Index
Using the Index
References are to paragraph (¶) numbers, not pages. A reference such as 1220.05 is to ¶ 1220.05 in Chapter 12; a reference to a whole section, such as 1610, covers every subsection of that section. References beginning with a letter (for example D50.01) are to the Appendices. Each reference links to its paragraph.
Headings are arranged word by word. See directs the reader to the heading under which a subject is indexed; See also lists related headings. Cases and statutes are listed with their paragraph references in the Table of Cases and the Table of Statutes and Regulations.
Symbols and Numbers
2026 joint interpretation, 3501.04, 3510.02, 3560.05, 3590.02, 3590.03, 3610.08
2026 Interpretation, 3560.04
2026 Interpretation and Ripple, 3540.05
airdrops, 3560.09
airdrops, wrapping, mining and staking, 3560.09
Crypto Task Force, 3560.03
definition, A10
enumerated instruments in token form, 3510.02
foundations, 3540.05
limits of the 2026 Interpretation, 3501.05
platforms after the 2026 Interpretation, 3580.03
Project Crypto, 3560.03
3AC. See Three Arrows Capital
A
Abu Dhabi. See United Arab Emirates
Abu Dhabi Global Market. See ADGM
Account debtors, 530.03, 650.07
controllable accounts, 650.01, 650.02, 650.05, 650.06, 650.10, 710.03, B10.04, B20.05
controllable electronic records, 650.01
discharge, 650.05, 650.06, 650.09, 650.10
discharge of the account debtor, 650.05
electronic money, B20.05
proof of transfer, 650.08
Uniform Commercial Code Article 12 (Delaware), B10.04
ADGM, 3930
Abu Dhabi Global Market, 3930.05
accepted virtual assets and the 2025 amendments, 3930.03
ADGM Courts, 3930.07
DLT Foundations, 3930.06
fiat-referenced tokens, 3930.04
financial free zones, 3910.02, 3910.07
regulator and the framework, 3930.02
United Arab Emirates, 3880.09, 3910.01, 3910.02, 3910.06, 3910.07, 3930.07
zone and its law, 3930.01
Admin keys. See Upgradeability of smart contracts
Airdrops, 1480.01, 1550.04, 3020.02
2026 joint interpretation, 3560.05, 3560.09
custody agreements, 390.02, 1090.01, 1190.08
definition, A10
directed trusts, 1550.02, 1550.08, 1570.06
forks, 130.05, 720.09, 950.07, 1070.07, 1550.07, 3050.07, 3870.06
forks, airdrops and abandonment, 1550.07
forks, airdrops and corporate events, 3870.06
forks, airdrops and other incidents of ownership, 950.07
forks, airdrops and staking rewards, 720.09, 1070.07
forks and airdrops, 130.05
forks and airdrops, tax, 3050.05
hard forks, 3050.05
slashing, 3050.08
slashing and lost rewards, 3050.08
staking and airdrops, 3090.04
staking rewards, tax, 720.09, 1070.07
theft and casualty losses, 1550.07
wrapping, mining and staking, 3560.09
Alameda Research. See FTX
Alaska
asset protection, 2660.04, 2660.06
domestic asset protection trusts, 2650.07, 2660.04
fraudulent transfer actions in bankruptcy, 2650.07
Algorithmic management, 2010.02
Article 12, 2010.04
definition, A10
degrees of algorithmic management, 2030.07
enactments of the 2022 amendments, 2010.04
statements of management, 2030.07
treasury management, 2030.07
upgradeability of smart contracts, 260.09
upgradeable organizations, 260.09
Algorithmic stablecoins, 140.01, 3770.01
an algorithmic stablecoin, 3770.03
definition, A10
Terraform, 3550.02, 3550.04, 3770.03
Terraform, Coinbase and Binance, 3550.02
Alter ego. See Veil piercing
Alternate valuation, 2320.04, 2360.01, 2360.02
appraisals for estate tax purposes, 2360.09
definition, A10
discounts, locked and staked tokens, 2360.01
estate administration, 2350.09, 2360.05
estate tax, 2350.01, 2350.09, 2360.01, 2360.09
included and excluded property, 2360.04
interests affected by lapse of time, 2360.05
sales during the six months, 2360.03
Alternative trading systems. See Exchanges and ATS
Amendment of articles, 2040.04, 2050.07
membership interests, 2020.05, B40.04
operating agreements, 2030.05, 2030.09, 2040.08
required contents, D60.02
Wyoming DAO LLC, D60.01
Wyoming DAO Supplement, 2030.01, 2030.08
Wyoming Decentralized Autonomous Organization Supplement, B40.04
AML programs, 3310.07, 3490.01
definition, A10
issuers as financial institutions, 3760.01
payment stablecoins, 3340.08
stablecoin issuers, 3470.08
unhosted wallets, 3340.08
Appraisers, 2180.02
alternate valuation, 2360.09
definition, A70
estate tax, 2360.09
inventory, appraisal and the Form of Administration, 2340.04
qualified appraisal requirement, 2180.02
Arbitration
agent's duty and jurisdiction, 1460.03
Bielski decision, 570.04
Coinbase, 570.03
Coinbase v. Bielski, 570.04
Coinbase v. Suski, 570.03
consumer protection in England, 570.05
contractual layer, 570.01
enforceability in the United States, 570.02
England and Wales, 570.05, 570.06, 570.07
jurisdiction clauses, 570.01
Payward v Chechetkin, 570.07
Soleymani v Nifty Gateway, 570.06
terms of use, 1970.06
United States, 570.02
Wyoming DAO Supplement, D70.05
Article 12, 110.02, 530.11, 590.07, 601.02, 601.03, 610.06, 701.02, 740.01
2022 amendments, 610.07, 2010.04
account debtors, B10.04
agency, security entitlements and Article 12, 1050.08
American choice of law outside Article 12, 540.05
article 12 as a statutory framework, 350.05
Article 8, 670.07, 750.05, 830.01, 830.02, 830.03, 830.04, 1050.08, 2730.05
Article 9, 620.05, 620.12, 640.14, 670.06, 680.08, 740.08
company's control, 1740.06
comparison with Article 12, 440.08
control agreements, 750.05
control in the Article 12 sense, 2230.05
control under Article 12, 940.05
controllable electronic records, 620.12, 670.06, 780.02, 830.04
conversion, 540.05
definition, A10
design choice, 530.01
DIFC, 3940.06
directed trusts, C80.02
District of Columbia default, 530.06
district of Columbia default rule, 530.06, 660.04, 780.02
electronic money, 670.07
enactment problem, 660.09
enactments of the 2022 amendments, 610.07, 680.06, 2010.04
general rule, 530.02
insolvency of custodians, 2730.05
Ion Science decision, G20.01
law Commission, 440.08
levy and execution, 2420.06
Monex decision, 3630.08
no relation required, 530.07
property (Digital Assets etc) Act 2025, 440.08
qualifying purchasers, 640.02, 640.14
reading the steps, 530.05
relation to Article 12, B50.02
residual field, 540.01
retail commodity transactions, 3630.08
rights fixed at the time of purchase, 530.08
route and omnibus wallets, 750.04
segregation of customer assets, 750.04
selected enactments, G30.01
shared control, 250.06, 2230.05
shared power, 930.04
situs, G20.01
split between perfection and priority, 530.10
statutory boundary, 830.01
technology neutrality, 610.08
transition rules, 680.04, 740.08
trust companies, 2230.05
UNIDROIT Principles, 560.07
Uniform Commercial Code Article 12, 110.02
Uniform Commercial Code Article 12 (Delaware), B10.01, B10.02, B10.04
valuation, receipts, reports and tax records, C80.02, C80.03
See also Controllable electronic records
Article 8, 330.02, 690.02, 750.01, 801.04, 810.01, 840.05, 840.06, 1010.06, 1050.07
analysis in the pilot, 840.09
Article 12, 670.07, 750.04, 830.01, 830.02, 830.03, 830.04, 1050.08, 2730.05
article 8 route, 750.02, 1050.03
Article 9, 620.12
asset-referenced tokens, 830.06
California, 3780.05
California Digital Financial Assets Law, 3780.05
Celsius, 850.06
certificate tokens, 820.07
certificated and uncertificated securities, 810.03
choice of law, 810.07
conforming amendments, 670.07
control agreements, 750.05
controllable electronic records, 620.06, 620.12, 710.08, 830.04, 830.06
custodial account, 3250.03
custody agreements, 1190.08, E30.05
definition of security, 810.02
directed trusts, C50.05, C50.06
DTC tokenization pilot, 840.07
election in practice, 840.04
electronic money, 670.07
entitlement holder's property interest, 1050.04
express-agreement election, 840.03
financial assets, 810.04
In re Celsius Network LLC, 850.06
insolvency of custodians, 2730.05
intermediary's account agreement, 890.02
intermediary's duties, 1050.05
investment property, 620.06, 710.06, 780.03
layered characterization, 1090.02, E30.02
limits of the pilot, 840.10
market responses, 610.05
non-fungible tokens, 710.08
opt-in for LLC interests, 810.06
priority of the intermediary's secured creditors, 1050.06
rehypothecation by custodians and brokers, 1260.03
route for tokens, 2730.03
rules of § 8-103, 810.05
secured creditor with control, 2730.04
securities account, 840.01
securities intermediaries, 750.02, 750.03, 810.04, 840.02, 840.09, 850.01, 850.02, 850.04, 850.05, 1050.04, 1260.03, 2730.02
specified foreign financial asset, 3270.02
statutory boundary, 830.01
statutory protections, 2730.11
stockbroker liquidation, 2730.12
sub-custody, 1090.02
Swiss model compared with Article 8, 880.03
Switzerland, 880.03
tokenized securities, 150.03, 860.06, 890.04
trust companies, 750.06
Article 9, 701.02, 710.01, 740.01
account debtors, B10.04
application of proceeds and acceptance, 770.07
Article 12, 530.10, 610.07, 610.08, 620.12, 680.08, 940.05
chattel paper, 620.05
classification in Article 9, 620.12
control through another person, 630.12, 730.07
controllable accounts, 660.08, 670.06, 730.02, B20.05
controllable electronic records, 620.12, 670.06, 710.08
directed trusts, C60.02
electronic money, 670.03, 670.05, 670.07, 710.04, B20.05
enforcement after default, 770.01, 770.03, 770.09
governing law, 660.08
key-holder agreements, C60.02, C60.03
money in Article 9, 670.03
perfection by control, 730.03
pledges and control, D20.04
purchase by the secured party, 770.06
qualifying purchasers, 640.14, 740.06
recharacterization of title-transfer arrangements, 760.03
rehypothecation, 760.05
relation to Article 9 priority, 640.14
self-help through control, 770.02
state digital-asset statutes, 110.10
successor key-holders and recovery, C60.02, C60.03
transition priority, 740.08
transition rules, 740.08
Uniform Commercial Code Article 12 (Delaware), B10.04
Wyoming, 340.04, 340.08, 680.07, 680.08, B50.04
Wyoming digital asset law, 340.04, 680.07
Wyoming digital-asset statute, B50.04
ARTs. See Asset-referenced tokens
conflict-of-laws problem, 2660.03
domestic asset protection trusts, 2650.04, 2660.01, 2660.03, 2660.04, 2660.07, G50.01
domestic asset protection trusts holding digital assets, 2660.01, 2660.04, 2660.06
fraudulent transfer actions in bankruptcy, 2650.07
notice and discovery periods, 2660.07
offshore trusts, 1580.06, 2670.01
See also Domestic asset protection trusts; Voidable transfers
Asset-referenced tokens, 3810.01, 3820.03, 3840
Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust #1, 1440.03
Article 8, 830.06
authorisation process, 3840.02
authorisation required, 3840.01
capital requirements, 3840.03, 3860.06
choosing a European custodian, 3890.02
classification process, 3820.05
conduct and organisation, 3860.07
controllable electronic records, 830.06
crypto-asset service providers, 3860.01, 3860.03, 3860.04, 3860.06, 3860.08
custody agreements, 3870.04
definition, A10
DIFC, 3940.05
diversification, 1440.03
electronic money, 3820.02, 3820.04, 3850.01, 3850.02, 3850.03, 3850.04, 3850.08
e-money tokens, 3820.02, 3850.01, 3850.02, 3850.03, 3850.04, 3850.06, 3850.08
England and Wales, 3880.09
European Union, 110.07, 3380.04, 3860.10
existing financial entities, 3860.05
form of the legislation, 3801.03
foundations, 1830.01, 1830.02, 1830.04, 1830.05, 1840.01, 1840.06
Jersey, 1840.06
market abuse, 3870.10
market manipulation, 3870.10
Markets in Crypto-Assets Regulation, 110.07, 3810.05
offer to the public, 3830.02
own funds, 3840.03
prohibition of interest, 3840.07
providers outside the Union, 3890.05
recovery and redemption plans, 3840.09
reserve of assets, 3840.04
right of redemption, 3840.06
right of withdrawal, 3830.08
self-hosted addresses, 3880.07
significant asset-referenced tokens, 3840.10
significant tokens, 3840.10
taxonomy of digital assets, 120.04
third-country firms, 3890.05
Token and TT Service Provider Act, 1830.09
trading platforms, 3870.09
Transfer of Funds Regulation, 3880.05, 3880.06, 3880.07
transitional periods, 3880.01
United Arab Emirates, 3880.09
utility tokens, 3820.04
white papers, 3830.01, 3830.05, 3830.06, 3830.07, 3830.08, 3830.09, 3830.10, 3840.02, 3850.06
ATS. See Exchanges and ATS
Attachment, 720
after-acquired collateral, 720.07
due process, 2470.03
equitable claims to specific property, 2470.04
execution and attachment outside bankruptcy, 330.06
freezing orders, 2470.01, 2470.03
need for speed, 2470.01
security agreements, 720.05
state law, 2470.02
Automated market makers. See Decentralized exchanges
Automatic stay, 2730.08
Celsius, 2750.03
choice of law and the debtor's bankruptcy, 780.04
definition, A10
freezes, setoff and executory contracts, 2750.03, 2750.06
GENIUS Act, 2730.08, 2730.11, 3760.05
recovering non-estate assets, 2750.04
safe harbors, 2750.08
safe harbors for financial contracts, 2750.08
stablecoin redemptions, 2750.09
stay at filing, 2750.01
B
Backup withholding, 3101.03, 3101.05, 3130.06
backup withholding postponed, 3160.03
broker reporting, 3160.07, 3170.07
definition, A10
lot identification, 3160.07
preexisting foreign accounts, 3170.09
Backups
backup withholding, 3160.03, 3170.07, 3170.09
backups and passphrases, 920.06
broker reporting, 3170.07
preexisting foreign accounts, 3170.09
single point of failure, 920.06
withholding postponed, 3160.03
Badges of fraud, 2610.06
badges applied to digital assets, 2620.03
definition, A10
discharge, 2620.08
retained control through keys, 2620.06
Bahamas
FTX, 2850.05, 2850.06, 3970.07
liquidators, 2850.06
segregation of customer assets, 3970.07
stablecoins, 3970.06
Bahrain, 3950
central Bank of Bahrain, 3950.01, 3950.05
compared with the UAE, 3950.03
financial free zones, 3950.05
attraction of the bailment model, 1020.01
control as the functional analogue, 1020.03
definition, A10
Dubai International Financial Centre, 3940.07
duty of care, 1020.08
effect of the Wyoming statute outside Wyoming, 1020.07
fungible bailment, 1020.04
possession requirement, 1020.02
Wyoming digital asset law, 1020.05
Wyoming Statutory bailment, 1020.05
Bangko Sentral ng Pilipinas. See Philippines
Bank accounts
ADGM, 3930.04
deposit accounts, 620.08, 710.05
fiat-backed stablecoins, 140.02
fiat-referenced tokens, 3930.04
held in bank accounts for customers, 2720.07
tokenized deposits, 710.05
Bank charters, 1160
investment advisers, 1120.04
national trust banks, 1150.08, 1150.09
principal categories, 1101.03
special purpose depository institutions, 1160.05
supervision and its limits, 1160.08
Bank regulators, 1080.04, 1150.07
1172 and 1174, 1150.03
1179 and the non-objection requirement, 1150.04
2025 rescissions, 1150.05
access to the Federal Reserve, 3740.06
bank charters, 1150.08
Custodia Bank, Inc. v. Federal Reserve Board of Governors, 1170.04
Custodia decision, 1170.04
definition, A80
holder's obligations govern the choice, 1180.01
Interpretive Letter 1170, 1150.02
Interpretive Letter 1184, 1150.06
master accounts, 1170.04
national trust banks, 1150.08
qualified custodians, 1180.01
regulatory turn of 2025, 1101.04
SAB 122, 1150.07
sub-custody, 1150.06
Bank Secrecy Act, 3310, 3380.05
BitMEX, 3360.02
civil and criminal penalties, 3310.09
definition, A10
FBAR, 3260.01, 3260.03, 3260.06
money services businesses, 3310.01, 3310.09, 3320.11, 3380.01
