the under fall paper the k the if these referred patterns patterns referred these if Theoretically, we Theoretically, - - money/ regulatory ey issues are mainly mainly are issues ey the gold clause gold the preciousness http://fff.org/explore acse 9 March 9 accessed > , as implied implied as governing ry bodies ry bodies precisely precisely implies argue argue and and nor , - CEU eTD Collection accessed 23 March 2015 < Liabilit 98 < Costs of Forming an Economic and Monetary Union 97 96 95 rates Bank Central European also has It fo budget and inflation balance targets specific with policies convergence pursue to union) monetary the of members meeting System Monetary European the integration without achievable fully currency single a through integration theory. Areas Currency conception currency single unity, and solidarity prosperity, of mission European the of part core a was unification Monetary stability the of pillars monetary The 2 http://www.econ.uba.ar/www/departamentos/economia/plan97/internacional/vanoli/bibliografia/FELDSTEIN.PDF http://ec.europa.eu/econ .3.2 Directorate David Marsh, ibid 19 Martin Feldstein, nineteent tts f Bitcoin of status y Concept Bitcoin of n to and ’ inspired - (1997) 45 … , which - General for Economic and Financial A ” linked been been . 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PAYPAL: The Legal of Status C2C Payment System Directive as 100 electronic money electronic “ cal authorized Similarly, the European the Similarly, monetary value stored on an electronic device issued on receipt of funds funds receiptof on issued electronicdevice an on stored value monetary - neutrality of neutrality ement rts to adopt the euro the adopt to rts esn bhn te mnmns amendments. the behind reasons 09 ht E that 2009 - M ] 2006 oney payment ” [ payment scheme payment C 73/08 . of the of 102 digital money in money digital Directives - hr parties third money has has money and considered and service providers service EC digital currency digital 36 n n hand one on S ih ead o the to regard with ” ingle . 99 to produce to the The underlying The ” pcfc features specific M and defined the E the defined and . 101 adopted ’ the of and prudential supervision of the business of (2004) 11 arket the the However, Directive , in the fifth recital of the referred referred the of recital fifth the in , Directive 2009/110/EC Directive t PayPal is an object an is he which is expressly indicated by by indicated expressly is which t em fo te functional the from seems It legislative package in the field the in package legislative (SEPA) Directive S rationale rationale , t , econd because because scheme T . he - > accessed 23 March 2015 money in broad sense sense broad in money EC EC he first recognizable recognizable first he ive in cyberspace in ive in order to nurture nurture to order in adopted a flexible flexible a adopted amn Services Payment perceived lack of of lack perceived is to is to be be to h Pya case PayPal the structure an structure closer to a a to closer , which is which as - CEU eTD Collection 107 106 money pro Recital8 ((definition should be wide enough to avoid hampering technological innovation and to cover notonly all the electro electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC , 105 104 5 electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing D 103 (authorized) it recital, seventh the backedbystate T fifth recital Directivereferred ofthe scheme payment Directive the of framework regulatory the of scope the that Conversely regulatory of framework Directive here are here ibid Article 10 1.1& Council Directive 2009/110/EC Council Directive 2009/110/EC ibid Article2.2 ibid growing continuously is which providers service of network a for designed typically o scope the from exempted be not should merchants listed of stores in purchases for used be can which Instruments apply. longer no should Directive this of scope the from exemption the instrument, a such Where ducts available today in the market but also those products which cou . 103 two other features of E of features other two , it could be counter be could it , 107 Hence, - . amn srie rvdr sus pre a issues provider service payment money 104 on the gr the on the the as well as well as conditionally specific the of 16 September 2009 the on taking up, pursuit and prudential supervision of the business of 16 September 2009 the on taking up, pursuit and prudential supervision of the business ound of the legislative intent as t as intent legislative the of ound decentralized decentralized Directive - - ups isrmn dvlp it a general a into develops instrument purpose argued for the for argued broadly - money such as as such money : . covers covers peer speaking - all 37 to - competence f this Directive as such instruments are instruments such as Directive this f peer etfe srie provider service certified 105 the importance of electronic money to be be to money electronic of importance the to be a be to iia money digital - ad trd au i ecag for exchange in value stored paid ld be developed the in future)) he he “ of legislator store of value of store also the 2009 E 2009 the covers s o cvrd y the by covered not is expressly stated expressly irective 2000/46/EC , Recital s - ” h decentralized the Mo . a 106 ln as long s - purpose purpose ney According to Directive in the the in “ the the nic nic of of CEU eTD Collection 110 < 109 108 maxim The establishment of 2 stated byCourt some Supreme Unlike by c not but nutshell In authorization an require themselves in not do “ instance, For states. member different of light in provider service Bitcoin the of framework classified Finland and ten legal of status the meet not does Bitcoin ECB, drawbacks 2015 February In gold or funds http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf lassification. 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(e) Money the is production costs are involved, and it has substitute.no (c) owner accessed 23 March 2015 , The underlying reasoning according http://iefpedia.com/english/wp 112 < 111 Ibn Taymiy service a buy to used or asset real a into exchanged trad the facilitate chief the with speculation), exchange of medium m digital and money paper occurs way it inany that and wherever that occurs of exchange, or whenever acceptance a medium as Ghaz as such the to regard With value/economic standard are money https://unity1.files.wordpress.com/2009/06/paper Abdullah Mani, Faruq Ahmad and M. Kabir Hassan, ’ s real income simply holdingby it and notexchanging withit other goods. (b) Money is liquid, virtually carryingno or ” s eas te ai picpe s ht h ojcie s o tee on in coins these not is objective the that is principle basic the because is This terminology. and habit to returns matter the however, these; for definition dirhams for As are means by which mutual transactions are carried out, and this is why they why is this and out, carried are transactions mutual which by means are they Rather, themselves. for sought not are dinars and Dirhams transactions. mutua for standard a be should they that is objective the rather, themselves; . 