In this latest episode of The Schelling Point, Bertrand Chen, CEO of GSBN, welcomes Professor Sarah Green, an ex-Law Commissioner of England and Wales, professor of Law at Bristol University and arbitrator/mediator at Newmans Row. They explore the pressing legal reforms of recognising property rights for digital assets and digital trade documents required for international trade.
In particular, they delve into the landmark Electronic Trade Documents Act (ETDA) 2023, championed by Sarah during her tenure as Law Commissioner for Commercial and Common Law in England and Wales. The ETDA enables the usage of digital trade documents instead of their traditional paper equivalent. This has many important implications for international trade, which relies predominantly on UK Common Law. Sarah shares the long and bumpy path in passing ETDA, marred by many unexpected challenges.
The conversation extends to recent legal reforms in the UK, which seek to provide a clearer legal basis for the property rights of digital assets, offering enhanced investor protection and fostering innovation within the digital economy.
The discussion raises important questions about the legal and regulatory framework needed in securing the UK’s future role in the global digital economy.
This conversation offers valuable insights for policymakers, legal professionals, and digital asset enthusiasts navigating the next wave of tokenisation of real world assets.
Tune in for a forward-looking conversation on digital asset policy and evolving legal framework.
01:47 – Meet Professor Sarah Green, ex-UK Law Commissioner.
02:22 – From Law Grad to Accenture: Sarah’s Surprising Career start.
03:11 – How to build Playstation.com with a Law Degree?
05:26 – Law vs. Tech: Logic, Precision and Attention to Details
07:37 – How did serendipity play a role in me becoming a UK Law Commissioner?
10:11 – What is a Law Commissioner?
12:02 – First job of a Law Commissioner: Sales!
16:03 – Bills of Exchange Act 1882: Why and How Old Statute holds back Digital Trade
21:17 – Tiny Statute, Huge Impact: ETDA’s 6 Provisions that Changed Everything
22:08 – Why UK Law Dominates 80% of Global Trade Contracts?
23:12 – The Cockroach of Common Law: Why Contract Law Never Dies?
26:43 – Possession Problem: Why Intangibles Can’t Be “Held” ?
30:28 – How did the ETDA survive 3 Prime Ministers, 5 Lord Chancellors?
31:12 – Paper vs. Digital
33:08 – The elephant in the room: Reliability.
36:50 – The French way.
39:22 – Rethinking Property Rights for Digital Assets
43:27 – MLETR Variations: Are There big differences in different implementations of MLETR?
52:30 – Do You Really Own Your CryptoPunk and Bored Apes? Property Rights 101.
55:52 – Property Rights vs Contractual Rights
59:45 – FTX Collapse: A Billion Dollar Lesson on Property Rights.
1:02:56 – Things in Action: Debts Can’t Be involuntarily alienable!
1:05:02 – What criteria for a third category? Independence & Rivalrousness.
1:09:23- Threshold & Analytical Framework: Helping the judges adjudicate on Digital Assets.
1:15:57 – Celsius Bankruptcy: A Catalyst for Legal Reforms.
1:20:37 – UK Law: the last remnant of the British Empire.
1:21:26 – Has the UK Already Been Left Behind for Digital Assets Innovation?
1:26:06 – Europe’s Caution vs. US Experimentation
1:27:42 – US, UAE, Hong Kong: 3 key jurisdictions to watch for digital asset innovation.
1:28:33 – Who’s next on the Schelling Point?
Professor Sarah Green, an ex-Law Commissioner of England and Wales, professor of Law at Bristol University and arbitrator/mediator at Newmans Row.