statute and its regulations, 3310.01
See also Money services businesses
Bankruptcy, 2650
Alaska, 2650.07
attachment, 330.06
automatic stay, 780.04, 2750.03, 2750.06
badges of fraud, 2620.08
CFTC and SEC frameworks under consideration, 2740.07
CFTC jurisdiction, 2740.07
claims valuation, 2920.02, 2930.06
custody accounts and wallet accounts, 330.04
discharge, 2620.08
disclosure in the schedules, 2650.06
domestic asset protection trusts, 2650.04
execution and attachment outside bankruptcy, 330.06
fraudulent transfer actions in bankruptcy, 2650.07
FTX, 2860.02, 2860.05, 2920.02
In re FTX Trading Ltd, 2860.02
margin top-ups as preferences, 780.07
Mt. Gox (Tokyo District Court, bankruptcy 2014, civil rehabilitation from 2018), 2810.02
plans of reorganization, 2860.02
property of the estate, 330.01, 2710.04, 2880.01, G70.01
recovery of the property or its value, 330.05
safe harbors, 780.05
section 548(e), 2650.04
single-member LLCs, 1770.03
single-member problem, 1770.03
See also Customer claims; Exchange failures; Property of the estate
Bankruptcy trustees and examiners
discharge, 2770.06
Bar dates and proofs of claim, 2760.02, 2790.02, 2890.04
claims trading, 2760.09
computation disputes, 2760.10
customer claims, 2760.05
scheduled claims, 2760.01
definition, A80
lot identification, 3030.01, 3030.02, 3030.04, 3030.05
problem of fungible units, 3030.02
safe harbors, 3030.08
transition safe harbor, 3030.08
units in a broker's custody, 3030.05
units outside a broker's custody, 3030.04
Beneficial ownership
banking and custody, 2080.09
beneficial-ownership reporting, 1780.03
Marshall Islands DAO Act, 2070.11
Beneficiary designations, 1320.07, 1330.05, 2150.04
content of electronic communications, B30.05
definition, A10
estate administration, 1330.06
online tools, 1330.02, 1330.03, 1330.06, 1380.08, 2280.02, B30.05
Bermuda
Bermuda Digital Asset Business Act, 3970.04, 3970.05
Bermuda Monetary Authority, 3970.04, 3970.05
purpose trusts, 1840.05
Binance
CFTC jurisdiction, 3640.07
Coinbase, 3580.02
derivatives on digital assets and offshore platforms, 3640.07
enforcement against exchanges, 3360.03
futures market intermediaries, 3640.07
monitorships after a pardon, 3360.04
OFAC Enforcement against digital-asset firms, 3480.01, 3480.05
platform holdings in Coinbase, 3580.02
question after Ripple, 3550.01
Ripple decision, 3540.03, 3540.04, 3540.05, 3550.01
Terraform, 3550.04
Terraform, Coinbase and Binance, 3550.04
trust companies, 3770.04
unlicensed money transmitting, 3370.06
willfulness, 3360.03
Williams v. Binance, 540.07
Bitcoin, 2520.07, 3601.02, 3610.02
2017 bitcoin fork, 3050.06
AA v Persons Unknown, 2540.03, 2540.05
Article 12, 250.06, 440.08, 530.08, 1050.08
BlockFi, 760.06
Coinflip decision, 3610.03
controllable electronic records, 710.08
COPA v Wright, 280.08
Crypto-Asset Reporting Framework, 3230.07
Cryptopia, 2940.07
Custodia decision, 1170.04
custody accounts and wallet accounts, 330.04
DIFC, 3940.07
Dubai International Financial Centre, 3940.07
England and Wales, 170.07, 550.05
estate administration, 2120.04, 2140.04
forks, 220.06, 2130.05, 3050.06
foundations, 320.04
Gatecoin decision, 2950.07
Genesis and Gemini Earn, 2840.08
identity and keys, 280.08
In re Genesis Global Holdco, LLC, 2840.08
insolvency consequences, 450.04
layer-2 networks, 270.07
measure of damages, 1630.05
measuring recovery when values change, 2630.05
money for one statute, property for another, 170.02
money services businesses, 340.05
Mt. Gox, 240.09, 960.03, 2810.02, 2950.07
Mt. Gox (Tokyo District Court, bankruptcy 2014, civil rehabilitation from 2018), 2810.02
New Zealand, 2940.07
non-fungible tokens, 710.08
offshore trusts, 1580.07, 2670.06
omnibus wallets at exchanges, 2530.09
oracles, 270.07
personal representative's powers and duties, 2140.04
persons unknown, 2540.03, 2540.05
premarital and marital agreements, 360.06
property of the estate, 2710.06, 2880.01, G70.01
rehypothecation, 330.07, 760.06, 1240.05
secured loan of money against tokens, 1240.04
segregation of customer assets, 1160.09, 2530.09, 2870.02
shortfall allocation, 1070.06
shortfalls, 1070.06
specific bequests, 2130.02, 2130.05
Tulip Trading decision, 220.08, 550.05
Tulip Trading v Bitcoin Association, 550.05
UK Jurisdiction Taskforce, 420.03
unhosted wallets, 3230.07
volatility and the form of the gift, 2130.02
BitMEX
derivatives on digital assets and offshore platforms, 3640.06
enforcement against exchanges, 3360.02
monitorships after a pardon, 3360.04
unlicensed money transmitting, 3370.06
Blockage discounts
alternate valuation, discounts, locked and staked tokens, 2360.06
claims valuation, 2920.02
FTX, 2920.02
Blockchain. See Distributed ledgers
BlockFi, 1250.03, 1250.04, 2840.01, 2840.03, 2840.04
In re BlockFi Inc, 760.06
property of the estate, 1060.11, 1250.08
rehypothecation, 330.07, 760.06, 2720.08
token contracts, 2760.08
Van Tubergen v. BlockFi, Inc, 770.05
Blocking and reporting, 3450.02, 3450.09, 3470.04
Binance, 3640.07
definition, A10
England and Wales, 3470.10
futures market intermediaries, 3640.07
mixers and exchanges designated, 3470.06
obligations for tokens, 3470.04
reporting blocked property, 3470.05
United Kingdom, 3470.10
versus rejecting, 3470.07
Book entries
custody agreement, 1190.08
custody agreements, 1190.08
Prime Core, 1160.09
segregation of customer assets, 1160.09
Breach of trust. See Fiduciary liability
Bridges, 270, 2501.04, 2520.07
bridge exploits, 270.06
definition, A10
layer-2 networks, 270.01, 270.07
legal character of a wrapped token, 270.05
limits of a single ledger, 270.01
mixed funds, 2530.08
mixers and privacy tools, 2530.08
oracles, 270.07
oracles, bridges and layer-2 networks, 270.04
swaps, bridges and mixers, 2530.08
wrapped tokens, 270.05
British Virgin Islands
bridges, 2560.04
conversion, 2940.05
Crypto-Asset Reporting Framework, 3220.08
custody, 3970.01
FATF standards, 3970.02
liquidators, 2940.05
persons unknown, 2560.04, 3970.03
Privy Council jurisdictions, 470.05
purpose trusts, 1840.04, 1840.05
things in action, 470.05
Broker reporting, 3101.03, 3101.05, 3110, 3120, 3130, 3140, 3150, 3160, 3170, 3180, 3190
2021 amendments, 3110.02
backup withholding, 3170.07
broker, meaning, 180.09, 3120, 3580.01
cross-border regimes, G80.01
decentralized finance, 3150.01
documentation of customers, 3170.08
federal tax, 110.05
filing and furnishing dates, 3130.06
gap T.D. 10000 left, 3150.01
lot identification, 3160.07
returns under section 6045A(d), 3170.06
sources of authority, 3001.03
state digital-asset statutes, 110.10
transfer statements, 3170.06
transfer statements, backup withholding and foreign customers, 3170.01
Broker-dealers
2020 Commission statement, 1140.02
broker-dealer model, 1260.02
customer-protection rule, 1140.01
December 2025 staff statement, 1140.04
digital asset securities, 1140.02
effect of the 2020 statement, 1140.03
no-action letters and staff statements, 1140.04
qualified custodians, 1120.03, 1140.06, 1180.01
rehypothecation, 1260.02
relation between the two statements, 1140.05
BSA. See Bank Secrecy Act
BSP. See Philippines
BVI. See British Virgin Islands
C
California
Article 8, 3780.05
California Digital Financial Assets Law, 3780.05
CFTC jurisdiction, 1940.02
collusion and coercion, 2670.06
conversion, 310.02
domestic asset protection trusts, 2640.07
enactments of the 2022 amendments, 1310.07
guardianship and conservatorship, 1310.07
judgment debtors, 2440.04
offshore trusts, 2670.06
receivers, 2440.04
service on DAOs, 1940.02
voidable transfers, 2640.07
Canada
cold storage, 960.05
key-holder agreements, 1670.02
lost keys, 1670.02
QuadrigaCX, 240.10, 960.05, 2810.03
shortfalls, 2810.03
single point of failure, 240.10
Capacity to be sued
defences, procedure, securities and governance attacks, 1970.01
general partnerships, 1920.10
joint ventures, 1920.10
Ooki DAO decision, 1970.01
Capital contributions
tokens as contributions, 1730.01
Capital gains and losses
capital asset definition, 3020.01
holding period, 3020.06
scams, 3060.05
theft and casualty losses, 3060.05
Capital requirements
asset-referenced tokens, 3840.03, 3840.04, 3840.10
crypto-asset service providers, 3860.06
own funds, 3840.03
CARF. See Crypto-Asset Reporting Framework
CASPs. See Crypto-asset service providers
Catalogue of electronic communications, 1320.03, 1350.05, 1350.07
beneficiary designations, 1330.06, B30.05
definition, A20
Cayman Islands, 3960
CIMA's rules and guidance, 3960.03
disclosure orders, 2560.05
foundations, 3960.06
Privy Council jurisdictions, 470.05
purpose trusts, 3960.06
role of the jurisdiction, 3960.01
things in action, 470.05
CBDCs. See Central bank digital currencies
Celsius, 1060.02, 1060.03, 1060.05, 2830
Article 8, 850.06
automatic stay, 2750.03
business and the pause, 2830.02
Celsius, custody and earn, 960.04
Celsius plan, 2950.04
Celsius rule, 2920.05
claims valuation, 2920.01, 2920.05, 2920.07
confirmation and the change of path, 2830.07
conversion, 2920.01
criminal case, 2830.10
crypto lending, 2720.04
custody and withhold, 2830.04
custody program, 1250.02
debtor-creditor relationship, 1040.01, 1040.04
earn decision, 330.03
fraudulent transfer actions in bankruptcy, 2960.06
FTX and Celsius records, 1260.06
In re Celsius Network LLC, 760.04, 850.06, 1040.04, 2830.03
litigation trusts, 2980.09
preferences, 2920.06, 2960.02, 2960.03, 2960.05
prepetition pause, 2750.02
pricing date for distributions, 2920.07
proof of reserves, 970.07
property of the estate, 1060.11, 1250.08
QuadrigaCX, E70.03
recoveries from customers who withdrew, 2830.09
recovery under § 550, 2960.06
rehypothecation, 330.07, 760.04, 1260.06
safe harbors, 2980.09
settlement program, 2960.05
shortfalls, 1060.04
SOC reports, 970.07
Voyager, 1250.08
withdrawal preference exposure valued at transfer, 2920.06
Central bank digital currencies, 110.03, 140.09
Article 8, 670.07
common feature, 140.01
Common Reporting Standard, 3240.01, 3240.02
definition, A20
electronic money, 670.04, 670.07, 3240.02
e-money and Central Bank digital currencies, 3240.02
CERs. See Controllable electronic records
CFTC. See CFTC jurisdiction
CFTC jurisdiction, 3660.06
BitMEX, 3360.02, 3360.04, 3640.06
CFTC v. Ooki DAO, 1940.01, 1940.02
commodity status, 130.06, 340.07
concurrent authority, 3680.02
founders' parallel exposure, 1940.04
futures market intermediaries, 3640.01, 3640.07
house bill's allocation, 3680.04
market manipulation, 3620.01, 3620.02, 3620.03, 3620.04, 3620.06
market-structure legislation, 3670.01, 3670.03
Monex decision, 3620.03, 3630.05
My Big Coin decision, 3610.06, 3610.10
Ooki DAO decision, 1940.02, 3650.06
perpetual contracts, 3640.04
products that cross the line, 3680.03
receivers, 2460.04
Regulation 180.1, 3610.06, 3620.02, 3620.04
retail commodity transactions, 3630.04, 3630.05, 3630.06
SEC frameworks under consideration, 2740.07
sources of law, 3601.03
stockbroker liquidation, 2740.07
taxonomy of digital assets, 3610.09, 3610.10, 3660.10
tether, 3770.02
tether reserve findings, 3770.02
Chapter 15, 2780.01
cross-border cases and reform proposals, 2780.02, 2780.04
cross-border insolvency, 490.03, 580.03
definition, A20
freezing orders, 2580.07
recognition in practice, 580.04
recognition of foreign insolvency proceedings, 580.03
Characterization of digital assets, 1010.06, 1030.01, 2430.02, G10.01
asset-referenced tokens, 830.06
characteristics of third-category things, 440.03
characterization comes first, 2401.03
characterization depends on purpose, 170.01
characterization depends on the terms, 960.02
characterization in the family courts, 360.01
commodity for the Commodity Exchange Act, 170.03
community property, 360.01
Cryptopia, 170.08
custodial holdings, 401.06
DIFC, 3940.04
Dubai International Financial Centre, 3940.04
general unincorporated association, 1920.10
governing law, 1010.05
joint ventures, 1920.10
layered characterization, 1090.02, E30.02
limits of the nonprofit characterization, 1920.08
measures affecting characterization, 1990.02
property in insolvency, 170.04
Ruscoe v Cryptopia, 170.08
state of the law, 390.01
sub-custody, 1090.02
third category of personal property, 440.03
unincorporated nonprofit association, 1920.07
unincorporated nonprofit associations, 1920.07
Wyoming, 340.08
Charging orders, 1710.01, 1710.06, 1770.01
adding a member, 1770.04
charging order and its exclusivity, 2480.02
charging-order protection, 1710.06
creditors of members, 1770.01, 1770.02
definition, A20
Delaware LLC Act, 1720.02, 1720.07
distributions and the creditor, 1770.08
interests in entities, 2480.01
keys and turnover orders, 1770.07
pressure on the manager, 2480.03
receivers, 2460.06
single-member LLCs, 1770.03, 1770.04
single-member problem, 1770.03
Charitable gifts
Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust #1, 1440.03
appraisers, 2180.02
asset-referenced tokens, 1440.03
charitable contributions, 3070.04
compensation in tokens, 3070.02
diversification, 1440.03
funds and charities' acceptance policies, 2180.04
gifts, charity and death, 3090.05
lifetime charitable gifts of digital assets, 2180.01
qualified appraisal requirement, 2180.02
restricted tokens and § 83, 3070.02
testamentary charitable gifts, 2180.05
time of the gift, 2180.03
Chattel paper
account debtors, B10.04
Article 12, 110.02, 610.07, 830.01, B10.02
Article 8, 830.01
Article 9, 620.05
controllable accounts, B10.04, B20.05
controllable electronic records, 620.01, 710.02
documents of title and transferable records, 620.09
general intangibles, 710.02
no duties from acknowledgment, 630.13
trust companies, 870.05
Choice of law, 510, 520, 530, 540, 550, 560, 570, 580, 590, 610.04, 660.03
architecture of Article 8, 810.07
Article 12, 530.11, 540.01, 660.09
Article 8, 810.07
Article 9, 660.08
article 9 governing law, 660.08
asset protection, 2660.03, 2660.04
Binance, 540.07
California, 2640.07
change of connecting factor, 520.09
changing situs, 1540.03
conflict-of-laws instruments, 880.08
conflict-of-laws problem, 2660.03
controllable accounts, 650.10, 660.08, B10.04
controllable electronic records, 780.01, 780.02
definition, A50
discharge, 650.10
domestic asset protection trusts, 2660.03, 2660.04
England and Wales, 490.02, 570.06
foreign law, 490.02
governing law, 1970.02, 2640.07, C01.04
governing law and perfection, 650.10
governing law of the characterization, 1010.05
Ion Science decision, G20.01
Restatement (Second) of Conflict of Laws, 540.03
Restatement (Third), 540.08
trust protectors, 1540.03
Williams v. Binance, 540.07
See also Situs
Choses in action. See Things in action
Claims valuation, 2701.03, 2760.03, 2801.05, 2830.06, 2901.02, 2910.01, 2910.02, 2910.05, 2920.02, 2930.06, 2940.01, 2990.02
Celsius, 2920.05
Celsius rule, 2920.05
confirmation order, 2920.04
contingent and unliquidated claims, 2910.05
conversion, 2920.01, 2920.02, 2920.07
conversion of a claim for tokens, 2910.03
FTX, 2860.02, 2860.03, 2920.01, 2920.02, 2920.03
FTX Estimation motion, 2920.02
Genesis and Gemini Earn, 2840.08
In re FTX Trading Ltd, 2860.02
In re Genesis Global Holdco, LLC, 2840.08
individual debtor who holds digital assets, 2770.02, 2770.08
