Regulation in Blockchain and crypto is a complex and ever-changing field, with a new frontier around every corner. Dr. Carol Goforth is one of the people facing this new field head on. Dr. Goforth is a law professor here at the University of Arkansas, however her impact goes much farther than that. Specializing business associations and securities regulations, Dr. Goforth is a leading expert on the regulation of cryptoassets and transactions and published Regulation of Cryptotransactions this last year. We at the Blockchain Center of Excellence are inspired by Dr. Goforth’s knowledge, expertise, and influence, so we chose to spotlight her and ask what motivated her path into the world of Blockchain. Read Professor and Author, Carol Goforth’s, answers to our questions below.
What first made you interested in writing about blockchain and crypto transactions?
Dr.CG: “I was contacted by then-Law School Dean Stacy Leeds, at the request of Dean Matt Waller, to attend a session at the Brewer Entrepreneurship Hub where entrepreneurs interested in establishing a cryptoasset-based business in Northwest Arkansas were meeting and seeking guidance. It quickly became obvious to me that this was a tremendously exciting development with the potential to be incredibly disruptive, in desperate need of legal and regulatory guidance. Unfortunately, at that time, very little had been written about how cryptoassets were being and should be regulated. There was also very little written to help lawyers advise clients in this developing area.”
What parts of blockchain or crypto transactions excite you the most?
Dr.CG: “I am most interested in how crypto is going to be used in and regulated in connection with various financial transactions, both for investment purposes by the public, for capital formation by various businesses, and even for developing alternatives to conventional financing arrangements. As a legal scholar with a background in securities regulation, these interests fit most squarely within my areas of expertise and interest.”
Looking at all the new legislations being made around crypto and blockchain what do you think will be the most difficult parts in expanding these new business areas.
Dr.CG: “There are so many critical issues facing legislators, getting them to focus on blockchain and crypto will be a real challenge. As it stands, forcing these technologies to fit within legislative and regulatory regimes that were developed and put in place.”
Beyond your own books what other resources or books would you recommend for people to learn more about blockchain?
Dr.CG: “It depends very much on what folks are interested in. If they are interested in securities regulation, pay attention to releases from FinHub which is now going to be a distinct office whose director reports directly to the Commissioner of the SEC. If they are interested in investing in crypto as a member of the public, Baxter Hines’ book, Digital Finance: Security Tokens and Unlocking the Real Potential of Blockchain is an excellent introduction to the asset class. For general background on blockchain technology, I would recommend Mary Lacity’s book, Blockchain Foundations For the Internet of Value. To stay current, I would suggest finding and following commentators that you like and respect in whatever area of interest you have. If your interest is crypto banking, for example, you would follow someone like Caitlyn Long. Otherwise you can simply check headlines on sources like CoinTelegraph.”
What do you think the future of crypto is in the business world?
Dr.CG: “That really depends on what you mean by “crypto.” If you mean cryptocurrencies, then central bank digital currencies based on blockchain technology are going to be huge. Stable coins are likely to follow as important vehicles for international finance and financial access for the unbanked. If you mean cryptoassets more generally, we are already seeing a dramatically increased interest in crypto from investors and investment professionals. If you mean it to capture other blockchain technology, the sky is the limit. We will definitely see more blockchain based efforts in all aspects of government and business, and I expect that shift to occur much more rapidly than we could have possibly predicted ten years ago.”
Anything else you would add about your work or what’s next with your personal involvement in blockchains?
Dr.CG: “I have just been added as an advisor to Honeycomb Digital Investments, LLC, an institutional grade investment firm focused on digital assets and companies utilizing blockchain technology. I am very interested in seeing how this firm will interact with investors in connection with its goal to provide them with opportunities in connection with the growth and development of blockchain technologies and applications. I am also interested in the regulatory response to efforts like these.”
Article written by: Lily Wilson, Graduate Assistant at the Blockchain Center of Excellence
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