In a speech delivered during the 38th annual GITEX Technology Week Conference, CFTC commissioner Brian Quintenz touched on the subject of blockchain and the law, determining who is ultimately held responsible when a blockchain system running under a smart contract breaks the law.

This may sound easy to address, but for most of the history of cryptocurrencies, governments around the world have been at odds with each other on how they would deal with circumstances that come from decentralized environments.

Quintenz summarized the problem by breaking down the components that make up a blockchain network—miners, users who participate in transactions, and the developers that made the system possible in the first place.

“That leaves us with the developers of the smart contract code that underlies these event contracts, as well as the individual users who then use that code to create and wager on their own event contracts. The developers of the code could claim that they merely created the protocol and therefore have no control over whether and how users choose to use it once it is part o…

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