individual debtors, 2770.09, 2770.10
interest after the petition, 2910.08
objection requirement, 2910.07
plans of reorganization, 2920.04
post-petition interest, 2910.08, 2930.03
pricing date for distributions, 2920.07
rule before the code, 2910.04
scope of the FTX ruling, 2920.03
CLARITY Act. See Market-structure legislation
Coinbase, 3590.03
Bielski decision, 570.04
Celsius, 2950.04
Coinbase litigation, 1230.03
Coinbase v. Bielski, 570.04
Coinbase v. Suski, 570.03
John Doe summons, 3080.06
John Doe summonses, 3080.06
jurisdiction clauses, 570.03
platform holdings in Coinbase and Binance, 3580.02
question after Ripple, 3550.01
Ripple decision, 3540.04, 3550.01
statutory sellers, 3580.05, 3580.06
Terraform, 3550.03
Terraform, Coinbase and Binance, 3550.03, 3550.04
trading platforms and secondary-market liability, 3580.06
Cold storage, 240.06, 950.04, 1650.03
Canada, 960.05
definition, A20
Hong Kong, 4080.06
hot and cold storage, 240.06
seed phrases, 240.06
segregation of customer assets, 960.06, 960.07
Singapore, 4080.06
storage tiers, 950.04
Collaborative custody, 901.04, 910.06, 940.09
definition, A20
key-holding agents, 940.01
multi-signature arrangements, 250.07
recovery keys, 250.07
Collectibles
collectibles rate, 3020.05
efforts of others, 3530.05
NFTs and the collectibles rate, 3040.07
non-fungible tokens, 3040.07, 3530.05
wash sales, 3040.07
Collusion and coercion
California, 2670.06
electronic money, 670.05, 670.07
flight provisions, 2670.06
offshore trusts, 2670.06
split secrets and shared control, 2230.06
trust protectors, 2680.02
Commodities, 3601.02, 3610, 3620, 3630, 3640, 3650, 3660, 3670, 3680, 3690, 3760.06
2020 virtual currency guidance and its withdrawal, 3630.06
actual delivery in the courts, 3630.04
allocation between the SEC and the CFTC, 3680.01
application to platforms, 2740.04
Article 8, 3250.03
Article 9, B50.04
BitMEX, 3360.02
broker definition, 2740.05
categorical approach, 3610.05
CFTC and SEC frameworks under consideration, 2740.07
CFTC jurisdiction, 1940.02, 2740.07, 3660.10, 3680.04, 3770.02
code's definition of security and tokens, 2740.03
Coinflip decision, 3610.03
commission's position, 3610.03
commodity for the Commodity Exchange Act, 170.03
commodity status, 130.06, 340.07
definition, A20
digital commodity, 3670.04
ether and stablecoins, 3610.07
fiduciaries and institutional holders, 3690.04
futures market intermediaries, 2740.05, 3640.01
GENIUS Act, 3610.08
GENIUS Act exclusion, 3610.08
governance and staking rights, 3630.08
house bill's allocation, 3680.04
intermediaries at the Commission, 3670.06
joint taxonomy of March 2026, 3610.09
market manipulation, 3620.01, 3620.02, 3620.04
market-structure legislation, 2780.07, 3670.03
McDonnell decision, 3610.04
My Big Coin decision, 3610.05, 3610.06, 3610.10
Ooki DAO decision, 1940.02
payment stablecoins, 3710.04
real-world assets and SPV Structures, 870.05
Regulation 180.1, 3620.02, 3620.04
retail commodity transactions, 3630.02, 3630.04, 3630.05, 3630.06, 3630.08
retail commodity transactions and actual delivery, 3630.05
section 2(c)(2)(D), 3630.02
statutory definition of "commodity" and digital assets, 3610.01, 3610.06
stockbroker, commodity broker and SIPA Status, 2740.06
stockbroker liquidation, 2740.01, 2740.04, 2740.05, 2740.06
tax status, 340.08
taxonomy of digital assets, 3610.09, 3610.10, 3660.10
tether, 3770.02
tokenized commodities, 150.06
trust companies, 870.05
Zelener decision, 3630.01
Zelener problem, 3630.01
See also CFTC jurisdiction
Commodity Futures Trading Commission. See CFTC jurisdiction
Common Reporting Standard, 3210.01, 3210.02, 3240.01, 3290.01
architecture of cross-border reporting, 3210.01, 3210.07
central bank digital currencies, 3240.02
Crown Dependencies and overseas territories, 3240.09
Crypto-Asset Reporting Framework, 3210.03, 3210.06, 3220.01, 3220.03, 3220.04, 3220.09, 3230.02, 3230.03, 3230.04, 3230.11
definition, A20
e-money and Central Bank digital currencies, 3240.02
England and Wales, 3240.08
European Union, 3240.05
FATCA, 3230.03
indirect exposure, 3240.04
reliance on CRS and FATCA documentation, 3230.03
trusts and entities, 3290.03
United Kingdom regulations, 3240.08
Community property
brought into a common-law state, 2170.02
characterization in the family courts, 360.01
inventory, appraisal and the Form of Administration, 2340.08
spouses, creditors, capacity and incapacity, 2270.05
valuation date, 360.03
Compliance officers
designing the compliance program, 3390.03
Conflicts of interest
governance and token-holder input, 1850.08
In re Estate of Rothko, 1470.05
loyalty and conflicts of interest, 1470.06
Rothko decision, 1470.05
Connecting factors
change of connecting factor, 520.09
Consensus mechanisms, 210.02, 210.04, 210.05
economic finality on proof-of-stake networks, 220.03
finality, 220.03
proof of stake, 210.05
proof-of-work and proof-of-stake, 130.04
validators, 210.05
Constructive trusts, 1030.09, 2530.01
definition, A20
freezing orders, 2470.03, 2570.02
Jacobo v. Doe, 2570.05, 2570.06, 2570.07
misappropriated tokens, 480.05
qualifying purchasers, 640.11, 640.13, 640.14
resulting trusts, 1030.09
stolen or fraudulently obtained assets, 2530.02
Consumer protection
consumer protection in England, 570.05
consumer-protection clause, 350.04
consumer-protection guidelines, 4010.05
digital payment tokens, 4010.05
disclosure and consumer protection, 4050.07
England and Wales, 570.05, 570.06
jurisdiction clauses, 570.05
virtual asset service providers, 4050.07
Contempt
Affordable Media, 2450.05
civil contempt as the enforcement mechanism, 2450.01
compelled decryption cases, 2450.08
court's reach over the person, 2680.01
duration and release, 2450.10
Fifth Amendment, 2450.08, 2450.09
impossibility defense, 2450.04
inability to comply, 2450.02
judgment debtors, 2440.06
keys, contempt, charging orders and exemptions, 2680.02, 2680.03
self-created impossibility, 2450.04
trust protectors, 2680.02
Content of electronic communications, 1350.04, 1350.07
beneficiary designations, B30.05
estate administration, 1350.02, 1350.03, 1390.05, F60.02
guardianship and conservatorship, 1310.07, 1350.08
online tools, B30.05
Contract formation
arbitration, 1970.06
characterizations and the order of analysis, 1010.04
contract formation and amendment, E30.04
Control, 180.07, 620.04, 630.07, 630.09, 701.04, 710.02, 3910.06
account debtors, B10.04
Article 12, 110.02, 750.04, 930.04, 940.05, 1740.06, 3940.06
company's control under Article 12, 1740.06
control as the organizing concept, 101.05
control of an uncertificated security, 820.04
control through another person, 630.12, 730.07
definition, A20
duty to take control, 1450.01
electronic money, 670.04, B20.05
evidence of control under shared arrangements, 280.09
general rule, 630.01
independent copies of the same key, 630.10
insurance and abandonment, 1450.08
itself of substantially all the benefit, 630.03
multi-signature arrangements, 180.05, 730.06
no duties from acknowledgment, 630.13
presumption of exclusivity, 630.11
prevent others, 630.04
proof of control, 3440.05
proof of control of an unhosted wallet, 3440.05
shared control, 250.06
shared control and Article 12, 250.06
terminology used in this treatise, 180.07
theft and casualty losses, 1450.08
transfer control, 630.05
unhosted wallets, 3440.05
Uniform Commercial Code Article 12 (Delaware), B10.04
Control agreements, 790.01, E40.01
Article 8, 750.03, 750.05, 750.06
collateral held through custodians and exchanges, 750.05
drafting a shared-control agreement, 990.02
file as well as control, E40.04
rehypothecation, 760.06, 1240.05
shared control, 990.02
tri-party control agreement, 790.03
trust companies, 750.06
Controllable accounts, 530.03, 620.01, 620.10, 690.05, 730.01
account debtors, 650.05, B10.04
Article 12, 110.02, 530.02, 830.01
Article 8, 620.06, 670.07, 710.06, 810.05, 830.01, 830.04
Article 9, 620.05, 620.12, 660.08, 670.06, 730.03, B20.05
controllable electronic records, 530.09, 620.01, 620.10, 620.11, 620.12, 650.01, 670.06, 710.02, 710.08, 740.05, 780.01, 830.04
controllable payment intangibles, 620.10, 710.03
controllable payment intangibles and discharge, 650.01, 650.02, 650.03, 650.06
definition, A20
discharge of the account debtor, 650.05
electronic money, 670.07, B20.05
governing law and perfection, 650.10
investment property, 620.06, 710.06
perfection by filing, 730.02
qualifying purchasers, 640.01, 640.08, 640.12, 650.04, 740.05
tokenized receivables, 150.07
transfer and the take-free rule, 650.04
Uniform Commercial Code Article 12 (Delaware), B10.04
Controllable electronic records, 110.02, 620.01, 780.01
account debtors, B10.04
Article 12, 110.02, 350.05, 530.02, 530.08, 830.01, 830.03, 830.04
Article 8, 620.06, 670.07, 710.06, 830.01, 830.03, 830.04, 830.06
Article 9, 620.12, 670.06, 730.03
asset-referenced tokens, 830.06
classification in Article 9, 620.12
control through another person, 630.12, 730.07
controllable accounts, 530.09, 620.10, 650.01, 650.04, 670.06, 710.03, 730.02, B20.05
controllable accounts and controllable payment intangibles, 620.10
controllable electronic record's jurisdiction, 780.02
definition, A20
district of Columbia default rule, 780.02
electronic money, 620.07, 670.07, 710.04, B20.05
general intangibles, 710.02
general rule, 630.01
investment property, 620.06, 710.06
non-fungible tokens, 710.08
non-fungible tokens and linked assets, 710.08
qualifying purchasers, 640.03, 640.04, 640.11, 640.13, 650.04, 740.05, 740.06
record and what it evidences, 620.11
shelter principle, 640.03, 740.07
state digital-asset statutes, 110.10
stored in an electronic medium, 620.03
Uniform Commercial Code Article 12 (Delaware), B10.04
waterfall in subsection (c), 530.04
See also Article 12
Conversion, 301.05, 310.01, 320, 1630.06
British Virgin Islands, 2940.05
claims valuation, 2910.02, 2910.05, 2910.06, 2910.08, 2920.01, 2920.02, 2920.07
consent and the customer agreement, 320.05
conversion rules, 1630.05
delivery in kind, 2440.09
distributions in kind, 2440.09
foundations, 320.04
FTX, 2920.01
FTX Estimation motion, 2920.02
Jacobo v. Doe, 2570.05, 2570.06
measure of damages, 1630.05
merger requirement, 320.02
pricing date for distributions, 2920.07
property (Digital Assets etc) Act 2025, 440.08
qualifying purchasers, 640.13, 740.06
Rothko decision, 1630.08
specific recovery, 320.07
things in action, 410.04, 410.06, 460.04
tokens and the tort, 320.04
tort of conversion, 320.01
trespass to chattels, 320.06
trespass to chattels and replevin, 320.08
turnover orders, 2440.09
Convertible virtual currency, 130.03, 3320.02
application to convertible virtual currency, 3410.03
mixers and privacy tools, 3320.09, 3340.06, 3410.05
money services businesses, 3320.07, 3410.06
Section 311, 3340.05
travel rule, 3410.03, 3410.05, 3410.06
unhosted wallets, 240.08, 3320.04, 3340.02, 3440.01, 3440.02, 3440.03
Cotrustees
co-fiduciaries and contribution, 1610.06
co-fiduciary liability in Rothko, 1460.08
delegation, custodians and co-trustees, 1460.07
directed trusts, 1510.03, 1520.04, 1530.08, 1530.09
key holders in shared-control arrangements, 1460.06
key-holder agreements, 1460.06
Rothko decision, 1460.08
single trustee, co-trustees or a directed trust, 1510.03
Creditor remedies, 2410, 2420, 2430, 2440, 2450, 2460, 2470, 2480, 2490
judgment creditor after judgment, 2470.05
See also Freezing orders; Turnover orders
Criminal prosecutions
Celsius, 2830.10
Chapter 15, 2580.07
criminal case, 2830.10, 2860.05
freezing orders, 2580.07
FTX, 2860.05
position after 2025, 3350.07
unlicensed money transmitting, 3350.07
Cross-border insolvency, 2940.01
cross-border cases and reform proposals, 2780.02, 2780.04
using Commonwealth Authority in United States Practice, 490.01, 490.03
CRS. See Common Reporting Standard
Crypto assets. See Digital assets, definitions of
Crypto Task Force
2025–2026 shift and the 2026 Interpretation, 3560.01
2026 joint interpretation, 3560.03
Project Crypto, 3560.03
Crypto-Asset Reporting Framework, 3210.01, 3220.01, 3220.02, 3220.07, 3220.09, 3230.05, 3230.06, 3230.11, 3280.07, 3290.01, 3290.04, 4070.05
architecture of cross-border reporting, 3210.01, 3210.07
British Virgin Islands, 3220.08
commitment list, 3230.10
Common Reporting Standard, 3210.03, 3240.01, 3240.04, 3240.05, 3240.08, 3240.09
crypto-asset service providers, 3220.04
definition, A20
England and Wales, 3240.08
entity users and controlling persons, 3230.04
interstate licensing, 3210.06
nexus without tax residence, 3220.08
preexisting and new users, 3230.02
RCASPs and VASPs, 3220.05
relevant crypto-asset, 3220.03
reliance on CRS and FATCA documentation, 3230.03
reporting crypto-asset Service Provider, 3220.04
reporting period and exchange, 3230.09
Section 6050I, penalties, international and state reporting, 3180.06
self-certification at the center, 3230.01
timing against the exchange calendar, 3280.07
transaction reporting and balance reporting, 3210.04
transfers to unhosted wallets, 3230.07
unhosted wallets, 3230.07
United States, 3210.05, 3250.06
valuation and currency, 3230.08
virtual asset service providers, 3220.05
See also DAC8
Crypto-asset service providers, 3810.01, 3860.01, 3860.02, 4001.02, 4060.02
2025 circulars, 4060.01
application and its timetable, 3860.04
asset-referenced tokens, 3380.04, 3860.03, 3860.04, 3880.07
authorisation required, 3860.03
capital requirements, 3860.06
Crypto-Asset Reporting Framework, 3220.04
definition, A20
European Union, 3380.04, 3860.08, 3860.09, 3870.08, 3880.03
liability for loss, 3870.07
offshore platforms, 4060.05
passporting, 3860.08
Philippines, 4060.04
registration requirements, 4060.03
relationship with the BSP regime, 4060.04
reporting crypto-asset Service Provider, 3220.04
segregation of customer assets, 3870.05
sub-custody, 3870.08
supervisory convergence, 3860.09
ten services, 3860.01
Cryptocurrencies. See Native tokens
Cryptopia, 1030.01
custodial trusts, 450.03
early failures, 2810.01, 2810.04
express trust from terms and conduct, 450.03
New Zealand, 450.01, 1030.05, 2940.07
QuadrigaCX, 2810.01
Ruscoe v Cryptopia, 170.08, 480.01, 1030.05
Ruscoe v Cryptopia Ltd (in liq), 1030.05
Currency transaction reports, 3310.07, 3360.03
definition, A20
program, reporting and recordkeeping obligations in practice, 3330.07
Custodial trusts, 480.07, 1010.06
Cryptopia, 450.01, 450.03, 1030.05, 2940.07
definition, A30
Gatecoin decision, 470.01, 1030.06, 4040.08
Hong Kong, 470.01, 1030.06, 4040.08
New Zealand, 2940.07
Ruscoe v Cryptopia, 480.01, 1030.05
terms and conduct, 450.03
three certainties, 480.03, 1030.02
United States, 1030.08
Custodial wallets. See Hosted wallets
Custodians. See Custody
Custody, 560.06, 910, 920, 930, 950.06, 1120.02, 1150.01, 1180.03, 1220.06, 1590.04, 2250.06, 2250.08, 2320.03, 2890.01, 3030.04, 3030.05, 3250.03, 3480.04, 3990.03, 4050.06
Article 8, 750.06, 830.06, 2730.03, 3250.03
asset-referenced tokens, 830.06, 3860.05, 3870.04
Bermuda, 3970.05
broker-dealers, 1140.02, 1140.03, 1140.06
Celsius, 960.04, 1060.03, 1060.04, 1060.05, 1250.02, 1260.06, 2830.04
Celsius, custody and earn, 960.04
Celsius Custody program, 1250.02
