Author: mtpham2@illinois.edu

A Note by Cody Von Rueden

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Smart Contracts” are a critical component of many platforms and applications being built using blockchain or distributed ledger technology.[1]  Simply put, smart contracts are lines of code that are stored on a blockchain and automatically execute when predetermined conditions are met.[2]  The benefits of smart contracts are most apparent in business collaborations, in which they are typically used to enforce some type of agreement so that all participants can be certain of the outcome through speed, accuracy, security, and savings.[3]  Many multinational companies have already jumped onto the blockchain bandwagon and are working on their own projects to stay ahead of the competition.[4]  For instance, major technology providers like IBM and Microsoft are offering block chain solutions to enterprise clients.[5]  Tech start-ups too are aggressively capitalizing on the boom by building new products and services … Read the rest

A Note by Ben Kovach

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“You got to know when to hold ‘em, know when to fold ‘em.”[1]  When Kenny Rogers first sung those words in his 1978 hit song, The Gambler, he immortalized the struggle of gamblers everywhere.[2]  Incidentally, he also described the conundrum that professional sports leagues find themselves in today.  Following the invalidation of the federal ban on sports wagering, professional sports leagues in the United States, particularly the National Basketball Association (“NBA”), are eager to obtain a portion of the sports wagers themselves.[3]  This note will argue that the NBA should shift its focus from lobbying legislatures, a largely unsuccessful initiative, to strengthening its data licensing efforts, where the league has already seen success.

          [1].                        Kenny Rogers, The Gambler (United Artists Group 1978).

          [2].                                Id.

          [3].                        Matt Bonesteel, If sports gambling is legalized, the NBA wants in on … Read the rest

An Article by Daniel Pessar

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In the media, in state capitals, and even in Congress, the super-rich are frequently cited as the biggest economic winners from the opportunity zone laws passed as part of the 2017 Tax Cuts and Jobs Act. Although high net worth investors can access the tax benefits more easily than others can, a closer look at the law and regulations reveal that the wealthiest taxpayers are usually less incentivized than other wealthy investors to participate in Qualified Opportunity Zone (QOZ) investing. The QOZ tax benefits are significant, promising capital gains tax exclusion on new QOZ investments. But high net worth investors have more access than others to indefinite deferral mechanisms, making capital gains exclusion less valuable. QOZ investments requires capital gains realization and, by tax year 2026, capital gains recognition, presenting current costs in exchange for future tax benefits mostly available ten … Read the rest

A Note by Soha Abdurrahman

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One might expect that after completing three years of law school the next step would be to enter into a law firm and practice law until retirement.  Yet that idea is changing.  Lawyers are no longer just becoming lawyers.[1]  In reality, lawyers are using their degree for so much more—and one destination for them is all the way at the top: Chief Executive Officer (CEO).  This paper acknowledges that lawyers that become CEO make a difference.  But it is not due to external factors, but rather the skill sets innate to lawyers that allow them to get to the top.

          [1].                        Leanne Fuith, Creating the Lawyer as Business Leader, 43 Mitchell Hamline L. Rev. 1095, 1096 (2017), https://open.mitchellhamline.edu/cgi/viewcontent.cgi?article=1106&context=mhlr.… Read the rest

An Article by Stephen Beemsterboer

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The Children’s Online Privacy Protection Act of 1998[1] (“COPPA”) purportedly protects children on the internet,[2] but the reality is that the law is woefully ineffective at this goal and yet terribly burdensome for website operators (and now, people who upload silly videos to YouTube).  The Federal Trade Commission (“FTC”), the agency tasked with enforcing COPPA,[3] announced a whopping $170 million settlement with YouTube in September 2019,[4] with a message that focused more on bragging about the unprecedented size of the financial sum than any tangible benefit the settlement would provide for the well-being of children on the internet.[5]  The settlement marks a shift in COPPA enforcement in which the FTC will begin targeting website users rather than the website itself.[6]

          [1].                        15 U.S.C. §§ 6501–05 (2018).