111 . yah n hs regard, this In iie it two into divided ‘ Paper Money: Its Reality, History, Value and Legal Ruling z in his in his l, Malik ali, e /services among the the among /services is rfre category. referred first legal verdicts , not as something to be profited from in itself (e.g. currency currency (e.g. itself in from profited be to something as not , (gold - content/uploads/2009/11/The . , oe i dfnd n ra sne i icue cmoiy money, commodity includes it sense; broad in defined is money oney. 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The precise cause of such such of cause precise The public. the among 118 - Value /silver , and its precise cause is cause precise its and the issue was upheld was issue the eserves of gold or silver, etc., as long long as etc., silver, or gold of eserves - ’ , (1971) of - Money n yesae n ai of basis on cyberspace in ” . 119 nctional of money (as economic (as money of nctional 33 - Concept injury for the holders a holders the for injury ‘ (2006) 23(1) AJISS < 81 - in - Islamic not established the the established not in 1994 in moneyness - Finance.pdf by Judge by mere a > , then , nd nd CEU eTD Collection chapter. required not issuanceis leg as considered be to factor key IBL and EU US, as such jurisdictions legal chosen referred anti be to interchangeability couples in money traditional words, other In in signature electronic network the secure and ownership of legitimacy well T commoditya moneyself tobe The standard. gold the by independently established been has confidence public the Historically, 2.4 he building blocks of Bitcoin of blocks building he the digital remain wallet. 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Rev. 23 (201) 15. < 124 (2015) Congressional Research Service 9 < 123 known that, to addition In latest part of the predictedbywould been higher havethan much is sector inefficiency is scheme payment decentralized effective more issues; debatable are these that noted be should it However, or regulation legislation, by unmitigated remain supervision mostly risks the and concept VCS the power that insists view This tender such The http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf http://www.clevelandfed.org/Newsroom%20and%20Events/Publications/Economic%20Trends/2014/Bitcoin%20Versus%20 European Central ibid 5, 11 Sami Al Joseph Haubrich, Craig Elwell and M. Maureen Murphy andMichael Seitzinger , curr dominant view is that Bitcoin is inherently inherently is Bitcoin that is view dominant feature 124 and (e.g. the (e.g. as the free the as - ency - Suwa 12 , see al , see also and > accessed 8 March 2015 stock ” s ilem, . . have 126 125 it is prone to prone is it of the the of Bank, ‘ Bitcoin versus the Dollar so Andrei Dinu, twentieth century or Federal ‘ As Complexity and Endogenous instability markets Cara R. Baros, long banking. fiin ta self than efficient ‘ Virtual Currency Schemes decentralized payment decentralized suggested an stability and the confidence confidence the and stability been been empirical Reserve : http://repository.law.m ‘ The Scarcity of Money: The Case of Cryptocurrency “ failures Robert Shiller (1989) finds that volatility of stock market stock of volatility that finds (1989) Shiller Robert It was accepted in some states, conditionally accepted in others others in accepted conditionally states, some in accepted was It ‘ Barter, Bearer, and Bitcoin: The Likely Future of Stateless Virtual Money observed by http://www.fas.org/sgp/crs/misc/R43339.pdf ) to ) ” . ’ (2014) not 127 the ECB the examination made on the decentralized banking era also also era banking decentralized the on made examination and lead to lead and adjust - inherently volatile. inherently regulation - a a Further Analysis in the the in iami.edu/cgi/viewcontent.cgi?article=1018&context=umblr : scheme the monetary policy and the purchasing power of of power purchasing the and policy monetary the > accessed 23 March 2015 “ 47 Some aspects of these risks are inherent to the to inherent are risks these of aspects Some ’ bubble (2012) regula ‘ Bitcoin; Questions, Answers and Analysis of Legal Issues , efficient marketefficient unstable n i cud e rud that argued be could it and . 123 have Dipartimento e fnnil institutions financial ted s ’ (2015) 32, Hence, it shall it Hence, unless it is regulatedby is it unless > accessed March 11 2015 caused by caused In fact, In eas of because intermediaries a intermediaries di Economia, ’ hypothesis, particularlyforthe (2014) 19 the excess volatility excess the > accessed 22 March 2015 the not volatility arising from from arising volatility . centralized regulatory centralized Facoltà be classified as classified re di n the in not not intermediaries. 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Weber, Charles J.Whalen, Financial Instability and Economic Security After [ 16 Cato 16 J. 47, 58 ’ insight law p h c d t I h a a ay te sco o te cnm, a a aiiy o eeae unnecessary generate to ability an has economy, the of sector other any han de, there ndeed, tat o hmevs neesrl hg rtrs n cet i create and returns high unnecessarily themselves to ttract ha create circumstances some under an out; ht at o te iaca srie idsr hv a nqe blt to ability unique a have industry services innovative financial the and of parts liquidity that roducts; trading for demand more creating hedge, to ave services own its for emand arms therestcommunity of s which s neither s result. 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The programmer The . m/why cost of production, difficulty of extracting of difficulty production, of cost n intrinsic value it has to resemble the gold in these features these in gold the resemble to has it value intrinsic n als, which usually requires separation of the two metals in order to produce pure pure produce to order in metals two the of separation requires usually which als, - of such and feature. notamain hardship intended purpose purpose suggested - and not merely the result the merely not and is e fot ad fairness. and efforts le - silver of volatility of - cheaper monyness in cyberspace in monyness governing “ 50 thoroughly where and to and where h preventive the vlal efrs n ueuns. s noted As usefulness. and efforts valuable , > accessed 10 March 2015 - - Antonopoulos than ups proof purpose - on the ground of a clinical approach, it it approach, clinical a of ground the on - gold/ code to alternatively resemble the gold gold the resemble alternatively to code acse 1 Mrh 05 (lmnm for ((Aluminum, 2015 March 10 accessed > osset ih cascl lib [classical] with consistent ‘ wasteful everyone prah s rgltr tool regulatory a as approach (hardship) At stated that stated - (1st, O of hs on, ici would Bitcoin point, this - work algorithms solve a a solve algorithms work . . ’ The mining process mining The ’ Reilly Media, 2014) ” The next generation of generation next The . 