choosing a model by client type, 980.01, 980.02, 980.03
client assets, trading platforms and market abuse, 3870.05, 3870.08
collaborative custody, 250.07, 940.01, 940.09
crypto-asset service providers, 3860.02, 3870.07
custodial staking, 1210.08, 1220.04
custodian, meaning, 180.06, 1310.05
custody accounts, 2720.05
custody agreement, 1190.08, 3870.04
custody and withhold, 2830.04
custody standard, 1690.02
custody without possession, 910.01
directed trusts, 1530.04, 1530.05, 1530.06, 1530.11, 1540.06, 1560.07, 1560.08, 1570.06, 1590.01, 1590.02, 1590.04, C40.05, C50.02, C50.03
direction provision, 1590.02
documents of a custody arrangement, 910.06
drafting customer and custody agreements, 390.02
estate administration, 2320.03, 2390.06
exculpation, 1590.04, 1640.05, E50.04
forks, 950.07, 1070.07, 3870.06
FTX, 960.07, 1060.11, 1260.06, 2850.04, 3970.07
GENIUS Act, 1110.05, 1110.06, 1110.07, 2730.10, 2730.11, 2730.12
Interpretive Letter 1184, 1150.06
investment advisers, 1120.01, 1120.04, 1130.05
key material and the key record, C40.03, C40.04, C40.05, C40.06
key-holder agreements, 1560.08, 2280.03, C60.02
lot identification, 3030.04, 3030.05, 3030.08
model custody provision, 3890.03
payment stablecoins, 1110.05, 3710.05, 3760.04
Prime Core, 960.06, 1160.09, 2870.04
qualified custodians, 1120.03, 1120.08, 1180.01, C40.03
rehypothecation, 330.07, 1260.04, 2720.08
reserves, stablecoins and keys, 3760.04
safekeeping and control, 1110.03
segregation of customer assets, 950.03, 1110.06, 1160.09, 3870.05, 4030.06
self-custody, 920.07, 920.09, 1380.01, 1380.06, 2280.03, 2440.02, 3201.05, 3270.05
shortfalls, 1060.04
single point of failure, 910.05, 920.01, 920.02, 920.03, 920.04, 920.08, 920.09
state custody statutes, 2730.06
sub-custody, 950.06, 1150.06, 1190.08, 3870.08
terminology used in this treatise, 180.06
third-party custody, 950.01, 950.08, 950.09
trust companies, 750.06, 950.08, 1080.06, 1130.01, 1130.03, 1130.04, 1130.05, 1130.06, 1130.07
virtual asset service providers, 180.10, 4050.06
will substitutes, 2250.06, 2250.07
Wyoming, 330.07, 1020.05, 1020.06, 1020.07, 1160.02, 1160.03, 1160.04, 1220.05
Wyoming custody election, 330.07
Wyoming digital asset law, 1160.02, 1160.03, 1220.05
Wyoming's custody statute, 1160.02
See also Bailment; Qualified custodians; Self-custody; Third-party custody
asset-referenced tokens, 3870.04
book entries, 1190.08
custodial staking, 1220.04
drafting a custody agreement, 990.01
drafting customer, 390.02
drafting the custody agreement, 1090.01
exchange-traded products, 1130.09
exculpation, E50.04
exculpation in the custody agreement, E50.04
investment advisers, 1130.05
provisions to resist, E30.05
registered funds, 1130.09
sub-custody, 1190.08
trust companies, 950.08, 1080.06, 1130.05, 1130.07, 1150.09
using the model provisions, E30.07
Customer claims, 2760.06, 2860.01
2014 Uniform Act, 1310.03
bar dates, 2760.02
bar dates and proofs of claim, 2760.02, 2760.09, 2760.10
claims trading, 2760.09
commingling under the GENIUS Act, 1110.06
computation disputes, 2760.10
Cryptopia, 450.01
customer-property question, 2850.07
definition, A20
FTX, 1060.11, 2850.07, 2860.02
GENIUS Act, 1110.06
New Zealand, 450.01
plans of reorganization, 2860.02
preferences, 2960.05
program and entity, 2760.04
property of the estate, 1060.11, 2710.05
segregation of customer assets, 1110.06
self-custody, 2710.05
yield products, 1040.04, 1250.01
See also Claims valuation
Customer due diligence
customer due diligence and monitoring, 3390.04
customer due diligence and transfers, 4050.09
virtual asset service providers, 4050.09
D
DAC8, 3210.01, 3240.05, 3290.01
Common Reporting Standard, 3240.05, 3240.09
Crown Dependencies and overseas territories, 3240.09
DAC8 and MiCA, 3240.06
definition, A30
electronic money, 3240.03
European Union, 3240.05, 3240.06
Markets in Crypto-Assets Regulation, 3240.06
stablecoins and e-money tokens, 3240.03
See also Crypto-Asset Reporting Framework
DAO LLCs, 2010, 2020, 2030, 2040, 2050, 2060, 2070, 2080, 2090, D01.01, D01.02, D90.03
amendment of articles, D60.02
DAO LLC or DUNA, 2060.10
definition, A30
different order of precedence, D80.01
DUNA, 2060.10
liability shield, 2050.09
Marshall Islands, 2080.07, 2090.05
Marshall Islands DAO Act, 2070.03, 2070.05, 2070.06, 2070.08, 2070.09
operating agreements, 2030.09, 2090.01, D70.01
permitted business, 2070.13
required contents, D60.02
resident domestic LLC, 2070.02
statements of management, 2030.02, 2030.07, 2030.08, 2090.04
United States, 2080.08
Utah DAO Act, 2070.13, D80.01, G60.01
Wyoming DAO LLC, D70.01
Wyoming DAO Supplement, 2020.08, 2030.01, 2030.02, 2030.08, 2040.09, 2080.07, 2090.04
DAOs. See Decentralized autonomous organizations
DAPTs. See Domestic asset protection trusts
Data protection
travel rule, 3420.08
Dealers and traders
2020 Commission statement, 1140.02
broker-dealer model, 1260.02
broker-dealers, 1140.01, 1140.02, 1140.03, 1140.05, 1140.06, 1260.02
broker-dealers as qualified custodians, 1140.06
character, holding period, dealers and traders, 3020.03, 3020.04
customer-protection rule, 1140.01
December 2025 staff statement, 1140.04
effect of the 2020 statement, 1140.03
holding period, 3020.04, 3020.06
no-action letters and staff statements, 1140.04
qualified custodians, 1140.06
rehypothecation, 1260.02
relation between the two statements, 1140.05
self-employment and investment income, 3020.06
state taxation, 3180.07
Debtor-creditor relationship, 480.07, 1010.06, 1040
bank-deposit model, 1040.01
Celsius, 1040.04
decisions that followed, 420.04
definition, A30
In re Celsius Network LLC, 1040.04
indicators of a debtor-creditor relationship, 1040.03
Decentralization, 3150.06
crypto-assets with no identifiable issuer, 3810.07
European Union, 3810.06, 3810.08
Markets in Crypto-Assets Regulation, 3810.06, 3810.08
protocols and DAOs, 3650.01
stated purposes, 1910.07
Decentralized autonomous organizations, 160.02, 1910, 1950.01, 1950.04, 1960.01, 1990.07, 2001.03, 2010, 2020, 2030, 2040, 2050, 2060, 2070, 2080, 2090, D01.01
2021 enactment, 2010.02
2022 amendments, 2010.04
2026 change of approach to developers, 3650.07
amendment of articles, D60.01, D60.02
amici's arguments, 1940.03
appearance on behalf, 1970.04
beneficial ownership, 2070.11
CFTC jurisdiction, 1940.01, 1940.02, 1940.04
CFTC v. Ooki DAO, 1940.01, 1940.02
choosing a wrapper, 2080.07
class-conflict point, 1930.03
consequences of partnership classification, 1980.04
current management provisions, 2010.05
DAO LLCs, 2030.09, 2060.10, 2070.04, D70.01
DAO Report, 3520.01
decentralization, 1910.07
decided cases, 1901.03
default classification, 1980.02
default rules that a DAO displaces, 1920.06
definition, A30
developers and DAOs, 3690.03
DUNA, 2060.10
elements applied, 1920.02
entity classification, 1980.01, 1980.02
foreign DAOs, 2060.08
forks, 220.05
foundations, 1890.01
founders' parallel exposure, 1940.04
general unincorporated association, 1920.10
governance tokens, 160.02, 160.03, 160.07
governance tokens and protocol interests, 160.02
joint ventures, 1920.10
Lido DAO decision, 1950.02
LLC or DUNA, 2060.10
Marshall Islands DAO Act, 2070.03, 2070.05, 2070.06, 2070.07, 2070.08, 2070.09
membership interests, B40.04
Ooki DAO, 3650.06
Ooki DAO decision, 1970.01, 3650.06
partnership exposure, 160.03
permitted business, 2070.13
purpose trusts, 1890.01
regulatory treatment, 160.04
required contents, D60.02
resulting model, 2010.06
Sarcuni decision, 1910.01, 1930.02, 1930.03
Sarcuni v. bZx DAO, 1930.01, 1930.02
statements of management, 2030.02, 2030.08
treasury management, 1910.04, 1980.06
Utah, D80.02
Utah DAO Act, 2070.13, D80.01, D80.02
veil and alter-ego arguments, 1970.11
veil piercing, 1970.11
Wyoming DAO LLC, D60.01, D70.01
Wyoming DAO Supplement, 2010.02, 2010.06, 2030.01, 2030.02, 2030.08, 2080.07, D70.04
Wyoming Decentralized Autonomous Organization Supplement, B40.04
See also DAO LLCs; Unincorporated DAOs
Decentralized exchanges, 2350.05
Decentralized finance
broker reporting, 3150.01
DeFi broker rule, 3150.02
gap T.D. 10000 left, 3150.01
T.D. 10021, 3150.02
Decentralized unincorporated nonprofit associations. See DUNA
DeFi. See Decentralized finance
DeFi broker rule
broker reporting, 3150.01, G80.01
decentralized finance, 3150.01, 3150.02
front-ends and interfaces, 3150.02
T.D. 10021, 3150.02
Delaware
charging orders, 1720.02
Delaware LLC Act, 1720.02, 1750.02
directed trusts, 1530.09
diversification, 1440.04
exculpation, 1640.04
gross negligence and wilful misconduct, 1410.04, 1440.04, 1520.05, 1640.04
indemnification, 1410.04
trust protectors, 1520.05
agent's duty and jurisdiction, 1460.03
approval of delegation in South Dakota, 1460.04
co-fiduciary liability in Rothko, 1460.08
cotrustees, 1460.07
custodians and co-trustees, 1460.07
delegates and delegated voting, 1910.05, 1960.06
delegation and its limits, E50.03
delegation and loyalty, 1280.09
delegation permitted, 1460.01
improper delegation, 1620.07
key holders in shared-control arrangements, 1460.06
key-holder agreements, 1460.06
property in staked assets and rewards, 1220.02
Rothko decision, 1460.08
signers and custodians, 1740.03
signers, delegates and contributors, 1910.05
South Dakota, 1460.04
staking services, 1210.06
staking without transfer of custody, 1210.06
validators, 1210.06
Deposit accounts, 730.01
Article 9, 620.05, 620.12, 670.03
controllable accounts, B20.05
controllable electronic record, 620.08
controllable electronic records, 620.01, 620.12, 710.02
Deposit insurance
marketing and insured status, 3720.07
Derivatives, 1480.04, 3601.02, 3610, 3620, 3630, 3640, 3650, 3660, 3670, 3680, 3690
2023 orders, 3650.02
allocation between the SEC and the CFTC, 3680.01
Article 8, 3250.03
backup withholding, 3170.09
Binance, 3640.07
bridges, 2530.08
bridges and mixers, 2530.08
broker reporting, 3130.06
categorical approach, 3610.05
CFTC jurisdiction, 3660.10, 3680.03, 3680.04
Coinflip decision, 3610.03
commodity broker definition, 2740.05
decentralized protocols and DAOs, 3650.03, 3650.05
digital assets and offshore platforms, 3640.03, 3640.06, 3640.07
enforcement against exchanges, 3360.02
full regulatory framework, 3640.01
futures market intermediaries, 3640.01
intermediaries at the Commission, 3670.06
listed futures on tokens, 3640.02
market manipulation, 3620.04
mixers and privacy tools, 2530.08
Monex decision, 3630.08
My Big Coin decision, 3610.05, 3610.06, 3610.10
offshore platforms and U.S. customers, 3640.05
Opyn decision, 3650.03
partnership taxation, 1730.07
perpetual contracts, 3640.04
private-law consequences of each model, 860.07
products that cross the line, 3680.03
Regulation 180.1, 3610.06, 3620.04
repurchase agreements and securities contracts, 2930.04
retail commodity transactions, 3630.08
staff actions, 3660.07
stockbroker liquidation, 2740.05
taxonomy of digital assets, 3610.09, 3610.10, 3660.10
treatment of non-permitted stablecoins, 3720.06
virtual asset trading platforms, 4030.01
voidable transfers, 2610.06
Developers, 430.04
2026 change of approach, 3650.07
2026 joint interpretation, 3560.09
airdrops, 3560.09
decentralized applications, 3320.07
Department of Justice position after 2025, 3350.07
developer duties, 220.08
developers and DAOs, 3690.03
developers' exposure, 1880.06
exchanges as recipients, 430.03
exchanges as respondents, 430.03
front-ends and interfaces, 3320.07
independence in fact, 1850.07
location of nodes, validators or the developers, 520.05
mixer cases before 2023, 3350.04
mixers and privacy tools, 3350.04
money services businesses, 3320.07
non-fungible tokens, 430.01
ownerless structures, 1810.08
privacy tools, 280.03
section 1960 and the developer prosecutions, 3350.05
service providers, 1960.08
situs, 520.05
tether, 430.01
Tulip Trading decision, 220.08
unlicensed money transmitting, 3350.05, 3350.07
upgradeability of smart contracts, 3650.07
validators, 520.05
Development companies
development company and the transition, 1910.06
DEXs. See Decentralized exchanges
DFAL. See California Digital Financial Assets Law
DIFC, 3940
Article 12, 3940.06
asset-referenced tokens, 3940.05
crypto token regime, 3940.02
definition, control and title, 3940.05
digital assets law, 3940.03
Dubai International Financial Centre, 3940.04, 3940.07
effect on custody, 3940.08
escrow, 3940.08
financial free zones, 3910.02
private law in Dubai outside the DIFC, 3920.08
United Arab Emirates, 3910.01, 3910.02, 3910.06, 3920.08, 3940.01, 3940.03, 3940.07, 3940.08, 3990.02
VARA, 3920.08
Digital asset securities, 3540.05, 3560.07, 3560.08
2026 joint interpretation, 3540.05, 3560.04, 3560.09
broker-dealers, 1140.01, 1140.02, 1140.03, 1140.04, 1140.05, 1140.06
definition, A60
no-action letters and staff statements, 1140.04
secondary trading and separation, 3560.08
Digital commodities, 3610.09, 3670.04
definition, A30
intermediaries at the Commission, 3670.06
market-structure legislation, 2780.07
Digital executors. See Fiduciary access
Digital payment tokens, 4010
2024 expansion of scope, 4010.03
anti-money-laundering obligations, 4010.09
central Bank of the UAE, 4010.03
consumer protection, 4010.05
consumer-protection guidelines, 4010.05
definition, A30
definition of digital payment token, 4010.02
MAS's 2023 decision on investor protection, 4010.04
payment services, 4010.01
Payment Services Act (Singapore), 4010.01
Digital token service providers, 4020.01
commencement and scope, 4020.02
definition, A30
Singapore, 4020.02
Directed trusts, 1510.02, 1510.03, 1510.07, 1520.02, 1530.02, 1530.05, 1530.06, 1550.04, 1560.02, C01.03, C01.06, C10.04, C40.02, C50.01, C90.06
accounting and reporting, 1570.06
airdrops, 1550.07
allocating functions, 1590.01
Article 12, C80.02
Article 9, C60.02
choosing a European custodian, 3890.02
choosing a statute for a digital-asset trust, 1520.12
custody direction provision, 1590.02
custody, key material and the key record, C40.05, C40.06
definition, A20, A30, A40, A90
Delaware, 1530.09
delegation and its limits, E50.03
directed trust as the principal tool, 1501.03
directed trust statutes, 1520.01, 1520.09
directed trustees and advisers, 1610.07
directed trustee's residual duties, 1530.05
directed-trust statutes, G40.01
director's fiduciary standard, 1530.03
director's standard, C50.02
diversification, C30.03, C30.04
du Pont v. Wilmington Trust Co, 1530.07
elements of a retention clause for tokens, 1550.02
engagement terms for a professional director, 1530.11
exculpation, 1590.03, 1590.04, C90.01, C90.03, C90.04, C90.05
exculpation clauses, 1640.07
exculpation provision, 1590.03
fiduciary overlay, E50.05
forks, 1550.07
funding the trust, 1560.07
governance tokens, 1510.07, 1550.06
governing law, C01.04
gross negligence and wilful misconduct, C90.03
jurisdiction over directors, 1530.10
key-holder agreements, 1560.04, 1560.08, C60.02, C60.04, C60.05
LLC Under a trust, 1780.06
Mennen litigation, 1530.08
New Hampshire, 1520.10
nonfiduciary directors, 1530.04
notes on the model powers provision, 1550.08
offshore trusts, 1580.06, 1580.07
powers over digital assets, staking and lending, C20.02, C20.03, C20.04, C20.05, C20.06
proof of control, 1560.05