          [2].                        Anita L. Allen, Minor Distractions: Children, Privacy and … Read the rest

An Article by Mark Blankenship

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Bar and nightclub consultant Jon Taffer described alcohol establishments as “part of America’s fiber”, which is arguably true to this day and age.[1]  Between 2008 to 2018, the number of breweries in the United States rose from 1,574 to 7,450.  Additionally, in 2018, 8,391 wineries were established in North America, 7,762 of which were in the U.S.[2]  As a result, the concept of alcoholic beverage law has become a niche area of practice.[3]  Continued Legal Education panels[4] and boutique firms[5] have recently appeared across the country specializing in alcoholic beverage law.  With this apparent need for beer and wine attorneys and legislative advancement, one may think that more law schools would make developments to help facilitate this need.[6]

          [1].                        Nightclub King Jon Taffer Sets A High Bar, NPR (Dec. 1, 2013 5:34 PM ET), … Read the rest

A Note by Diana Bikbaeva

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Artificial intelligence (AI) is no longer confined to science fiction terms.  From self-driving cars[1] and contract reviewing software[2] to automatic novel writers[3] and artists,[4] AI increasingly infiltrates our lives, creating monetary value[5], purportedly taking jobs,[6] and becoming of undoubtedly growing interest to businesses.  While being itself copyrightable, AI has become capable of creating works “of its own.”  AI has become capable of writing creative songs[7] and making original paintings.[8]  Such works would be undisputedly subject to copyright if created by human authors.  With the economic potential in such works,[9] a question arises about the legal regime of works created by AI.  Namely, who (if anyone) should take credit for and hold copyright in AI-created works?

          [1].                        See Tesla, Autopilot, Tesla.com, https://www.tesla.com/autopilot (last visited April 11, 2020).

          [2].                        See Beverly Rich, How … Read the rest

A Note by Zachary Read

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In the United States, the most recent attempt to balance business interests and consumer concerns has come from California, in the form of the California Consumer Protection Act (the “CCPA,” or the “Act”), which went into effect January 1, 2020.[1]  The Act has created a seemingly robust set of rights for consumers to know what information businesses have about them, what is being done with that information, and how they may request to delete such information.[2]  However, the CCPA has also left businesses confounded on how to properly comply with the Act because of its amorphous reasonableness standard.[3]  As the Act continues to proliferate into the ordinary course of business, courts should adopt a clear reasonableness standard that aids administration and business planning.

[1].                         Richi Jennings, CCPA, California’s GDPR, confuses and confounds, TechBeacon (Jan. 2, 2020), … Read the rest

An Article by Jacob Fonseca

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Environmental, Social, and Governance (ESG) investing is arguably the most popular and fastest growing investment strategy of the twenty-first century. This rise in sustainable investing has coincided with an increasing scrutiny of companies that utilize aggressive tax avoidance strategies.  In response to this growing scrutiny, ESG rating agencies and institutional investors have penalized companies that pursue these strategies, although the direct effect that these strategies have on ESG scores and analysis remains empirically unclear.  First, this paper explains the history of and surge in ESG investing and its place in today’s markets. Second, it details one of the most prominent aggressive tax avoidance strategies used by U.S. corporations—the “Double Irish, Dutch Sandwich.” With the recent closure of this strategy via tax reform, this paper examines the past use of the Double Irish, as well as the replacement strategies employed by large … Read the rest

A note by Clinton Oppong

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This Note argues that because of growing security and privacy issues associated with IoT devices, it is time for the United States to implement an IoT specific regulation similar to the ePrivacy Regulation. Part I is devoted to a brief discussion on what IoTs are, the breadth and scope of the upcoming ePrivacy regulation and how the ePrivacy regulation affects the IoT Industry. Part I also briefly discusses the current regulatory landscape in the United States. Further, Part II investigates why there is a need to regulate the Internet of Things Industry because of growing security and privacy issues. Finally, Part III puts forth recommendations for regulating the internet of things industry by the federal government or Federal Trade Commission (FTC).… Read the rest