134 . 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Ti onstitution (decentralized) added U.S. Const. art. 1,§ 8 .1 The legislative US intent of . A . rcie n oe comm some in practice operationalongoingredemption an is issues suchfor incentive onlypossible The Private that money of this description is practicable is that money ofthisdescription nineteen the in issued currency unaccounted of records d a pragmatic reason for doing so doing for reason pragmatic a previously, the Founding Fathers Founding the previously, s noted in the in noted s , mberlake, ‘The Significance of Unaccounted Currencies’, referred to referred commerce and society and commerce 139 the key for any money any for key money in order to protect the time the protect to order in reasoning of the the reasoning of as observed F ounding ounding the the (decentralize . , Acco Hepburn v. Griswold v. Hepburn hc ws h rao bhn te od clause. gold the behind reason the was which eiltv history legislative monyness of the gold and its impact on preserving the preserving on impact its and gold the of monyness rdingly, t rdingly, F by the economist Richa by the ny eadd ecads, prop merchandise, demanded only athers athers judges law the economic incentive economic the - ’ like s welfare s d) 137 would have referred to such a such to referred have would he link between link he such (as Bitcoin) (as such focused on the substantial effects on the thesubstantialeffectson on focused . The observation of the public policy rationale could rationale policy public the of observation The ol ne t ofr n cnmc incentive. economic an offer to need would and resources invested i invested resources and , legislator legislator , wrote the wrote . For instance, For . 52 an e oyih Cas o the of Clause Copyright he d Craig v. The State of Missouri of State The v. Craig d . 138 ] 1981 rd H. Timberlake, Jr US C US intent monyness and economic incentive is is incentive economic and monyness [ 41 41 J. Econ. Hist is in order to practically establish the the establish practically to order in linked to the progress of science, of progress the to linked t onstitution he legislator intended to pro to intended legislator he th century offer evidence offer century th and ry o srie The service. or erty, urm Court Supreme n intellectual property intellectual n n arcane financial caveat caveat financial arcane n 866 at a time of finan of time a at : ned i i hardly is it Indeed, ntd States United market economic economic law Supreme Supreme . T case hey cial tect by CEU eTD Collection finance 145 144 143 142 141 140 transparent companies long to compensation and performance executive the researchers that " c a in money of investment an involves strands test the of definition the within contract included and 1933 of Act Securities the of applicability Moreover, at reflectmust alltimes dealingaccountability fair and strict remuneration His attorney. Bank is value authors the efforts, creative the by implied As Abend owners its efforts Wasserbauer v. Mar See generally Lucian A. Bebchunk, Jesse M. Fried, ‘Executive compensation’ (2005), 17 (14) Journ Stewart v. Abend, ibid Emph SEC v. SEC W. J. Howey Co., 328 U.S. 293 (1946) h efforts the : : “ - asis added asis " “ s h bikae ad ao ms acut o tm ad fot s, o, ut the must too, so, effort, and time for account must mason and bricklayer the As em efrac and performance term also 143 to obtain fair . ” in Supreme Court case Court Supreme in of others of in . “ of many factors many of hs nepeain s lal sae on stated clearly is interpretation This 145 defined in broader sense sense broader in defined to th 495 ine Bank, 92 Misc.2d 388(1977) make the amount and structure of their executive pay packages more more packages pay executive their of structure and amount the make e corporate governance fields have strongly recommended the link between between link the recommended strongly have fields governance corporate e r a important an are U.S. 207 (1990) " . remuneration 144 While the factual basis of the case is irrelevant, but the case the but irrelevant, is case the of basis factual the While must be measured by his eff his by measured be must , as noted by justice by noted as , rpsd o SEC to proposed SEC v. W. J. Howey Co Howey J. W. v. SEC for hiscreative element "investment contract" "investment as ommon enterprise with profits to come solely from the the from solely come to profits with enterprise ommon noted o te ea determination legal the for 53 . In addition, t addition, In . significantly in the Supreme Court case of case Court Supreme the in Murphy more a efforts h Spee or cs of case Court Supreme the the offer the orts : ” . . transparent - In applying so, the court relied court the so, applying In utilized the utilized ” 140 142 hey recommended recommended hey . " … 141 The test is whether the scheme scheme the whether is test The , the court held for the general the for held court the a standard of reasonableness of standard a of a land a of ir time ir mechanism al al of applied corporate . sales and service service and sales n addition In Marine Midland Marine . S . tying uch Stewart v. v. Stewart o public for monetary bonuses implies the , on on CEU eTD Collection recital (40) 146 the value.monetary hence useful, or valuable is it whether regardless time or efforts valuableness terms counter be could it However, expressly and time energy, economic the t re the notwithstanding issue challenging a is such the to contrast In 3. strengthen monyness and incentive economic performance, and pay between feature.in then so, If heoreti Datab Council Directive 96/9/EC Marchof 11 on 1996 the legal protection of databases, 4 .2 ‘ s The legislative EU intent of law et f h brow the of weat “ h lmtd uain of duration limited the for database a any of contents of the presenting protection or verifying ensure obtaining, in to investment is right generis sui this of object the Whereas elyet f iaca rsucs n/r h epnig f ie efr and effort energy time, of expending the and/or resources financial of deployment cally speaking, cally ie efr ad energy and effort time, stated ing In other words, the dual the words, Inother be will cyberspace in miners the of efforts valuable and useful the f h effort. the of input to be surveyedgold tobe input and totheand clause intent. legislative history . 146 in the Unlike US economic US Databases Directive 96/9/EC we we - ein f ici with Bitcoin of design ’ the associated features of gold, it could be sufficient for the miners to miners the for sufficient be could it gold, of associatedfeatures the doctrine could ahr te eiltv itn i peual gig o rtc any protect to going presumably is intent legislative the Rather, efforts by the authors, even though though even authors, the by efforts to the legislative intent behind the European single currency, currency, single European the behind intent legislative the to - argued that the pl the that argued the right; right; the approach assume that it fall it that assume ” - . 