single trustee, co-trustees or a directed trust, 1510.03
situs, 1580.01, 1580.02, 1580.03
South Dakota, 1520.07
trust directors and the directed trustee, C50.03, C50.04, C50.05, C50.06
trust protectors, 1520.10, 1540.04, 1540.06, G40.01
Uniform Act, 1520.02, 1520.03, 1520.04
Uniform Trust Code, 1520.11
Wyoming, 1520.09
See also Trust protectors
account debtors, 650.05, B10.04
badges of fraud, 2620.08
comparison with § 9-406, 650.09
contrasting result, 2770.07
controllable accounts, 650.05, 650.06, 650.10
controllable accounts, controllable payment intangibles and discharge, 650.06
discharge of the account debtor, 650.05
governing law, 660.07
governing law and perfection, 650.10
grounds for denial, 2770.05
individual debtor who holds digital assets, 2770.06
individual debtors, 2701.05, 2770.05, 2770.10
recovery and discharge, 2650.05
Uniform Commercial Code Article 12 (Delaware), B10.04
Disclaimers
Gatecoin decision, 470.01, 1030.06
letters of instruction, F30.02
reverse solicitation, 3880.04
Disclosure orders, 2550
AA v Persons Unknown, 2540.02, 2540.04, 2540.06
Bankers Trust jurisdiction, 2550.03
definition, A40
full and frank disclosure, 2540.08
gateway 25, 2550.05
LMN v Bitflyer, 2550.06, 2550.08, 2550.09, 2550.10
LMN v Bitflyer Holdings Inc, 2550.06
non-fungible tokens, 430.01
Norwich Pharmacal jurisdiction, 2550.02
persons unknown, 2540.02, 2540.04, 2540.06, 2560.01, 2560.03, 2560.08
problem of foreign respondents before 2022, 2550.04
service out of the jurisdiction, 2550.10
tether, 430.01
Discovery, 2410.07
asset protection, 2660.01, 2660.07, G50.01
blockchain analysis as evidence, 2410.04
discovery and the public ledger, 2640.08
domestic asset protection trusts, 2660.01, 2660.07, G50.01
expedited discovery from exchanges, 2570.10
federal pattern, 2570.01
Jacobo v. Doe, 2570.05, 2570.06, 2570.07
notice and discovery periods, 2660.07
proof of control, 2410.06
proof of control by signed message, 2410.06
questions directed to the debtor, 2410.02
right to discovery, 2410.01
section 1782, 2570.11
Section 1782 discovery, 2570.11
subpoenas to platforms, 2410.03
Texas, 2640.08
weight of tracing evidence, 2410.05
Dissolution, 2060.02
challenge by creditors, 1830.06
DAO LLC or DUNA, 2060.10
dissolution by vote, 2060.03
DUNA, 2060.10
lawful purpose, 2060.07
membership interests, B40.04
natural-person control, 2060.05
six dissolution events, 2060.01
time locks, 2060.04
withdrawal and dissolution, 2070.12
Wyoming Decentralized Autonomous Organization Supplement, B40.04
Distributed ledgers, 180.02, 210.01
ADGM, 3930.06
amendment of articles, B40.04
analysis as evidence, 2410.04
blockchain analytics, 2520.02, 3330.04, 3490.06
blockchain tracing, 280.04
blocks and consensus, 210.01
definition, A50
digital commodity, 3670.04
DLT Foundations, 3930.06
DLT Pilot Regime, 880.04
European Union, 880.04
expert evidence, 2520.05
expert evidence in the United States, 2520.05
foundations, 3930.06
investment contract assets and mature blockchain systems, 3670.05
membership interests, B40.04
open blockchain and publicly available identifier, 2020.06
smart-contract identifiers, 2020.06
transaction monitoring and blockchain analytics, 3330.04
Wyoming DAO Supplement, 2020.06
Distributions in kind, 1780.05, 2430.02, 2801.05, 2810.02, 2901.05, 2950
beneficiaries without technical capacity, 2170.07
conversion, 2440.09
default rule of distribution in kind, 2390.01
definition, A30
delivery in kind, 370.05
delivery in kind or conversion, 2440.09
delivery up in kind or value, 2540.10
distribution in kind and the valuation date, 2130.07
distributions in kind and the estate's gain, 2370.08
estate administration, 2130.07, 2190.04, 2390.06
freezing orders, 2540.10
Gatecoin decision, 2950.07
interests move, D50.02
measure of damages, 1630.07
Mt. Gox, 2950.07
premarital and marital agreements, 360.06
property of the estate, 1060.11, 2880.01, G70.01
restoration in kind, 1630.07
search orders, 2540.10
turnover orders, 2440.09
unclaimed property, 370.02, 370.05, 370.06
valuation at distribution, 2390.02
withholding and reporting, 2950.06
District of Columbia default rule, 530.06, 660.04
account debtors, B10.04
Article 12, 530.06, 530.08, 530.11, 560.07, 660.09, B10.02
controllable accounts, B10.04
controllable electronic records, 530.04, 780.02
money laundering and unlicensed transmission, 380.04
Diversification, 1401.03, 1430, 1440.08, 1501.02, 1501.04, 1550.01
Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust #1, 1440.03
applying the cases to a digital-asset concentration, 1430.07
asset-referenced tokens, 1440.03
beneficiary consent, 1430.09
common-law antecedents, 1430.03
concentrated holdings, 1430.01
definition, A30
directed trusts, 1550.02, 1550.08, C30.03
duty of care, 1760.02
elements of an effective clause, C30.02
estate administration, 1630.02, 2330.04
imprudent retention, 1620.05
In re Estate of Janes, 1430.04
In re Estate of Saxton, 1430.05
Janes decision, 1430.04, 1630.03
Ohio, 1440.02
problem the article addresses, C30.01
purpose and the settlor's intention, 1510.02
retention and diversification relief, C30.03, C30.04
retention and the duty, G40.02
South Dakota, 1410.05, 1440.05
special circumstances, 1430.08
statutory support, C30.05
treasury management, 1860.06
treasury policy, 1860.06
Wood v. U.S. Bank, N.A, 1440.02
DLT. See Distributed ledgers
Dollarization of claims. See Claims valuation
Domestic asset protection trusts, 2601.05, 2640.08, 2660.01, 2660.03, 2660.04, 2660.07, G50.01
Alaska, 2650.07
conflict-of-laws problem, 2660.03
definition, A30
fraudulent transfer actions in bankruptcy, 2650.07
holding digital assets, 2660.01, 2660.04
notice and discovery periods, 2660.07
offshore trusts, G50.01
section 548(e), 2650.04
Domicile and residence
Article 12, 540.05
British Virgin Islands, 3220.08
conversion, 540.05
Crypto-Asset Reporting Framework, 3220.08
customers and residence, 4090.02
displaces domicile, 550.03
Ion Science decision, G20.01
nexus without tax residence, 3220.08
owner's domicile, 520.02
residence of the person in control, 520.03
Dubai. See United Arab Emirates
Dubai International Financial Centre. See DIFC
Due diligence, E20
compliance posture, E20.06
counterparty due diligence, 3420.06
Crypto-Asset Reporting Framework, 3230.01
customer due diligence, 3390.04, 4050.09
customer due diligence and monitoring, 3390.04
customer due diligence and transfers, 4050.09
customer identification, 3330.03
FATCA, 3230.03
FATF standards, 3420.06
real-world assets, 890.04
reliance on CRS and FATCA documentation, 3230.03
self-certification at the center, 3230.01
tokenized securities, 890.04
virtual asset service providers, 4050.09
DUNA, 2060
DAO LLC, 2060.10
DAO LLCs, 2060.10
decentralized unincorporated nonprofit association, 2060.09
definition, A30
unincorporated nonprofit associations, 2060.09
Duty of care
bailment, 1020.08
duties of the manager over volatile assets, 1760.02
gross negligence and wilful misconduct, 1640.11
professional trustees, standard of care, 1640.11
Duty of loyalty, 1760.05
breach of the duty of loyalty, 1620.09
Delaware, 1640.04
gross negligence and wilful misconduct, 1640.04
Duty to inform and report, 1480.06
accounting as protection, 1660.01
inventory, appraisal and the Form of Administration, 2340.07
Duty to take control, 1410.06, 1450.01
definition, A30
duty to secure, 1760.04
estate administration, 2140.01
insurance and abandonment, 1450.08
personal representative's powers and duties, 2140.01
theft and casualty losses, 1450.08
E
Efforts of others, 3560.07
collectibles, 3530.05
DAO Report, Telegram and Kik, 3520.05
definition of security and the Howey Test, 3510.05
expectation of profits, 3510.08
non-fungible tokens, 3530.05
Electronic money, 620.01, 730.01, 730.08, 3820.09
Article 8, 670.07
Article 9, 620.05, 620.12, 670.03, B20.05
asset-referenced tokens, 3820.03, 3820.04, 3890.05
central bank digital currencies, 140.10, 3240.02
classifying digital-asset collateral, 710.04
Common Reporting Standard, 3240.01, 3240.02, 3240.09
control of electronic money, 670.04
controllable accounts, B20.05
controllable electronic record, 620.07
controllable electronic records, 620.01, 620.07, 620.12, 710.02
definition, A30
effect of the added sentence, 670.02
e-money and Central Bank digital currencies, 3240.02
e-money tokens, 3240.03, 3820.02, 3850.01, 3850.02, 3850.03, 3850.04, 3850.07, 3850.08, 3850.09
European Union, 110.07, 140.05, 3810.08
issuance and redemption at par, 3850.03
Markets in Crypto-Assets Regulation, 110.07, 140.05, 3810.08
money in Article 9, 670.03
perfection and transfer, 670.05
prohibition of interest, 3850.04
safeguarding, 3850.05
safeguarding and investment of funds received, 3850.05
significant e-money tokens, 3850.08
significant tokens, 3850.08, 3850.09
stablecoins and e-money tokens, 3240.03
tokenized deposits, 140.10, 3250.07
tokens and significant tokens, 3850.10
tokens referencing a non-Union currency, 3850.07
utility tokens, 3820.04
white paper and recovery planning, 3850.06
white papers, 3850.06
E-money tokens, 3810.01, 3820.02, 3820.09
asset-referenced tokens, 3820.03, 3820.04
DAC8, 3240.03
definition, A30
electronic money, 3240.03, 3820.02, 3820.04, 3850.01, 3850.02, 3850.03, 3850.04, 3850.07, 3850.08, 3850.09
European Union, 140.05, 3810.08
issuance and redemption at par, 3850.03
Markets in Crypto-Assets Regulation, 140.05, 3810.08
prohibition of interest, 3850.04
safeguarding, 3850.05
safeguarding and investment of funds received, 3850.05
significant e-money tokens, 3850.08
significant tokens, 3850.08, 3850.09
stablecoins and e-money tokens, 3240.03
tokens referencing a non-Union currency, 3850.07
white paper and recovery planning, 3850.06
white papers, 3850.06
EMTs. See E-money tokens
Enactments of the 2022 amendments, 610.07, 701.02, 790.01, 2010.04
Article 12, 530.01, 530.06, 530.07, 530.10, 530.11, 610.07, 660.09, 2010.04
Article 9, 670.06, 680.08, 740.08
California, 1310.07
electronic money, 670.02, 670.07, 710.04
guardianship and conservatorship, 1310.07
investment property, 710.06, 780.03
non-uniform enactments, 680.06, 1310.07
state of enactment, 680.05
transition rules, 680.01, 740.08
Wyoming, 680.08
Enforcement actions
Binance, 3360.03
enforcement against exchanges, 3360.03
Gemini Earn, 1250.07
Genesis and Gemini Earn, 1250.07
monitorships after a pardon, 3360.04
pardons, 3360.04
Enforcement after default, 770.04
commercially reasonable disposition, 770.03
smart-contract liquidations, 770.09
England and Wales, 420, 440, 490
asset-referenced tokens, 3880.09
blocking and reporting, 3470.10
Common Reporting Standard, 3240.08
consumer protection, 570.05, 570.06
Crypto-Asset Reporting Framework, 3240.08
digital assets, definitions of, 110.09
expert evidence, 2520.04
jurisdiction clauses, 570.05, 570.07
law Commission, 440.01, 550.07
Markets in Crypto-Assets Regulation, 3880.09
money, 2940.03
non-fungible tokens, 430.01
persons unknown, 170.07
Privy Council jurisdictions, 1640.09
property (Digital Assets etc) Act 2025, 110.09, 490.02
regulatory sandboxes, 880.05
risk assessment, 3430.06, 3430.07
securities intermediaries, 880.07
service out of the jurisdiction, 550.01, 550.05, 550.07
terrorist financing, 3430.04, 3430.05
tether, 430.01
things in action, 420.01, 440.01
tokenized securities, 880.05
travel rule, 3430.04
UK Jurisdiction Taskforce, 170.07, 420.01
unhosted wallets, 3430.07
Uniform Trust Code, 1640.09
Estate administration, 2101.02, 2101.03, 2110.03, 2140.03, 2140.05, 2190.04, 2190.05, 2301.03, 2310, 2320, 2330, 2340, 2350, 2360, 2370, 2380, 2390, F60.02
Ajemian v. Yahoo!, Inc, 1370.06
alternate valuation, 2360.05, 2360.09
appraisers, 2340.04
authority before transfer, 2320.02
basis consistency, 2370.04
beneficiary designations, 1330.06, B30.05
choosing the form for a digital-asset estate, 2340.06
community property, 2170.02
completion notes, F60.03, F70.02
concealed or withheld assets, 2310.06
control as the first act of administration, 2320.01
date-of-death value for the inventory, 2340.03
definition, A70
designing the estate's custody, 2320.03
disclaimers, F30.02
distributions in kind, 2130.07, 2390.02, 2390.06
diversification, 2330.04
duty to take control, 1450.08, 2140.01
electronic wills, 2260.07
estate tax, 2350.09, 2360.09, 2370.04, 2380.03, 2380.04
executor's personal exposure for tax, 2380.08
fiduciary liability, 1460.08
harmless error, 2120.07, 2260.07
In re Estate of Rothko, 1470.05
instructions and secrets, 2120.07
inventory requirement, 2340.01
keeping key material out of the instrument, 1390.05
key-holder agreements, 2270.07, 2280.03, 2290.03, F40.02
letters of instruction, 2120.04, F30.02
lost keys, 2280.06, 2380.02, 2380.03
personal representative, 1610.02
personal representatives, 1350.02, 1350.03
personal representative's duties, 2301.03
personal representative's powers and duties, 2140.04
petitions for instructions, 2330.06
probate publicity, 2120.02
QuadrigaCX, 240.10
record of secrets, 2120.08
residuary estate, 2140.02
retention pending distribution, 2140.02
revocable trust as a probate substitute, 1580.04
revocable trusts, 1580.04, 2150.02, 2150.03, 2150.06
Rothko decision, 1460.08, 1470.05, 1630.02
seed phrases, 2220.03, 2220.04
separate writing for tangible property, 2120.04
single point of failure, 240.10
specialist assistance, 2310.07
statutory standard, 2330.02
Stored Communications Act, 1370.06, 1370.08, 1370.10
supervised administration, 2340.05
theft and casualty losses, 1450.08, 2380.04, 2380.05
token contracts, 2270.06
transferees and personal representatives, 1750.06
Estate planning, 2110, 2120, 2130, 2140, 2150, 2160, 2170, 2180, 2190
beneficiary designations, 1330.06
guardianship and conservatorship, 2160.07
online tools, 1330.03, 1330.04, 1330.06
override of terms of service, 1330.04
See also Key succession
across borders, 2180.08
alternate valuation, 2360.01, 2360.02, 2360.03, 2360.04, 2360.05, 2360.09
amounts for 2026, 2301.05
appraisals for estate tax purposes, 2360.09
basis consistency, 2370.04
choosing the market, 2350.04
definition, A40
distributions in kind, 2370.08
estate administration, 2330.06, 2350.09, 2360.05, 2360.09, 2380.08
estate's income tax return, 2370.07
federal estate tax, 2350.01, 2350.09
income in respect of a decedent, 2370.05, 2370.06
losses during administration, 2380.03
lost keys, 2380.01, 2380.02, 2380.03
nonfungible tokens, 2350.07
petitions for instructions, 2330.06
staking rewards, tax, 2370.06
tax at death, in outline, 2280.07
tax framework, 2301.04
theft and casualty losses, 2380.04
Ethereum
Article 8, 750.06, 840.06, 1070.06
asset protection, 2660.07
automatic stay, 2750.06
badges of fraud, 2620.08
bailment, 1020.07
Celsius, 2830.04
conversion, 540.05
decisions that followed, 420.04
directed trusts, 1530.06, 1550.08
discharge, 2620.08
domestic asset protection trusts, 2660.07
ether and stablecoins, 3610.07
forks, 220.05
interests that fail the test, 310.08
layer-2 networks, 270.07
like-kind exchanges, 3040.01
multi-signature arrangements, 930.06
online tools, 1380.08
Opyn decision, 3650.03
oracles, 270.07
payment services, 4010.08
rehypothecation, 2720.08
rights in the collateral, 720.04
