Antitrust Implications of Blockchain: New Opportunities, Same Old Risks
The introduction of blockchain technology opened opportunities for more efficient and more secure business transactions. Anticompetitive practices carried out by blockchain participants remain a top subject to antitrust scrutiny as to what information will be accessed by intermediaries or third parties, including their competitors. However, while blockchain technology presents various innovative and start-up opportunities, its application in the competitive conduct may raise several issues and threats.
As companies and businesses look into implementing blockchain technology, the enforcement of necessary precautions and safeguards become more important in order to maximize the immense potential of blockchain while minimizing the risks of facing costly antitrust problems.
In this LIVE webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help firms and organizations better understand the important aspects and practical application of this significant topic. They will provide an in-depth discussion of the antitrust implications of blockchain technology. Speakers will also offer best practices to minimize the likelihood of non-compliance, risks, and pitfalls.
Some of the major topics that will be covered in this course are:
- Blockchain Technology and its Antitrust Implications: An In-Depth Analysis
- Potential Antitrust Issues Raised by Blockchain Integration
- Promises and Opportunities
- Practical Tips and Best Practices
- What to Expect in 2020
Andrew Lemon, Principal
Matrix Economics, LLC
- What is Blockchain? And what are smart contracts?
- How do blockchains and smart contracts change the competitive landscape?
- Are these changes to the competitive landscape procompetitive or anticompetitive?
Jacqueline Grise, Partner
- Antitrust laws promote increasing competition, efficiency and innovation. Blockchain technology holds massive potential to do all of these things, which is consistent with core principles underlying antitrust laws. So how can blockchain end up in the antitrust crosshairs?
- Antitrust enforcers often scrutinize collaborations amongst competitors and information exchanges to determine whether those activities may allow parties to reach terms of a conspiracy or otherwise diminish competition. By its nature, blockchain is a collaboration amongst multiple parties for the purpose of exchanging information, falling directly into a classic potential antitrust concern.
- Other inherent qualities of Blockchain raise the potential for anticompetitive exclusionary conduct. For example, under certain circumstances, excluding a competitor from participating in a permissioned blockchain may raise antitrust concerns.
- Risks associated with use of blockchain technology can be managed to allow parties to achieve all of the pro-competitive benefits, while minimizing the risks of drawing fire from antitrust enforcers or private plaintiffs.
Zhong Zhang, PhD, Senior Economist
- How does a blockchain decentralize?
- Decentralized blockchain is a new form of enterprise.
- Antitrust and decentralized blockchain
Dr. Andrew Lemon specializes in the economic analysis of competition issues, including antitrust and consumer deception claims. He advises clients involved in legal and regulatory proceedings and has testified in litigation before federal court. He also leads teams supporting other testifying experts. Dr. Lemon has extensive experience on matters of class certification, liability and damages in such industries as energy, transportation, agriculture, automobiles, single-copy magazines, and packaged goods. Prior to joining Matrix Economics, Dr. Lemon was a Vice President at Compass Lexecon where he supported high-profile testifying experts, including Professor Joseph Kalt of Harvard University. In addition to consulting, Dr. Lemon has taught microeconomics and energy economics at Northeastern University and Vassar College. He has a Ph.D. in economics from Yale University.
Dr. Andrew Lemon specializes in the economic analysis of competition issues, including antitrust and consumer deception claims. He advises clients …
Jacqueline Grise is chair of Cooley's antitrust and competition practice group. Her practice focuses on the defense of corporate clients in connection with domestic and international mergers and acquisitions, as well as antitrust counseling and other non-merger matters. She regularly represents clients before the FTC, the DOJ and numerous foreign antitrust enforcement agencies. Jackie has extensive experience counseling clients through the HSR merger review process, including advocating before the agencies, responding to second requests and coordinating antitrust defense strategies in countries around the world. Her clients span a broad range of industries, including life sciences, pharmaceuticals, medical devices, technology, consumer and food products, computer and data storage, media, industrial equipment, retail, and aerospace. She currently serves as a Vice-Chair of the ABA Antitrust Healthcare and Pharmaceuticals Committee and is co-editor of the ABA Antitrust Section’s book entitled Antitrust Aspects of the Pharmaceutical Industry (2nd).
Jacqueline Grise is chair of Cooley's antitrust and competition practice group. Her practice focuses on the defense of corporate clients …
Zhong Zhang is a Senior Economist at Bates White with expertise in financial market microstructure and cryptocurrency. Dr. Zhang has worked extensively in the empirical analysis of high-frequency trading data from equity and fixed income markets. He is an expert in the mechanism design and the blockchain technical features of Bitcoin’s ecosystem and has published multiple articles on market microstructure and cryptocurrency in industry journals. He is founding chief editor of Hong Kong-based nonprofit publication Crypto Review. Prior to joining Bates White, Dr. Zhang was assistant professor at City University of Hong Kong, where he taught algorithmic trading and derivatives and conducted research in quantitative finance and cryptocurrency. Dr. Zhang received his PhD from Indiana University Kelley School of Business, where he studied financial economics.
Zhong Zhang is a Senior Economist at Bates White with expertise in financial market microstructure and cryptocurrency. Dr. Zhang has …
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Method Of Presentation:
General knowledge of antitrust laws and blockchain technology
NY Category of CLE Credit:
Areas of Professional Practice
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About Matrix Economics, LLC
Matrix Economics is a boutique consulting firm that provides economic analysis in legal and regulatory proceedings, including antitrust litigation and merger reviews. With over sixty years of collective experience, the Matrix team brings fresh ideas to identify, develop, and implement cutting-edge analytical solutions to complex problems on behalf of law firms, corporations, and government agencies. Matrix experts are hands-on and actively engaged in developing economic insights and supporting evidence. They deliver litigation-proof analyses that appropriately marry quantitative research with the qualitative record to address the central issues of market definition, market power, and competitive effects.
About Cooley LLP
Cooley's lawyers solve legal issues for entrepreneurs, investors, financial institutions and established companies. Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and bet-the-company litigation, often where innovation meets the law. Cooley has 900 lawyers across 13 offices in the United States, China and Europe. Cooley's antitrust & competition team is recognized as one of the top-tier practices in the area of antitrust by Legal 500, Chambers USA and Global Competition Review. We handle all aspects of antitrust and competition law matters – including counseling, litigation, agency representation and arbitration services – for Fortune 500 corporations, as well as growing companies.
About Bates White
Bates White is an economic consulting firm that provides advanced, empirically-based economic, financial, and econometric analysis to law firms, corporations, and government agencies. We advise clients on litigation, case development and strategy, assessing and analyzing the relative strengths of economic arguments, and determining optimal strategies for discovery, motions, trial preparations, and settlement.