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I w eaie te P model DP the examined we f recital (40). t s o creati not is it similar similar - code h usefulness the “ ases D to ee time mere which has which cryptocurrency as as cryptocurrency a necessary add necessary a gold on irective 96/9/EC, ve work, as as work, ve the is indeed a a indeed is ” basis of of basis linkage linkage has a a has and - CEU eTD Collection relevance 148 < 147 cannot confidenceas public legislator. intended build by the zero on based is observed as mining the in maxim: time The 3. code loan a conclude, To Monetary being System reflected inthelong exchange the in participation its of and State Member the that EC the of 121(1) Article of indent fourth the of wording the As recovery costs. the entitles EU the behind rationale the by supported also is argument mere the with rewarded be http://www.ecb.europa.eu/pub/pdf/other/ecbhistoryrolefunctions2 Hanspeter K. Scheller, Council Directive 2011/7/EU of 16 4 .3 is The legislative IBL la intent of - iig rcs of process mining based a b lre i ivle hrsi i lre, o bcue adhp s the is hardship because not larger, is hardship involved if larger be may Reward hard. being than other reason a for is goodness its but hard, be might t not usefulness, their on based is deeds of Reward unnecessary “ money has a value over long over value a has money no reward without risk rewardwithout no - au o mny in money of value b usiness system connected to connected system the EU EU ’ History, Role and Functions add to be paid an interest against the mere the against interest an paid be to is trust is - on Bitcoin - February 2011 combating on late payment commercialin transactions Text with EEA time invested time feature - based IBL ” ( bt h reality the but , al member in terms of of terms in as an economic standardeconomic as of an the - w considers the the considers ghorm bil ghonm bil ghorm - sum game and it is a chance a is it and game sum - ’ time (2ed 2006) REV 36 , as it is currently built currently is it as : states - term “ 55 t centraliz h e durability of convergence achieved by the the by achieved convergence of durability e ’ interstate is time 006en.pdf GDB ht h differences the that ) . 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T merchants. the and providers a lightweight client user (similar to standalone email email standalone to (similar user client lightweight a (c) to verify to a web client user (similar to (similar user client web a , whonotes that 153 59 cted, becan easily it stolen)) Afterwards, the Bitcoin clients Bitcoin the Afterwards, re they can can they re … their transaction and interactions within the the within interactions and transaction their security and control is shared with shared is control and security : store, (1st, O and independence for for independence and key e hese differences have been been have differences hese s buy as well as the storage of of storage the as well as ’ - Reilly Media, 2014) alt evc is service wallet , a Gma a send (password) il can … or receive the the receive or / Yahoo a web web a create theircreate apportion apportion for their their for ch asbirthch client) d can d CEU eTD Collection accessed 26 March 2015 156 medi generated are keys bitcoin offline is called o (99% bitcoins my 155 154 transaction verifying on appears money merchant the of code QR the scanning Unlike value totheBitcoin user. turn, In price). 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As such, the merchants would be contractually responsible for any strict or produc 160 Annual edit 159 fraud.html < 158 agency service we is Bitcoin transactionin The 4.3 the shooting concerning Notwithstanding in 2012 rate by order fraud in increasean experienced hadpayment digital order fraudulent zero failure market fee. transaction miner a by confirmed and seller As http://blog.bitp CyberSource Corporation, Online Fraud Report Online Payment Fraud Trends, Merchant Practices, and Benchmarks 14TH Bitpay, Bitpay, In practice,In some agents (service providers) declare exemption an from liability, any which might causedbe their by illustrated allocation of risk The legalaspectThe sue ht h to let ae web are clients two the that assume at an estimated an at BitPay Surpasses 10,000 Bitcoin Merchant Transactions, Zero Cases of Payment Fraud . > 159 ion (2013)ion at 4 accessed March 17 2015 the transaction from the cyberspace the from transaction the thei ay.com/2013/01/22/bitpay , but it seems resilient. seems it but , ( - in provider soae scrt ad control, and security storage, r It might be assumed that the system might be attacked by fraud and lead to lead and fraud by attacked be might system the that assumed be might It ’ refunds, in turn, are subjected to the fluctuation risk, which might fewerbe amounts than what initially that Figure dispute s of Bitcoin of the Bitcoin clients have a wide range of available procedural techniques techniques procedural available of range wide a have clients Bitcoin the price in more than more in . 160 8 ) , the s , of usually betweenBitcoin the who 0.407631 BTC ( BTC 0.407631 ’ output is a buyer a is output s contractual relationship - surpasses 10,000 was made B itPay - 10 rewarded - between two types of clientstypesof two between clients, - 000 Bitco , , 64 a B a - the irrevocability code of Bitcoin may rise up up rise may Bitcoin of code irrevocability the bitcoin $118.42 in in n diin to addition in itcoin processing company processing itcoin resident clients. they transactions ih n estimat an with - merchant rely on the services provided by an an by provided services the on rely ). 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If If . a - CEU eTD Collection generally is it advisable for the users to be double throughor networkthetransmitting the in time to prior turn, is inscenario, cancelati possible The cancelled. be to difficult more the chain, the in input as counted is transaction the more the Indeed, 161 parties. transacting private the of aim The rate at oftransactiono the time theoriginal should result, fees transaction t However, another. traditional refund, case; each of basis mechanism trad payment yet do is process refunding The refunding process. the damages specific a of his/her recourse to ask may buyer (user) Consi Another side concern might arose is the impossibility to cancel a mistaken payment, thus the payer would lose his paym his lose would payer the thus payment, mistaken a cancel to impossibility the is arose might concern side Another toa mny rm n hn t a to hand one from money itional we respectively disagree. respectively we the of because rate refund dering Bitcoin thenature of reasonableand currency is transactions,it