self-custody, 1380.08
state digital-asset statutes, 110.10
validators, 210.05
Wyoming, 1020.07
EU. See European Union
European Union, 3810, 3820, 3830, 3840, 3850, 3860, 3870, 3880, 3890
asset-referenced tokens, 110.07, 3380.04, 3880.09
Common Reporting Standard, 3240.05
crypto-asset service providers, 3860.08, 3860.09, 3870.08
decentralization, 3810.06
DLT Pilot Regime, 880.04
electronic money, 140.05
e-money tokens, 3850.09
Markets in Crypto-Assets Regulation, 110.07, 140.05, 150.10, 1230.08, 3240.06, 3810.06, 3810.08, 3820.06, 3880.03, 3880.09
national competent authorities, 1230.08, 3820.06, 3860.10, 3880.02, 3880.03
non-fungible tokens, 150.10
passporting, 3860.08, 3860.09, 3860.10
qualified custodians, 3810.08
rehypothecation, 1260.05
Russia, 3470.09
significant tokens, 3850.09
sub-custody, 3870.08
Transfer of Funds Regulation, 3380.04, 3430.01
transitional periods, 3880.02
Wyoming digital asset law, 1260.05
See also Markets in Crypto-Assets Regulation
Exchange accounts, 690.01, 1380.03
hosted accounts, 1380.02
online tools, 1380.08
online tools for financial accounts, 1380.08
platform accounts, 2310.03
securing the account during administration, 1380.05
Exchange failures
Bahamas, 2850.06
claims against failed platforms, 2380.06
FTX, 2850.01
global settlement with the Bahamian liquidators, 2850.06
group and the collapse, 2850.01
hacks, lost keys and failed platforms, 3060.07
lost keys, 3060.07
theft and casualty losses, 3060.07
Exchange-traded products
exchange-traded funds, 4040.06
grantor trusts, 3070.07
outside the 1940 Act, 1130.09
registered funds, 1130.09
trust companies, 1130.09
Exclusivity, 310.02, 310.04, 310.05, 410.05, 430.05, 630.07, 730.05
account debtors, B10.04
charging order and its exclusivity, 2480.02
charging orders, 1770.02, 2480.02
controllable accounts, B10.04, B20.05
creditors of members, 1770.02
electronic money, B20.05
exclusive-jurisdiction provisions, 2660.05
jurisdiction clauses, 2660.05
multi-signature arrangements, 730.06
non-fungible tokens, 430.05
power to prevent others, 630.04
power to transfer control, 630.05
presumption of exclusivity, 630.11
rivalrousness as the distinguishing feature, 430.05
Exculpation, 1601.03, 1640.08, 1760.08, 1790.05, C90.04, C90.05
clauses tailored to digital assets, 1640.06
construing a clause written for securities, 1640.05
contractual allocation, 970.02
custody agreements, E50.04
directed trusts, 1530.08, 1590.03, 1590.04, C90.03
drafter-trustee rule, 1640.03
exculpation in the custody agreement, E50.04
exculpation provision, 1590.03
function of an exculpation clause, 1640.01
function of the liability article, C90.01
gross negligence and wilful misconduct, 1590.03, 1640.04, C90.03
indemnity provisions, 1650.02
limits on exculpation, C90.02
mandatory limits, 1410.03
notes on the custody and exculpation provisions, 1590.04
professional trustees, 1640.11
professional trustees, standard of care, 1640.11
tailored exculpation clause, 1690.03
Uniform Trust Code, 1640.02
UTC limit, 1640.02
Executors. See Estate administration
Expert evidence
England and Wales, 2520.04
expert evidence in England, 2520.04
expert evidence in the United States, 2520.05
United States, 2520.05
F
Family offices
Custodia decision, 1170.04
FTX, 960.07
master accounts, 1170.04
property of the estate, 1250.08
segregation of customer assets, 960.07
Voyager, 1250.08
architecture of cross-border reporting, 3210.01, 3210.07
Common Reporting Standard, 3230.03
Crypto-Asset Reporting Framework, 3210.06, 3230.03
definition, A40
practical position of a United States customer, 3250.06
reliance on CRS and FATCA documentation, 3230.03
structure of chapter 4, 3250.01
FATF. See FATF standards
FATF standards, 3380.02, 3380.05, 3420, 4001.04
anti-money-laundering regimes, G90.02
British Virgin Islands, 3970.02
counterparty due diligence, 3420.06
Crypto-Asset Reporting Framework, 3220.02, 3220.03, 3220.05
definition, A40
FATF and its recommendations, 3420.01
Financial Action Task Force standards, 3380.02
grey list, 4070.03
implementation reports, 3380.03
June 2025 revision, 3420.03
mutual evaluation and virtual assets, 4070.04
mutual evaluations, 4070.04
Philippines, 4070.03
term "digital asset" across legal regimes, 110.08
threshold under the FATF Standard, 3420.04
virtual asset service providers, 3220.05
architecture of cross-border reporting, 3210.01, 3210.07
definition, A40
FBAR and Bittner, 3260.08
FinCEN Notice 2020-2, 3260.03
reportable accounts, 3260.02
self-custody, 3201.05, 3270.05
statute and the rule, 3260.01
threshold, timing and records, 3260.06
unhosted wallets, 3260.04
FCA. See England and Wales
Federal income taxation, 3010, 3020, 3030, 3040, 3050, 3060, 3070, 3080, 3090, 4070.06
estate tax, 2380.04
estate's income tax return, 2370.07
theft and casualty losses, 2380.04
See also Basis; Broker reporting
Fiduciary access, 1310, 1320, 1330, 1340, 1350, 1360, 1370, 1380, 1390, 2280.01, C10.05, C70.01
beneficiary designations, B30.05
consent to disclosure, C70.03
directed trusts, 1560.07, C10.04
estate administration, 1390.05
fiduciary-access statutes, 350.06
Florida, B30.01
online tools, B30.05
RUFADAA, 110.04
Wyoming, 350.06
See also RUFADAA
Fiduciary liability, 1610, 1620, 1630, 1640, 1650, 1660, 1670, 1680, 1690
co-fiduciary liability in Rothko, 1460.08
diversification, 1430.04, 1430.05, 1430.06, 1430.09, 1630.03, 2330.04
estate administration, 2140.02, 2330.04, 2330.06
Janes decision, 1430.04, 1630.03
Rothko decision, 1460.08, 1630.08
See also Exculpation; Measure of damages
Fifth Amendment, 2450.07
act of production and the foregone conclusion, 2450.07
civil enforcement, 2450.06
coercive confinement, 2680.05
compelled decryption cases, 2450.08
definition, A40
Finality, 220.01
definition, A40
economic finality on proof-of-stake networks, 220.03
majority attacks, 210.08
probabilistic finality, 220.02
Financial Action Task Force. See FATF standards
Financial free zones, 3910.01, 3910.02
definition, A40
United Arab Emirates, 3910.01, 3910.02, 3910.07, 3920.01, 3920.08, 3950.05
Financing statements
controllable accounts, 730.02
FINMA. See Switzerland
FIT21. See Market-structure legislation
Florida
charging orders, 1770.03
fiduciary access, B30.01
guardianship and conservatorship, B30.02
joint ownership, 2270.04
key-holder agreements, 2270.04
money services businesses, 3780.07
party autonomy, 580.07
powers of attorney, 2160.03
Restatement (Second) of Conflict of Laws, 580.07
revocable trusts, 2160.03
single-member LLCs, 1770.03
small estates, B30.02
Wyoming Stable Token, 3780.07
Foreign issuers, 3720.08
federal, state and foreign issuers, 3750.08
Form 8938, 3270.05
payment stablecoins, 3720.02, 3790.03
self-custody, 3270.05
stablecoin freezes, 3760.03
Foreign persons, taxation of, 3080.01, 3450.02, 3450.03
Forfeiture, 2510.06
2016 exchange hack, 2580.06
coordination with criminal and regulatory proceedings, 2490.03
criminal law, 380.05
definition, A80
freezing orders, 2580.07
FTX, 2860.05
GENIUS Act, 2580.03
immutability, 380.06
parallel tracks, 2510.06
recognition of foreign freezing orders, 2580.07
remission and restoration, 2580.05
seizure and forfeiture by the state, 2580.04
use of the GENIUS Act in recovery, 2580.03
Wyoming DAO Supplement, D70.05
Forks, 220.04, 220.05, 1480.01, 1480.04, 2190.03, 2190.06, 3010.05, 3010.06
2017 bitcoin fork, 3050.06
airdrops, 130.05, 720.09, 950.07, 1070.07, 1550.07, 3050.05, 3050.07, 3870.06
airdrops and abandonment, 1550.07
airdrops and corporate events, 3870.06
airdrops and other incidents of ownership, 950.07
airdrops and staking rewards, 720.09, 1070.07
alternate valuation, 2360.04
changes in the form of the asset, 2130.04
contentious forks and the assets they create, 220.06
custody agreements, 390.02, 1090.01, 1190.08
definition, A40
directed trusts, 1550.02, 1550.08, 1570.06
drafting the specific bequest, 2130.05
forks and airdrops, 130.05
securities status, 130.07
slashing, 3050.08
slashing and lost rewards, 3050.08
specific bequests, 2130.04, 2130.05
staking rewards, tax, 720.09, 1070.07
theft and casualty losses, 1550.07
transaction costs, 3010.06
Form 1099-DA. See Broker reporting
Form 8938, 3201.04, 3210.01, 3210.07, 3270.02
architecture of cross-border reporting, 3210.01, 3210.07
Article 8, 3270.02
Form 8938 and other information returns, 3270.04
Form 8938 penalties, 3270.06
section 6038D, 3270.01
self-custodied tokens, 3270.05
self-custody, 3201.05, 3270.05
specified foreign financial asset, 3270.02
tokens on a foreign platform, 3270.03
Foundation councils
council and its duties, 1850.01
diversification, 1860.06
foundations, 1820.05, 1820.10, 1840.06, 1850.01, D90.01
Jersey, 1840.06
lost keys, 1670.04
purpose trusts, D90.01
supervisors, interested persons and the memberless company, 1820.05
treasury policy and concentration, 1860.06
Foundations, 1810, 1820, 1830, 1840, 1850, 1860, 1870, 1880, 1890
2026 joint interpretation, 3540.05
amendment, disputes and by-laws, 1820.07
asset-referenced tokens, 1830.01, 1830.04
Belize, 1840.03
Cayman Islands, 1820.04, 3960.06
checking offices, 1850.02
choosing a vehicle, 1890.02
companies and STAR trusts, 3960.06
conversion, 320.04
Cook Islands, 1840.03
Cook Islands and Belize foundations, 1840.03
council and its duties, 1850.01
disregarding the vehicle, 1880.05
distributions and solvency, 1820.09
DLT Foundations, 3930.06
duty to carry out the objects, 1820.06
factual example, 1810.03
family foundations and the private holder, 1830.05
foundation company, 1820.01
Grand Court's functions, 1820.10
independence in fact, 1850.07
Jersey, 1840.06
Jersey foundation, 1840.06
key-holder agreements, D90.02
Liechtenstein, 1830.08, 1830.10
Liechtenstein foundation, 1830.08
limits of binding votes, 1850.06
Nevis, 1840.02
Nevis Multiform foundation, 1840.02
ownerless structures, 1801.02, 1810.04, 1810.05, 1810.06, 1810.07, 1810.08, G60.01
ownerless vehicles, G60.01
Panamanian private interest foundation, 1840.01
protocol foundation, 1810.02
protocol foundations under the classification rules, 1870.02
purpose trust or DAO limited liability company, 1890.01
purpose trusts, 1820.11, 1840.08, 1890.01, 3960.06, D90.01
Ripple decision, 3540.05
secretary and the anti-money laundering gate, 1820.08
STAR Trust, 1820.11
state supervision, 1830.02
supervisors, interested persons and the memberless company, 1820.05
Swiss foundation, 1830.01
Switzerland, 1810.03, 1810.04, 1810.08, 1830.01, 1830.07
token issuance, 1810.04
token-holder resolutions, D90.01
tokens and the tort, 320.04
treasury and its key holders, D90.02
treasury management, 1810.06, 1860.01, 1860.05
United Arab Emirates, 3930.06, 3930.07
United States, 1850.07, 1870.01, 1870.03
using the provisions together, D90.04
Wyoming, 1840.07
Wyoming Statutory Foundation, 1840.07
See also Purpose trusts
asset-referenced tokens, 1830.04
Canada, 2810.03
CFTC jurisdiction, 1940.02, 1940.04
CFTC v. Ooki DAO, 1940.02
creditors of the founder, 1880.02
founders' parallel exposure, 1940.04
pardons, 3370.06
QuadrigaCX, 2810.03
Sarcuni decision, 1930.02
Sarcuni v. bZx DAO, 1930.02
separation from the founders, 1860.04
United States, 1870.03
United States founders and contributors, 1870.03
unlicensed money transmitting, 3370.06
Fraudulent conveyances. See Voidable transfers
Fraudulent transfer actions in bankruptcy
Alaska, 2650.07
asset protection, 2660.04, 2660.07
Celsius, 2960.06
domestic asset protection trusts, 2650.04, 2660.04, 2660.07
preferences, 2960.06
recovery under § 550, 2960.06
Fraudulent transfers. See Voidable transfers
Freezing orders, 2540, 2560, 2570
AA v Persons Unknown, 2540.04
Chapter 15, 2580.07
delivery up in kind or value, 2540.10
due process, 2470.03
Grupo Mexicano limit, 2570.02
need for speed, 2470.01
persons unknown, 2540.04, 2560.01, 2560.02, 2560.04
preliminary injunctions, 2570.02
proprietary injunctions, 2540.07
recognition of foreign freezing orders, 2580.07
search orders, 2540.10
worldwide freezing order, 2540.07
See also Proprietary injunctions
Front-ends and interfaces
decentralized applications and developers, 3320.07
decentralized finance, 3150.02
DeFi broker rule, 3150.02
money services businesses, 3320.07, 3320.11
validators, 3320.11
ZeroEx and front ends, 3650.04
FTX, 1060.09, 1060.10, 2801.03, 2801.05, 2850.02, 2890.04
actual intent, 2980.03
Bahamas, 2850.05, 2850.06, 3970.07
Bahamas and FTX, 3970.07
Bahamian liquidation, 2850.05
Celsius, 1060.11, 1260.06, E70.03
Celsius records, 1260.06
claims valuation, 2840.08, 2860.02, 2910.05, 2910.08, 2920.01, 2920.02, 2920.03
confirmation order, 2920.04
control failures, 960.07, 2850.03
counterparties and other estates, 2980.07
criminal case, 2860.05
customer preference settlement, 2960.07
customer-property question, 2850.07
customers outside the distribution system, 2860.04
decisions so far, 2970.05
effective date and distributions, 2860.03
estimation motion, 2920.02
FTX plan, 2950.03
Genesis and Gemini Earn, 2840.06, 2840.08
global settlement with the Bahamian liquidators, 2850.06
group and the collapse, 2850.01
In re FTX Trading Ltd, 2860.02
key management, 2850.04
litigation trusts, 2980.04, 2980.09
plans of reorganization, 2860.02, 2920.04
post-petition interest, 2910.08
preferences, 2960.07
property of the estate, 1060.11, 2880.01, G70.01
QuadrigaCX, E70.03
rehypothecation, 1260.06
safe harbors, 2970.02, 2970.05, 2980.09
scope of the FTX ruling, 2920.03
segregation of customer assets, 960.07, 2720.10
self-custody, 920.09
single point of failure, 920.09
Futures market intermediaries
Binance, 3640.07
CFTC jurisdiction, 2740.07, 3660.10, 3680.04
derivatives on digital assets and offshore platforms, 3640.03, 3640.07
full regulatory framework, 3640.01
listed futures on tokens, 3640.02
Monex decision, 3630.05, 3630.08
October 2026 advance notice, 3660.08
Opyn decision, 3650.03
retail commodity transactions, 3630.02, 3630.05, 3630.07, 3630.08
G
General intangibles, 610.02, 610.04, 701.02
controllable electronic records, 620.12, 710.02, 710.08
digital assets, 610.01
non-fungible tokens, 710.08
General partnerships, 1910.07, 1950.04, 1960.01, 1960.02, 1990.07
definition, A40
general unincorporated association, 1920.10
governance tokens, 160.03
joint ventures, 1920.10
limits of mitigation without an entity, 1990.01
pleading posture, 1950.05
Genesis and Gemini Earn, 1250.05, 1250.06, 1250.07, 2801.03, 2801.05, 2840.05, 2840.06, 2890.02
claims valuation, 2840.08
Gemini's collateral, 2840.07
Genesis foreclosure, 770.08
In re Genesis Global Holdco, LLC, 2840.08
proof of reserves, 970.07
SOC reports, 970.07
GENIUS Act, 2580.02, 2730.01, 2730.09, 2780.06, 3701.04, 3710.01, 3720.08, 3730.01, 3760.06, 3790.04, 3790.05
code amendments, 2730.08
custodians of reserves and stablecoins, 2730.10
custody provision, 1110.05
customer property and commingling, 1110.06
definition, A40
effect of the GENIUS Act provision, 1110.07
foreign issuers, 3720.02, 3750.08, 3760.03
GENIUS Act definition, 140.03
GENIUS Act exclusion, 3610.08
lawful orders, custody, insolvency and securities status, 3760.05, 3760.07
payment stablecoins, 1110.05, 1110.06, 1110.07, 2730.07, 2730.08, 2730.10, 3610.08, 3710.01, 3710.03, 3710.04, 3710.05, 3710.06, 3720.02, 3730.07, 3740.01, 3750.01, 3760.04, 3790.03