toassumethat the t be he , from one wallet to another to walletone from because of a of because bound by law to refund the the refund to law by bound withdrawal of the refund; the of withdrawal , but the legal aspect would vary would aspect legal the but , ocrig sus beforehand issues concerning he differences are mainly mainly are differences he deficiency deficiency contract law as a private law is to dispense the balanced justice between the between justice balanced the dispense to is law private a as law contract which could be adjusted or allocated betwee allocated or adjusted be could which defraud n h mrhnie t merchandise; the in minantly viewed minantly withdrawal Our assumption is based on the mere fact that t that fact mere the on based is assumption Our fully awarefully before the payment fluctuation caused by the buyer; or both of the parties parties the of both or buyer; the by caused To in Bitcoin in comprehend by user in in nother. Thus, it it Thus, nother. reversing the reversing Bitcoin currency Bitcoin or ocr under concern r the rate atrate ofr the time refund). risk. However, all of these actions share a similar similar a share actions these of all However, risk. the and what and from case to case basis according to according basis case to case from new new 65 as is allocation of the the of allocation e seller he “ actually a new separate Bitcoin t Bitcoin separate new a i, the bid, Bitcoin possession exchange rate exchange similar to the to similar should not differ from the typical typical the from differ not should also ’ from the seller ( seller the from what cnue protection consumer s ae s h mere the as same n the concerning parties concerning the n - spending to be rejected by the verifithe rejected by be spendingto ih ask might circumstances circumstances of money from one hand one from money of fluctuations fluctuations should be should exerciseof for merchant) might ransaction chargeback for for chargeback the merchants merchants the he risks used (e.g. the the (e.g. used exercisi conflict over conflict payment exercise of exercise the , , ” . and the the and because because 161 per se per factual factual further further ers, anders, of ng As a As ent. to in on , CEU eTD Collection Netsca 167 166 165 164 163 internet 162 Zeidenberg v. Inc. terms contractual other any as grounds same the on therein. contains it what of informed being without time. later in except distance) (on of case the the to applicable of analysis quick A frustrations alia the of framework the out sets it example, an As issues. related sufficientlyas far show reasonable, are procedurals and circumstances its as long as medium electronic any validates it UETA, the Regarding (UETA) Act Transaction Electronic the binding, legally not are they Albeit 4.3.1 as consideration UCC UCC Section 2 A UCC UCC Section 2 F ProCD v. Zeidenberg (86 F.3d 1447 [7th Cir. 1996]) and Hill v. Gateway 2000, Inc. (105 F.3d 1147 [7th Cir. 1997] Specht v. Specht 1997] Cir. [7th 1147 F.3d (105 Inc. 2000, Gateway v. Hill and 1996]) Cir. [7th 1447 F.3d (86 Zeidenberg v. ProCD UCC section 2 section UCC the it forit the ordinary purpose for which they are to usedbe ffirmation, promise, description pe (306 F.3d Bitcoin xrs warranties express consumer protection rules consumer protection . Hill v. Gateway 2000 Gateway v. Hill 166 - - - ’ 302 615 204, 2 204, contract the in terms additional some of aware not was buyer the however , s is need is 17 (2d17 Cir. 2002)) c onsumer protection in onsumer transactions held on distance on held transactions - . 206 do not require formal rules for offer and acceptance. Thus parties may contract may parties Thus acceptance. and offer for rules formal require not do 206 It was an issue of the of issue an was It ed The holding of the court was on was court the of holding The h fcul ai of basis factual the agreement by examining by , 163 or sample and impli - the UCC UCC the . within the within , 162 In this case, the transaction was concluded over the phone the over concluded was transaction the case, this In ed I have n addition, n both US warranties Uniform Commercial Code (UCC) Code Commercial Uniform insists on the valid the on insists been widely adopted by almost all all almost by adopted widely been enforceability of the of enforceability regulation selected the C 66 ommon ommon legal effect of effect legal such as such it , 164 sets out a framework to govern commercialgovern frameworkato out sets Meaning, the contract will be enforceable be will contract the Meaning, legal(US/EU/IBL frameworks . Similarly, the court held in the in held court the Similarly, otie f unconscionability of doctrine Law the Bitcoin effectiveness 167 ity of any manner of manner any of ity the the ’ shrink wrap license wrap shrink ugss ht the that suggests s transaction s contract contract ’ s related issues related s of the contract the of ’ s formation s . As an example, an As . and States in the US the in States e ue are rules se the entirely over the over entirely contracts ) . . The issue issue The Uniform ProCD, ProCD, 165 as well well as inter inter even even and so . CEU eTD Collection 169 168 vacations to vulnerable are consumers which exceptions narrow In relative bargaining power of regardless buyers and sellers between contract optimal the of aspect an as withdraw to or product a of characteristics the all to generally problem the to suited poorly is which doctrine, consumers for cases referred the behind Conversely governed by transaction contract cyberspace at context contractual the in through consent the It measures parties. the between matters norm in interfere generally not software. the returned and contract the of terms the rejected he practice, contract) valid of ground who Easterbrook Justice by hold was ibid 120 Omri Ben th e eea lvl te ih o wtdaa i nt eonzbe o cnues xet in except consumers for recognizable not is withdrawal of right the level, federal ’ s existen s - ” Shahar and Eric A. Posner Source, 2 , 169 , - s endowed is 206 (describing acceptance of a contract) a of acceptance (describing 206 its its mi Ben Omri xmnd h qeto o acceptance of question the examined but no right of withdrawal casebut norightgranted contracts complex in of ofthe is te sae ta the that stated they , Te esnn o Justice of reasoning The . terms. ce ne alia inter and not what contained what not and - hhr n Ei A Pse (2011) Posner A. Eric and Shahar with a warranty a with . They . ” . 168 “ ortp ae tcis tlmreig ad te stain in situations other and telemarketing, tactics, sales doorstep argued for the for argued l akt rcie, u wud ahr ou o te consent the on focus rather would but practices, market al ‘ ‘ The Rightto Withdraw Contract in Law seduction odn o te courts the of holding primarily ( either expressed or implied or expressed either , Easterbrook Easterbrook therein which 67 , importance of imposing the the imposing of importance ’ such as purchases of time of purchases as such … service ed n h vldt o te contract the of validity the on held . However, . mainly n fa in n ntd that noted and and … was more grounded on the market market the on grounded more was ct the policy concerns apply more more apply concerns policy the ct (UCC) sections 2 sections (UCC) By contrast, we describe the right right the describe we contrast, By That means That measures the rtczd t criticized " if we assumed that the Bitcoin Bitcoin the that assumed we if ey n offer on rely reasonable prudence standard prudencestandard reasonable ’ (2011) Zeidenberg could have have could Zeidenberg 40 UChiLRev ), the , he the parties would be be would parties the t - he he share right of withdrawal withdrawal rightof - awareness esr standard measure 204 ( 204 US - and s made during during made s court 116 describing a a describing - acceptance acceptance . - 170 17 s on of the the of would the the CEU eTD Collection 174 173 172 171 170 are transactions issues protection consumer up, sum To other according totheir agreement. is Bitcoin of fluctuation of standard estate real the with associated problems financi that reasoned case, UCC nor case The changes between Law S UCC impracticably reversed mere a rather remainfluctuation risksstill we If restricted side, other the On sign. posted a or policy disclosed a either by out wiped of scope wide in applies that withdrawal of right the recognizes the At New York Code, General Business, ibid at143 C Ner Tanrid Ibid alifornia Civil Code, sec. 1723 s h raoal foreseeability reasonable the is sue that assume state level, in turn, the regulation the turn, in level, state , from theabnormal ris from the normal risks of contracting such as the fluctuation in the price and market market and price the in fluctuation the as such contracting of risks normal the Krivoruchko v. Town North of Congregation Tanrid Ner and Congregation of North Town v. Krivoruchk the the limited transactions involvinglimited high similar u te ruet cud be could arguments the but S euain a aotd h market the adopted has regulation US h pris ae ocue a contract a concluded have parties the ng is a standard risk in almost every real estate transaction and that the the that and transaction estate real every almost in risk standard a is ng ection 2 ection , they both ar both they , - performance sec. 218 . an T - e omn hm o te ici ad rdtoa commercial traditional and Bitcoin the of theme common he ks suchas a financialcollapsegovernmental prohibition. or 615 issue. Asnoted - a w e held normally in physical premises and online distance. online and premises physical in normally held e foreseeable ould govern. ould to chargeback the other party. Hence, Hence, party. other the chargeback to tnad ewe te parties the between standard “ o, 2009 WL 1930191 (NDIll 2009) bubble varies. 68 applicable to UCC UCC to applicable earlier, earlier, , which obliges each party to chargebac to party each obliges which , ” - pressure tactics New York New were reasonably were The bottom The the - retd prah n euaig the regulating in approach oriented refund with a clear refunding policy, the the policy, refunding clear a with 171 - line and California and sales . ing case is not a new bid, but notanew bid,but caseing is 173 174 foreseeable eto 2 section as observed by observed as , but this this but , is neither a Bitcoin case Bitcoin a neither is wih distinguishes which , other - h commercial the 615. The court court The 615. 172 could be easily easily be could . Likewise, the the Likewise, . states codification Common Common further further k the the k CEU eTD Collection (includingprocessing the for equipmentelectronic meansof destination by its received at and initially sent is service the t providedwithoutserviceis the thatmeans distance, Market, Internal the in commerce, 176 169(2) 175 Sh established. the to Pursuant Directive 2011/83/EU Directive by regulated generally is which withdrawal, of generally is which definition important inherently agency mere and relying of level the to according noted As clients. its between concluded na the Considering and off are matters approach the Unlike 4.3.2 back the agreed thedeal within of the terms Thus Council Directive 2000/31/EC of 8 June 2000 on certa 2000on June DirectiveCouncil8 2000/31/ECof osldtd eso o te ray n h Fntoig f h Erpa Union European the of Functioning the on Treaty the of version Consolidated cherbak /or , Bitcoin court storing services. storing - premises contracts premises ) in laying down the regulatory framework of the consumer the of framework regulatory the down laying in . . of market s inter oprn te rtra f ici vis Bitcoin of criteria the Comparing ’ h apiaiiy f E of applicability The - will not interfere in the market practice market the in interfere not will the examining the s evc, within service, c acquis communautaire acquis onsumer protection inEUregulation onsumer alia - oriented oriented regulated by Directive 2000/31/EC Directive by regulated ue f ici tascin i i a internet an is it transaction, Bitcoin of ture the to In addition, In legal cer legal determine whether the the whether determine and theright ofwithdrawal. The Directive defined Directive The approach directive th user e on an intermediary an on tainty Bitcoin clients might depend on an agent who provides a provides who agent an on depend might clients Bitcoin s of US jurisdiction US of - C - he parties being simultaneouslypresent,beingparties he in nature of nature merchant ommerce by harmonizing harmonizing by the in legal aspects of information society services, in particularaspectslegalinformationservices, society electronic of in in “ contracts and previously, service 69 sense of the information to be provided aspect, aspect, provided be to information the of sense - the provider contractual Directive - Bitcoin ’ à s s services s EU - ; i te rtra f service of criteria the vis ( , the EU the , the parties shall be obliged to reverse to obliged be shall parties the E ” , h Bton let ae categorize are clients Bitcoin the certain 175 - as: as: foreseeability Commerce - both of the Direct the of both t “ by examined been has ransaction 21] 2/1 Atce 169(1 Article 326/01, [2012] relationship. relationship. For the purposes of this definition: this of purposes the For , p , aspects of consumer distance distance consumer of aspects has adopted a adopted has rimarily - protection matters. protection – D by electronic means, means thatmeans,meanselectronic by - once transaction connected irective standard. meets ( for either verifying verifying either for C These onsumers ives social ) the and the right the and - provider inputs are are inputs have () Article (a), ) - required oriented oriented R These These Sergii Sergii ights digital been – 176 at a at d , CEU eTD Collection < 177 provided through the transmission of data on individual request. electroother by or means optical trans entirely and data, of storage and compression) digital (including transmissio other electro tr entirely and data, of storage and compression) under that concluded request means, which be should provider service the Secondly, policy relevantremuneration the implement could entitywhich byanyprovided not is andaccessible should provider service the that Scherback http://www.ejls.eu/15/183UK.pdf egi Shcherbak, Sergii ” this this . . since the user receives the receives user the since Bitc point accessible generally a through sh somewhat a d both service certain The not i place take not does also transmission of community 177 o dt o idvda request individual on data of n y nlzn te eainhp ewe Bton sr and users Bitcoin between relationship the analyzing By - magnetic means, definition argued centralized i, hr i n point no is there oin, legal presence or absence or presence legal ht h srie s provi is service the that the that Bitcoin that ‘‘ o Sol Bton e Regulated? be Bitcoin Should How : ici scheme Bitcoin Bitcoin miners. 