segregation of customer assets, 1110.06
stablecoin freezes, 3710.06, 3760.02, 3760.03
statutory protections, 2730.11
stockbroker liquidation, 2730.12
tokenized deposits, 140.08, 140.10
trust companies, 1110.07
use of the GENIUS Act in recovery, 2580.03
Geofencing, 3490.04
futures market intermediaries, 3640.07
geolocation and the VPN problem, 3490.05
geolocation cases, 3480.03
Iran, 3480.04
OFAC Enforcement against digital-asset firms, 3480.01, 3480.02
Gift tax
exclusions and exemptions, 2370.02
Good faith, 1790.05
diversification, 1440.08
estate administration, 2270.07
good-faith transferee, 2640.03
key-holder agreements, 2270.07
power to modify, D40.02
protection for key-holders who act, 2270.07
qualifying purchasers, 610.03
rights of purchasers, 640.09
Governance, 220.07, 1910.03, 1950.04, 1960.03
algorithmic management, 2010.06, 2030.07
amendment of articles, B40.04
appearance on behalf of a DAO, 1970.04
arbitration, 1970.06
CFTC jurisdiction, 1940.02
consequences of the membership default, 2050.02
contribution and indemnity among partners, 1960.11
decentralization, 1910.07
decentralized autonomous organization, 160.02
decided cases, 1901.03
designing the compliance program, 3390.03
directed trusts, 1510.07
foundations, 1850.04, 1850.06, 1850.07, 1890.02, D90.01
general partnerships, 160.03, 1920.10
governance attacks, 1970.10
governance tokens, 1910.02
governing law, 1970.02
immutability, 1910.08
in pari delicto, 1970.07
independence in fact, 1850.07
joint ventures, 1920.10
Lido DAO decision, 1950.02
limits of binding votes, 1850.06
making token-holder votes binding, 1850.05
membership interests, B40.04
minimization and immutable code, 1910.08
Monex decision, 3630.08
multi-signature arrangements, 250.08
Ooki DAO decision, 1940.02
partnership exposure, 160.03
pleading posture, 1950.05
powers over digital assets, staking and lending, C20.03
protocol tokens with economic rights, 160.07
retail commodity transactions, 3630.08
Sarcuni decision, 1910.01, 1930.02, 1930.03
securities law, 1970.09
securities status, 160.06
service of process, 1970.03
shared control, 250.08
smart-contract and governance risk, 1270.06
staking rights, 3630.08
statements of management, 2030.07, 2090.04, D60.03
terms of use and arbitration, 1970.06
tokens and protocol interests, 160.01
tokens and voting, 1550.06
token-weighted voting, 2050.03
transition planning, 1990.08
Utah DAO Act, 2070.13, 2080.03, D80.01, D80.02, G60.01
veil and alter-ego arguments, 1970.11
veil piercing, 1970.11
voting holders, 1960.04
voting power, 2050.03
Wyoming DAO Supplement, 2010.06, 2090.04, D60.03, D60.04, D70.04
Governance tokens, 120.05, 1901.02, 1910.01, 1910.02, 1950.04
decentralized autonomous organization, 160.02
definition, A40
directed trusts, 1510.07
fiduciary access, 350.06
general partnerships, 160.03
governance tokens and voting, 1550.06
Marshall Islands DAO Act, 2070.05, 2070.07
partnership exposure, 160.03
protocol interests, 160.01
protocol tokens with economic rights, 160.07
Sarcuni decision, 1910.01, 1930.03
securities status, 160.06
Wyoming, 350.06
Grantor trusts
exchange-traded products, 3070.07
Revenue Procedure 2025-31, 1280.04
staking by funds and trusts, 3050.04
Gross negligence and wilful misconduct
Delaware, 1410.04, 1440.04, 1520.05, 1530.09, 1640.04
directed trusts, 1520.01, 1520.04, 1520.11, 1520.12, 1530.04, 1530.05, 1530.06, 1530.08, 1530.09, 1530.11, 1590.02, 1590.03, 1590.04, 1640.07, C90.03, G40.01
diversification, 1440.03, 1440.08, C30.05, G40.02
exculpation, 1410.03, 1590.03, 1590.04, 1640.02, 1640.04, 1640.05, 1640.06, 1640.08, 1690.03, C90.01, C90.02, C90.03, C90.04
professional trustees, 1640.11
professional trustees, standard of care, 1640.11
statutory limits in the offshore jurisdictions, 1640.10
Guardianship and conservatorship, 1790.06, 2160.07
California, 1310.07
conservators and guardians, 1610.04
enactments of the 2022 amendments, 1310.07
guardians (§ 14), 1350.08
powers of attorney, 2160.06
H
Hacks. See Hacks and exploits
Hacks and exploits
2016 exchange hack, 2580.06
automated protocols, 380.03
bridge exploits, 270.06
bridges, 270.06
constructive trusts, 2530.02
cross-border restructuring by scheme, 2870.03
insolvency consequences, 450.04
lost keys, 3060.07
lost keys and failed platforms, 3060.07
proprietary injunctions, 460.02
proprietary injunctions over stolen crypto-assets, 460.02
theft and casualty losses, 3060.07
Hardware wallets, 180.04, 1320.05, 2110.03
definition, A40
definitions and scope, 1320.08
estate administration, 2120.02, 2120.04, 2310.06, 2310.07
letters of instruction, 2120.04
location description, 2110.05
online tools, 1380.08
Harmless error, 2120.07
definition, A30
electronic wills, 2260.07
electronic wills and the harmless-error rule, 2260.07
estate administration, 2120.07
separateness, 2260.07
Hierarchical deterministic wallets, 240.04
definition, A40
hierarchical deterministic wallets under BIP-32, 240.04
HKMA. See Hong Kong
Holding companies
basic limitation, 870.01
entities used, 980.06
real-world assets, 870.01, 870.02
special-purpose vehicle, 870.02
Holding period
character, holding period, dealers and traders, 3020.02, 3020.04
self-employment and investment income, 3020.06
Hong Kong, 4030, 4040, 4080, 4090
BSP Circular No. 1108, 4080.06
cold storage, 4080.06
custodial trusts, 470.01, 1030.06, 4040.08
custody, 4030.08
disclosure orders, 2560.03
JPEX, 4040.07
liquidators, 2940.06
persons unknown, 2560.03
risk assessment, 3430.08
Stablecoins Ordinance (Hong Kong), 4040.01
staking, 4040.05
Hosted wallets, 180.04, 240.08, 3120.03
definition, A40
FinCEN's 2019 Guidance Applied to business models, 3320.03
self-hosted wallet control, 790.04
Hot wallets. See Cold storage
2026 joint interpretation, 3501.05, 3560.04
algorithmic stablecoins, 3550.02
definition, A40
efforts of others, 3510.08
scheme as the security, 3510.09
Terraform, 3550.02, 3550.03, 3550.04
utility tokens, 3530.02, 3530.03
See also 2026 joint interpretation
I
ICOs. See Token offerings
contracts as property, 260.07
governance minimization and immutable code, 1910.08
immutable contracts, 2040.03
Tornado Cash, 3460.02, 3460.03, 3460.06
upgradeability of smart contracts, 260.06
upgradeable contracts, 260.06
Van Loon decision, 260.07
Impartiality
prudent investor standard applied to digital assets, 1420.07
Impossibility defense, 2670.06, 2680.04
contempt, 2450.04, 2680.02, 2680.03
definition, A80
self-created impossibility, 2450.04
self-created impossibility and keys, 2680.04
Incapacity
capacity and undue influence, 2270.08
death and incapacity of a signer, 1740.08
durable power of attorney, 2160.02
guardianship and conservatorship, 2160.06
incapacity problem, 2160.01
powers of attorney, 2160.02, 2160.06
protecting the incapacitated owner, 2160.05
recovery from incapacity, 2270.10
spouses, creditors, capacity and incapacity, 2270.09
springing powers, 2160.04
springing powers and the proof, 2160.04
successor signers and transfers of interests, D50.01
Income in respect of a decedent, 2370
definition, A40
staking rewards across the date of death, 2370.06
staking rewards, tax, 2370.06
Income tax. See Federal income taxation
Incorporation by reference
facts of independent significance, 2120.05
instructions and secrets, 2120.03
Individual debtors, 2701.05
chapter 13, 2770.09
discharge, 2770.05
grounds for denial of discharge, 2770.05
part C, 2790.04
tax reporting as evidence, 2770.10
Information returns
backup withholding, 3170.07
broker reporting, 3170.01, 3170.07, 3170.08
documentation of customers, 3170.08
foreign aspects, the return question and enforcement, 3080.05
foreign entities, 3270.08
information returns as evidence, 2310.04
self-custodied tokens, 3270.05
self-custody, 3270.05
Inheritance of keys. See Key succession
Initial coin offerings. See Token offerings
Insiders
litigation trusts, 2980.09
litigation trusts and post-confirmation standing, 2980.09
targets in a crypto failure, 2980.02
Uniform Voidable Transactions Act and digital assets, 2610.06
Article 8, 2730.05
Belize, 2670.04
central bank digital currencies, 140.10
Chapter 15, 580.03
constructive fraud, 2980.04
courts and insolvency, 3990.04
creditors of the founder, 1880.02
cross-border insolvency, 490.03, 580.03
foundations, 1880.04
GENIUS Act, 3760.05
insolvency consequences, 450.04
insolvency of the vehicle, 1880.04
lawful orders, custody, insolvency and securities status, 3760.05
litigation trusts, 2980.04
measuring recovery when values change, 2630.05
organizational defects, 1830.03
preferences, 2960.03
private law, 3960.05
property in insolvency, 170.04
real-world assets, 870.07
recognition in practice, 580.04
recognition of foreign insolvency proceedings, 580.03
sponsor insolvency, 870.07
tokenized deposits, 140.10
UNIDROIT Principles, 560.07
UNIDROIT Principles and the Hague Conference, 560.07
Voyager, 1060.07
Insurance, 970.05, 1190.07, 1650.03, C90.06
AA v Persons Unknown, 2540.03, 2540.04
Article 8, 3250.03
capital requirements, 3860.06
contractual allocation, 970.02
crypto-asset service providers, 3860.06
deposit insurance, 3720.07
duty to take control, 1450.08
exculpation, C90.05
Gatecoin decision, 2940.06
Hong Kong, 2940.06
indemnity and insurance, 1690.05
insurance and abandonment, 1450.08
insurance and indemnity, 1990.05
outside the statute, 2260.05
persons unknown, 2540.03, 2540.04
proof of reserves, 970.07, E20.05
proof of reserves and representations, E20.05
securing assets on appointment, 2320.07
SOC reports, 970.07
theft and casualty losses, 1450.08
UK Jurisdiction Taskforce, 420.03
unauthorized instructions, 970.03
will substitutes, 2260.05
Inventory of digital assets, 2110.02, 2110.03, 2110.07, F20, F30, F40
appraisal and the Form of Administration, 2340.04, 2340.07
appraisers, 2340.04
choosing the form for a digital-asset estate, 2340.06
Coinbase, 3580.06
community property, 2340.08
date-of-death value, 2340.03
describing digital assets with reasonable detail, 2340.02
digital-asset inventory, F20.01, F20.02
duty to inform and report, 2340.07
estate administration, 2220.04, 2340.06
formal opening, 2220.04
inventory requirement, 2340.01
keeping the inventory current, 2110.06
location description, 2110.05
public addresses, 2110.04
public addresses and values, F20.04
purpose of the inventory, 2110.01
seed phrases, 2220.04
statutory sellers, 3580.06
Investment advisers
2023 safeguarding proposal and its withdrawal, 1120.06
custody agreements, 1130.05
custody rule, 1120.01
funds or securities, 1120.05
qualified custodian, 1120.03
qualified custodians, 1080.06, 1120.01, 1120.03
safeguarding, 1120.06
statutory definition of bank, 1120.04
trust companies, 1080.06, 1120.04, 1130.01, 1130.02, 1130.05, 1130.06, 1130.08
Investment contracts. See Howey test
Investment policy
purpose and investment policy, 1760.03
Investment property
Article 12, 830.01, 830.02, 830.03, 1050.08
Article 8, 620.06, 670.07, 710.06, 830.01, 830.02, 830.03, 1050.08
choice of law and the debtor's bankruptcy, 780.03
classifying digital-asset collateral, 710.06
controllable accounts, B20.05
controllable electronic record, 620.06
controllable electronic records, 620.01, 620.06, 620.12, 710.02, 710.08
electronic money, 670.07, B20.05
non-fungible tokens, 710.08
J
Japan
BSP Circular No. 1108, 4080.06
cold storage, 4080.06
Mt. Gox, 2940.02
Jersey
asset-referenced tokens, 1840.06
foundations, 1840.06
gross negligence and wilful misconduct, 1640.11
professional trustees, standard of care, 1640.11
purpose trusts, 1840.05
Joint ownership, 1920.04
elective share, 2270.02
revocable trusts, 2150.07
revocable trusts and nonprobate transfers, 2150.07
Judgment creditors. See Creditor remedies
Judgment debtors
charging orders, 1770.01, 2480.02
form of the order, 2440.06
platform as garnishee, 2430.01
Jurisdiction clauses
choosing a forum clause, 3980.06
Coinbase, 570.03
Coinbase v. Suski, 570.03
consumer protection in England, 570.05
contractual layer, 570.01
England and Wales, 570.05
exclusive-jurisdiction provisions, 2660.05
Payward v Chechetkin, 570.07
United Arab Emirates, 3980.06
K
Key management, 180.03, 310.04, 910.03, 1190.06, 1420.06, 1560.01, 1560.02, 1790.03, 1790.04, 1790.05, C40.02, D90.03
Article 9, C60.02
compromise and emergency action, 1560.06
custody, key material and the key record, C40.03, C40.05
definition, A40
directed trusts, 1560.05, 1560.07, 1590.02, C10.04, C40.05
duty the articles implement, C40.01
estate administration, 1390.05
FTX, 2850.04
funding the trust, 1560.07
keeping key material out of the instrument, 1390.05
key arrangement and approvals, D20.02
key arrangements, 1710.03, 1740.05
key Secrecy and Members' Information Rights, D30.02
key-holder agreements, 1560.04, D90.02
key-management policy, D40.03
online tools, 1380.08
personnel controls, 950.05
points of drafting, 1490.02
power to modify, D40.02
proof of control, 1560.05
qualified custodians, C40.03
self-custody, 1380.08
successor key-holders, 1560.04
successor key-holders and recovery, C60.02
Token-Holding LLC, D10.03
virtual asset service providers, 180.10
wallet architecture, records and key management, E20.04
Key succession, 2210, 2220, 2230, 2240, 2250, 2260, 2270, 2280, 2290
applying the augmented estate to key-succession transfers, 2270.03
applying the statute, 2260.04
elective share, 2270.03
electronic wills, 2260.07
harmless error, 2260.07
state estate and inheritance taxes, 2380.07
See also Social recovery; Time locks
Key-holder agreements, 1560.02, 2210.02, 2270.07, F40.02
acknowledgment and succession agreement, F40.01
agents of the vehicle, 1860.03
allocation among key holders, 970.04
arrangements for holding keys, 1860.02
Canada, 1670.02
civil exposure of others, 2690.02
collaborative custody, 940.09
completion notes, F40.03
control agreements, 990.02
coordinating the instruments, 2290.06
cotrustees, 1460.06
deceased key-holder, 1670.02
definition, A40
directed trusts, 1560.07, 1560.08, 1590.01, C40.05
estate administration, 2270.07, 2290.03
key holders and their relationship, 930.03
key succession, 2260.04, 2270.03
liability of key-holders, 2280.04
lost keys, 1670.02
matching the design to the owner, 2290.02
model key-holder provision, 940.08
multi-signature arrangements, 250.08, 930.02, 930.09
notes on the key-holder provision, 2290.04
purpose trusts, D90.02
QuadrigaCX, 240.10
qualified custodians, C40.03
recovery arrangements, C60.04
recovery services, C60.04
self-custody, 2280.03
self-custody and the fiduciary's authority, 2280.03
shared control, 250.08, 930.02, 930.03, 930.09, 990.02, 1460.06, 2230.04
shared-control arrangements, 1460.06
single point of failure, 240.10
succession agreement, 2290.03
succession problem inside a trust, C60.01
successor key-holders, 1560.04
successor key-holders and recovery, C60.02, C60.03, C60.05, C60.06
treasury and its key holders, D90.02
treasury management, 1860.01, D90.02
Keys. See Private keys
Kiosks and peer-to-peer exchangers
money services businesses, 3320.07, 3320.11
peer-to-peer exchangers and kiosks, 3320.06
validators, 3320.11
Know your customer. See Customer due diligence