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It can be be can It . edd point ielded at the individual request of arecipient of services meansthat the service provided is through the - magnetic means, magnetic > accessed 12 March 2015 epend on whether the service is service the whether on epend does not match with criteria with match not does receiv - argued that Bitco that argued to normally servic - - ans to s multi a is – point point d t t dsiain y en o eetoi eupet o te processing the for equipment electronic of means by destination its at ed of an individual request within within request individual an of - at the at - on c point mitted, conveyed and received by wire, by radio, by optical means or by or means optical by radio, by wire, by received and conveyed mitted, e truh h tasiso of transmission the through ded fo te ici networ Bitcoin the from e at the in the at hne o te rnmsin f h servi the of transmission the of channel individual request of a recipient of services means that the service isservice the that means services of recipient a of request individual - to be 70 n the Bitcoin scheme, since the the since scheme, Bitcoin the n hannel - multi point remunerat ’ (L tei, nvriy f tchl 21) 75 2014) Stockholm of University thesis, (LLM , dividual request of a recipient of recipient a of request dividual in as as in - - - to itd cnee ad eevd y ie b rdo by radio, by wire, by received and conveyed mitted, r s rnmte t te public the to transmitted is or point connection. In the case of of case the In connection. point - on pafr, which platform, point a service is service a pective, a point a pective, ed, whereas whereas ed, defined in defined transmitted to the user via user the to transmitted k supported by the the by supported k the transmitted to the to transmitted the provision of a of provision the Article Article “ - ici network, Bitcoin to ici i publicly is Bitcoin data - multi servic 2 on individual individual on does does , particularly , - point e is is e ce, ce, s ervices not fall fall not he , CEU eTD Collection 179 178 consumer a and trader a between concluded contract Accordingly, 3. 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If so, withdraw? consumerto a for appropriate it - . point 178 transaction being Directive. 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As network. ht Bitcoin that inapplicability - to h price the d - to indicate to basis case Directive , one have have “ s any , as in in at at is is a , . CEU eTD Collection of the European Parliament and of the C Europe the 1999/44/ECof 180 foreseeability standard consideration the cross issue within irreversibility for scheme relationship Directive Rights Consumer the volatile, are Bitcoin by consumer law jurisdiction EU the that conclude could we analysis, above the Under of Article 16,point(b). analogy the to pursuant recognizable not is goods/services speculative various of transactions with the within occur may which and trader the by controlled be cannot which market financial the in fluctuations 16 Article (b)recital point oftheand Directive. 16, Article (49) speculativ a of contract the Council Directive 2011/83/EU of 25 of 2011/83/EUDirective Council has established a regulatory framework concentrates mainly on the certainty and and certainty the on mainly concentrates framework regulatory a established has , ( f on dependent is value the where nature speculative a of contract a of conclusion the after time long a supplied wine with example for case the is That services. or goods particular of nature the given example off and distance for both exist, should withdrawal of right the from exceptions Certain ‘ vin enprimeur - hc i nt niey oee b te E the by covered entirely not is which market states that states s ewe Bton clients. Bitcoin between - rmss otat. r A contracts. premises - aac wti te nenl market. internal the within balance an Parliament and of the Council andrepealingCouncil DirectiveCouncil theDirective 85/577/EEC Parliament97/7/ECandof and an “ ( with accordance79 of with toArticle rwl period drawal b) the supply of goods or services for which the price is dependent on on dependent is price the which for services or goods of supply the b) ’ ) . nature e October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive93/13/EECand DirectiveCouncil amending rights,consumer on 2011 October ouncil Textouncil with EEA relevance ” from being being from . 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For practical practical For Directive. in the field of contract of field the in n h market the in : uh contractual such - in the in the CEU eTD Collection produce to transacting parties. necessary are that nature substantive in or in formalities elements certain has jurisdictions, legal other like IBL, in relationship contractual The 4.3.3 Bitcoin’s c the impedimentexists. which during period the foreffect has article bythis provided exemption The(3) that paragraph tohim. were applied provisions the if exempt so be would engaged so has he whom person the (b) (a) he underpreceding the and paragraph; isexempt liability if: only from exempt is party that contract, the of part a or whole the perform to engaged party the If (2) consequences.its or it overcome or avoided have to or contract the of conclusion the of time the at account into impediment the taken have to expected be reasonably not could b he impediment an to due if was failure the that obligationsproves his of any perform to failure a for liable not is party A (1) nw r uh t hv kon f h ipdmn, e s ibe o damages for liable resulting such non from is he impediment, the of known have to ought or knew perform to fails who party the after time reasonable a within party other the by his on effect its and impediment the of party other the to notice give must perform to fails who party The (4) ons umer protection inIBLregulation umer ’ fiue s u t te alr b failure the to due is failure s - receipt . ability to perform. If the notice is not received not is notice the If perform. to ability 73 a hr pro wo h has he whom person third a y eyond his control and that he he that and control his eyond ea effect legal s of on the the on CEU eTD Collection 181 Uthaymin this of applicability The be terms,shall clarified interpreted infurther asapplicable ingeneral terms ( reasoning of methodology investigative mechanism wh practices, term The business butonlybyunjustly [inlawful] mutualconsent the IBL. of doctrine the on based is mechanism of scope applicable the with matched counter the of amounts or counterparty; the of code electronic made is acceptance and offer of formulation The Imam al Qur’anic Qur’anic - Shafi , Al counts is the generality of the wording and not the specifics of the reason (thatreason the of specifics thenot and wording the of generality the is counts du about come has that general something find we when So apparent. become(s) contrary the to evidence until signify (primary they what Sunnah on act we and require resources) Quran the of texts the because is this specific; be) (interpreta general the on act we that necessary is It , whosaid “ e to a special reason then we must act upon the general (text); because what(text); general because act uponthe thenwe must reason e toaspecial should be should uul consent mutual verse c implie ich - Risala (4: 29) (4: : offer ” (820) p. 96 broadlyapplied - s - party. These criteria of of criteria These party. standard has been further elaborated elaborated further been has standard acceptance is one of these elements. As observed earlier, Bitcoin earlier, observed As elements. these of one is acceptance : ht h lgsao mat ht the that meant legislator the that “ ” O you who have believed, do not consume one another one consume not do believed, have who you O - a not was by 108 distance . This conclusion is based on based is conclusion This . “ elaborated mutual consent between the transacting parties transacting the between consent mutual ally Usul al Usul payment through entering the public address and and address public the entering through payment , either physical either , 74 - T Fiqh “ offer in e omlto o te offer the of formulation he further terms or specified by special special by specified or terms further ) translated as translated ) …” - acceptance ly tion) until it is proven (to proven is it until tion) through scanning the bar (QR) bar the scanning through by scope of of scope several several one of theof one ” : mechanism have to be be to have mechanism “ The fact that was n was that fact The jurists, such as such jurists, “ ” uul consent mutual 181 principle . - acceptance acceptance ’ s wealth wealth s s ” , of as Al the in ot ’ ” s - CEU eTD Collection 185 184 183 182 disclose and toatransaction parties (of Iftheycancelling it)two have part. they are until theoption honest activates commercial the of prices the of attributes identify E of 6 Article the to Similar communication. commercial the in transparency the on insist turn, in resources, primary The No. ends transaction concealed ambiguous) elaborated been has wealth of prohibition the to referred protection. consumer is which law, contract on ruling fundamental another Qur referred same the hand, other the On language, concluded be could which law, contract private consent mutual the to applicable is standard this premises, above the Under Ibn Rushd,Ibn Bidayat al AAOIFI, Shariah Standard No.31 (Controls on Gharar Financia in Muhammad Bin Salih Al Ibid 537Ibid 31 of AAOIFI in enmity and hatred between the transacting parties (as discussed in detail in discussed (as parties transacting the between hatred and enmity in - 544 ne alia inter nature of that text,nature ofthat specific the indicates evidence an when except revealed), was Quran of text com r h te the or 183 that has ambiguous terms/descriptions of the subject matter/price, which matter/price, subject the of terms/descriptions ambiguous has that any defects, their transaction will be blessed, but if they lie and conceal defects conceal and lie they if but blessed, be will transaction their defects, any Technically . puter - ). Mujtahid ( - 184 m o the of rms - button the contractual terms; terms; contractual the Uthaymin, The Found The Dis or as the , - thereby making specific it towhatever it to similar is commerce Directive, the transacting parties are obliged to clearly clearly to obliged are transactingparties the Directive, commerce “ Mobile inter alia inter consuming tinguished Jurist contract g harar ations of The knowledge of Usual (1970) p. 49 - application in r open are otat is contract one another one the ’ ’ s Primer subject matters; quantity; deferred period and and period deferred quantity; matters; subject nc verse anic 75 deceptive uncertainty deceptive . l Transaction) appendix, p. 547 - 185 by ended ended ) translated(1198) in nesod as understood pursuant to the prophetic tradition: tradition: prophetic the to pursuant ’ ne alia inter s wealth unjustly wealth s cited previously (4: (4: previously cited in aue I is It nature. oral English (1996) Vol2, p. 179 sale ( sale n i wih rsl is result a which in one writing, , ” . 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Hepburn v. Griswold, 75U.S. 8Wall. 603 (1869) ProCD v. Zeidenberg F.3d (86 1447 [7 Julliard v. Greenman, 110 U.S. 421(1884) Wasserbauer v. MarineBank, 92Misc.2d 388 (1977) Stewart v. Abend, v.Knox Lee, Speigle v. Meredith, 22F. Cas. 910 (1868). State v. Albarty, 76S.E.2d 381 (1953) US Const,art 1, §10 California Civil Code, sec. 1723 Ne UCC Section 2 UCC Section 2 UCC 2 section accessed 11 February 2015 420Topic Craig v. State The of Missouri 29 U. SEC Howey v. W.J. Co. , 328 U.S. 293 (1946). 1147 [7th Cir. 1997] Specht v. Netscape F.3d(306 17 Cir. (2d 2002)) supervision of businessthe e of Council Directive 2000/46/EC 18September of on the taking up,pursuit of andprudential 2005/60/EC and 2006/48/EC andrepealing Directive 2000/46/EC prudential supervis Council Directive 2009/110/EC 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC COUNC Exchange ratemechanismII agreement accessed 11 March 2015 1990)( Evaluation of the Potential Benefits andCosts Forming of anEconomic and Monetary Union Directorate w York Code, General Business, sec. 218 EC 44,17 < ILDirective, onpayment services in the internal market and amending Directives – - General General Economicfor Financial and Affairs, BarteringIncome, I.R.S. < (2015) 79 U.S. 457 - - - 204, 2 615 302 495 U.S. 207(1990) ion of the business of electronic money institutions amending Directives http://ec.europa.eu/economy_finance/publications/publication7454_en.pdf - 206 (1871) BIBLIOGRAPHY lectronic money institutions of 16of September 2009 onthe taking up,pursuit and S. 4Pet. 410 (1830) th Cir. 1996]) and Hill v. 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