KuCoin, 3370.01
KYC. See Customer due diligence
L
Law Commission
Article 12, 440.08
comparison with Article 12, 440.08
England and Wales, 440.01, 550.07
Law Commission project, 440.01
Singapore, 550.07
Layer-2 networks, 270
bridges, 270.07
definition, A50
limits of a single ledger, 270.01
oracles, bridges and layer-2 networks, 270.07
Legal wrappers, 1990.07
choosing a wrapper, 2080.07
DAO LLCs, 2080.07
governance tokens and protocol interests, 160.05
transition planning, 1990.08
Wyoming DAO Supplement, 2080.07
Letters of instruction, 2110.05, 2120.01, 2120.06, 2190.05, 2190.06, F30, F90
definition, A50
disclaimers, F30.02
estate administration, 2120.04, 2120.07
seed phrases, 2220.06, 2220.07
succession memorandum, F30.01
tangible property, 2120.04
Levy and execution, 2420, 2430.02
administrative levy, 2480.07
Article 12, 2420.06
article 12 and the purchaser, 2420.06
charging orders, 2480.01, 2480.03
definition, A50
exchange balances and the Internal Revenue Service, 2430.03
execution and levy on intangibles, 2420.03
exhaustion and the order of recovery, 1960.10
interest the levy reaches, 2420.05
restraining notices, 2420.04
restraining notices and liens, 2420.04
seed phrases, 2420.03
service's practice for digital assets, 2480.08
valuation and sale, 2420.07
writ of execution, 2420.01
Lex situs. See Situs
anti-money-laundering obligations, 4030.07
application and its timetable, 3860.04
asset-referenced tokens, 3840.01, 3840.02, 3860.03
authorisation process, 3840.02
authorisation required, 3840.01, 3860.03
availability of a licence, 4090.03
burden and scope, 3990.02
crypto-asset service providers, 3860.03, 3860.04, 3860.08
European Union, 3860.09
FATF standards, 3380.02
Financial Action Task Force standards, 3380.02
financial free zones, 3910.07
Hong Kong, 4030.04, 4030.05, 4030.07, 4030.08, 4040.03, 4080.06
licensed activities, 3920.04
licensed platforms, 4030.04
licensing requirement, 4030.02
licensing requirements, 4040.02
moratorium on new licences, 4050.10
overlap and choice of zone, 3910.07
Philippines, 4050.10
sanctions framework, 3450.10
trust companies, 1130.04
United Arab Emirates, 3920.03, 3950.05, 3990.02
virtual asset service providers, 4050.10
virtual asset trading platforms, 4030.01, 4030.02, 4030.03, 4030.04
white papers, 3840.02
Lifetime gifts
charitable contributions, 3070.04
compensation, gifts, charity, entities, trusts and estates, 3070.03
exclusions and exemptions, 2370.02
lifetime charitable gifts of digital assets, 2180.01
lifetime gifts of tokens, 2370.01
litigation trusts, 2980.09
litigation trusts and post-confirmation standing, 2980.09
targets in a crypto failure, 2980.02
voidable transfers, 2980.08
Limitation periods, 1680.05
disclosure documents as the trigger, 1680.07
fiduciary's duties after a theft, 1680.03
stays open, 3280.02
Limited liability company. See LLCs
Liquid staking, 1210.09
2025 statement, 1230.06
definition, A50
liquid staking receipts, 1220.07
segregation of customer assets, 1220.07
slashing, 1220.07
Liquidators
Bahamas, 2850.06
British Virgin Islands, 2940.05
conversion, 2940.05
FTX, 2850.06
global settlement with the Bahamian liquidators, 2850.06
New Zealand, 2940.07
Ruscoe v Cryptopia, 450.01
smart-contract and governance risk, 1270.06
Three Arrows Capital, 2820.02, 2820.03, 2820.04
Voyager, 2820.03
Litigation trusts, 2980
constructive fraud, 2980.04
definition, A50
post-confirmation standing, 2980.09
safe harbors, 2980.09
LLCs, 1701.04, 1710.01, 1710.04, 1710.05, 1780.01, 1990.07, 2020.03, D01.01
accounting and reporting, 1570.06
amendment of articles, D60.02
Article 8, 810.06, 830.06, 850.06
asset-referenced tokens, 830.06
beneficial ownership, 1780.03
beneficial-ownership reporting, 1780.03
Celsius, 760.04, 850.06, 1040.04, 2830.03
centralized authority, 1710.03
charging order, 1770.01
charging orders, 1710.06, 1770.01, 1770.02, 2480.02, 2680.07
charging-order protection, 1710.06
choosing a wrapper, 2080.07
claims valuation, 2840.08
company wallets, 1710.06, 1770.06
consequences for creditors and members, 2020.02
costs and limits, 1710.07
creditors of members, 1770.02
DAO LLC or DUNA, 2060.10
DAO LLCs, 2030.09, 2060.10, 2070.04, D70.01
definition, A20
different order of precedence, D80.01
directed trusts, 1570.06, 1780.06
DUNA, 2060.10
foundations, 1890.01
Genesis and Gemini Earn, 2840.08
In re Celsius Network LLC, 760.04, 850.06, 1040.04, 2830.03
In re Genesis Global Holdco, LLC, 2840.08
keys and turnover orders, 1770.07
LLC Under a trust, 1780.06
Marshall Islands DAO Act, 2070.03, 2070.05, 2070.09
membership and duties, D70.04
membership interests, B40.04
operating agreements, 2030.09, 2090.01
opt-in for LLC interests, 810.06
partnerships and LLCs, 3070.05
permitted business, 2070.13
precedence and conformity, D70.02
provisions a digital-asset LLC needs, 1790.01
purpose trusts, 1890.01
reading the definition, 2020.08
rehypothecation, 760.04
resident domestic LLC, 2070.02
Series LLCs, 1720.05
single-member LLCs, 1770.03, 1770.05
single-member problem, 1770.03
supplement to the LLC Act, 2020.01
Token-Holding LLC, D10.01
Utah, D80.02
Utah DAO Act, 2070.13, D80.01, D80.02, G60.01
veil piercing, 1770.05
Wyoming DAO LLC, D70.01
Wyoming DAO Supplement, 2020.08, 2030.02, 2030.08, 2080.07, D70.04
Wyoming Decentralized Autonomous Organization Supplement, B40.04
yield products, 1040.04
See also DAO LLCs; Series LLCs
Lockups and vesting, 1950.04
§ 83, 3070.02
alternate valuation, 2360.05, 2360.09
compensation in tokens, 3070.02
DAO Report, Telegram and Kik, 3520.05
estate administration, 2360.05
pleading posture, 1950.05
restrictions and lockups, 2360.07
Ripple and XRP, 3540.02
accounting for inaccessible assets, 1670.04
claims against predecessors and settlors, 1670.05
deceased key-holder, 1670.02
estate tax, 2380.03
hacks, lost keys and failed platforms, 3060.07
key-holder agreements, 1670.02
keys lost before death, 2380.01
loss and inaccessibility distinguished, 1670.01
losses during administration, 2380.03
lost-key defense, 2450.03
theft and casualty losses, 3060.07
Lot identification
acquisition information, 3130.05
broker reporting, 3160.07
notice 2025-7, 3160.07
problem of fungible units, 3030.02
relief for 2025, 3030.07
Revenue Procedure 2024-28, 3160.06
safe harbors, 3030.08
sources of authority, 3001.03
statutory account-by-account rule, 3030.03
transition safe harbor, 3030.08
units in a broker's custody, 3030.05
units outside a broker's custody, 3030.04
wallet-by-wallet basis, 3190.03
M
Majority attacks, 210.08
definition, A50
distributed ledgers, blocks and consensus, 210.08
finality, 210.08
Managers, 1790.05
charging orders, 2480.03
conflicts specific to digital assets, 1760.06
default duties, 1760.01
Delaware, 1750.02
directed trusts, 1570.06, 1780.06
duty of care, 1760.02
duty of loyalty, 1760.05
duty to secure, 1760.04
duty to take control, 1760.04
exculpation, 1760.08
investment policy, 1760.03
key Secrecy and Members' Information Rights, D30.02
LLC Under a trust, 1780.06
matching the matrix to the key arrangement, 1740.05
modifying the duties, 1760.07
power to modify, D40.02
pressure on the manager, 2480.03
purpose and investment policy, 1760.03
removing a manager or signer, 1740.07
turnover orders, 1770.07
veil piercing, 1770.07
volatile assets and the default duties, D40.01
Mareva injunctions. See Freezing orders
Margin and liquidation, 720.07
agreed standards, 790.05
definition, A50
In re BlockFi Inc, 760.06
loan-to-value mechanics, 760.02
market manipulation, 3620.06
over-collateralization and liquidation, 1270.02
preferences, 780.07
retail commodity transactions, 3630.02
top-ups as preferences, 780.07
Market manipulation, 3620.06
anti-fraud and anti-manipulation authority over spot markets, 3620.04
asset-referenced tokens, 3870.10
fraud without manipulation, 3620.03
limit of the Commission's spot-market power, 3620.01
market abuse, 3870.10
Monex decision, 3620.03, 3630.05
oracle manipulation, 270.03
oracles, 270.03, 270.07, 1270.03
Regulation 180.1, 3610.06, 3620.02, 3620.04
section 6(c)(1) and Regulation 180.1, 3620.02
token markets, 3620.05
Marketing and promotion
deposit insurance, 3720.07
marketing and insured status, 3720.07
names and marketing, 3740.04
United Arab Emirates, 3920.06
VARA, 3920.06
Markets in Crypto-Assets Regulation, 3810.01, 3890.01, G90.04
activities outside MiCA, 3810.06, 3810.08
asset-referenced tokens, 120.04, 3801.03, 3820.03, 3820.04, 3830.05, 3830.06, 3830.07, 3830.09, 3840.01, 3840.02, 3840.03, 3840.04, 3840.06, 3840.07, 3840.08, 3840.09, 3840.10, 3860.03, 3860.04, 3860.05, 3860.07, 3870.04, 3870.09, 3870.10, 3890.05
assets excluded, 3810.04, 3810.05
capital requirements, 3840.03, 3860.06
classification process, 3820.05
crypto-asset service providers, 3860.01, 3860.02, 3860.03, 3860.04, 3860.06, 3860.08, 3870.05, 3870.07
DAC8, 3240.06
DAC8 and MiCA, 3240.06
definition, A50
electronic money, 3820.02, 3820.04, 3850.01, 3850.02, 3850.03, 3850.04, 3850.07, 3850.08, 3850.10
e-money tokens, 3820.02, 3850.01, 3850.02, 3850.03, 3850.04, 3850.05, 3850.06, 3850.07, 3850.08, 3850.09
England and Wales, 3880.09
European Union, 110.07, 140.05, 150.10, 1230.08, 3240.06, 3810.06, 3810.08, 3820.06, 3860.09, 3860.10, 3870.08, 3880.02, 3880.03
exclusion from MiCA, 150.10
MiCA's two classes, 140.05
national competent authorities, 3801.04, 3820.06, 3880.02, 3880.03
non-fungible tokens, 150.10
passporting, 3860.08, 3860.09, 3860.10
segregation of customer assets, 3840.05, 3870.05
significant tokens, 3840.10, 3850.09
sub-custody, 3870.08
United Arab Emirates, 3880.09
white papers, 3830.01, 3830.03, 3830.05, 3830.06, 3830.07, 3830.08, 3830.09, 3830.10, 3840.02, 3850.06
See also Crypto-asset service providers; European Union
Market-structure legislation, 2780.07, 3650.07, 3670, G90.04
Clarity Act in the House, 3670.03
definition, A20
gap the bills address, 3670.01
status of legislation, 3601.05
See also Digital commodities
Marshall Islands, 2070
algorithmic management, 2010.07
DAO LLCs, 2070.13, 2080.07, 2090.05
Marshall Islands DAO Act, 2010.07
Utah DAO Act, 2070.13
Wyoming DAO Supplement, 2080.07
See also Marshall Islands DAO Act
Marshall Islands DAO Act, 2010.07, 2070.06, 2070.08
permitted business, 2070.13
preemption reversed, 2070.09
securities provisions, 2070.05
Utah DAO Act, 2070.13
MAS. See Singapore
Master accounts, 1170.01
Custodia Bank, Inc. v. Federal Reserve Board of Governors, 1170.04
Custodia decision, 1170.04
definition, A50
Measure of damages, 1630.02, 1630.06
claims valuation, 2930.06
conversion rules, 1630.05
definition, A10
distributions in kind, 1630.07
diversification, 1430.05, 1630.03
restoration in kind, 1630.07
Membership interests, 2020.05, 2050.01, 2050.07
amendment of articles, B40.04
receivers, 2460.06
Utah DAO Act, D80.01
Wyoming Decentralized Autonomous Organization Supplement, B40.04
MiCA. See Markets in Crypto-Assets Regulation
2026 joint interpretation, 3560.09
airdrops, 3560.09
airdrops, wrapping, mining and staking, 3560.09
definition, A50
income from mining, staking, forks and airdrops, 3050.02
money services businesses, 3320.11
validators and payment processors, 3320.11
Minors
custodian's duties, 2170.04
gifts to minors, 2170.03
trusts for minors and young adults, 2170.05
Mixed funds
common-law and equitable tracing, 2530.03
following a token, 2530.04
mixed accounts, 3260.05
mixers and privacy tools, 2530.08
rules for mixed funds, 2530.05
swaps, bridges and mixers, 2530.08
Mixers and privacy tools, 280.02, 2520.07, 3320.08
anonymity-enhanced currencies, 3320.09
anonymizing software, 3320.08
badges of fraud, 2620.03, 2620.08
bridges, 2530.08
cases before 2023, 3350.04
convertible virtual currency, 3410.05
definition, A50
mixed funds, 2530.08
money services businesses, 3320.08, 3320.11
North Korea, 3470.01
operated mixers, 3470.01
prohibited assets, 3920.05
pseudonyms and anonymity-enhanced assets, 3410.05
risk assessment, 3330.01, 3390.02
swaps, bridges and mixers, 2530.08
Tornado Cash, 3460.06
travel rule, 3410.05
Van Loon decision, 3460.06
withdrawal of the mixing proposal, 3340.06
Mnemonic phrases. See Seed phrases
Money services businesses, 340.05, 940.02, 3301.02, 3310, 3780.01
2013 guidance, 3310.05
Bank Secrecy Act, 3310.01, 3310.09
civil and criminal penalties, 3310.09
definition, A50
definition of a money services business, 3310.02
definition of a money transmitter, 3310.03
facts and circumstances, and the limitations, 3310.04
Florida, 3780.07
front-ends and interfaces, 3320.07
kiosks and peer-to-peer exchangers, 3320.06
local money-transmission statute, 340.06
miners, validators and payment processors, 3320.11
mixers and privacy tools, 3320.08, 3320.09, 3340.06, 3410.05
money for one statute, property for another, 170.02
money transmission, 3780.02
obligations that follow from status, 3310.07
program, reporting and recordkeeping obligations in practice, 3330.08
program rule, 3330.02
registration in detail, 3310.08
selected state regimes, G90.03
state money transmission laws, 3380.01
statute and its regulations, 3310.01
suspicious activity reports, 3330.05
Texas, 3780.07
travel rule, 3410.03, 3410.05, 3410.06, 3410.09
unhosted wallets, 3320.04, 3340.02, 3340.03, 3340.08
unlicensed money transmitting, 3350.07
validators, 3320.11
Money transmitters. See Money services businesses
MPC. See Threshold signatures
MSBs. See Money services businesses
Mt. Gox, 240.09
distributions in kind, 2950.07
early failures, 2810.01
exchange custody and the record of failures, 960.03
Gatecoin decision, 2950.07
Japan, 2940.02
Mt. Gox (Tokyo District Court, bankruptcy 2014, civil rehabilitation from 2018), 2810.02
QuadrigaCX, 2810.01
MTMA. See Money Transmission Modernization Act
Multi-party computation. See Threshold signatures
Multisig. See Multi-signature arrangements
Multi-signature arrangements, 180.05, 250.02, 730.05, 730.06
Article 9, B50.04
collaborative custody, 250.07
collaborative custody and recovery keys, 250.07
contract and code risk in on-chain arrangements, 930.05
definition, A50
evidence and transparency, 250.05
incident study, 930.06
money services businesses, 3320.11
multi-signature signers, 1960.07
secret sharing, 250.04
shared control, 250.02, 250.08, 930.01, 930.02, 930.09, 2230.01, 2230.04
succession and removal, 930.09
threshold arrangements, 180.05
threshold signatures, 250.04, 250.05
validators, 3320.11
Wyoming, B50.04
See also Threshold signatures
N
National trust banks, 1150.08
bank charters, 1150.08
banks and the Federal banking agencies, 1150.08
Custodia decision, 1170.04
definition, A60
master accounts, 1170.04
significance of a national trust charter, 1150.09
sub-custody, 1150.09
Native tokens, 120.02, 130.02, 130.03
appraisers, 2180.02
Celsius, 2950.04
Celsius plan, 2950.04
commodity status, 130.06
Cryptopia, 1030.05
definition, A60
forks, 130.05
forks and airdrops, 130.05
Gatecoin decision, 1030.06
Hong Kong, 1030.06
Interpretive Letter 1170, 1150.02
native tokens and cryptocurrencies, 130.01
proof-of-work and proof-of-stake, 130.04
Ruscoe v Cryptopia, 1030.05
securities status, 130.07
separate property and tracing, 360.02
Voyager, 1060.07
Netting and close-out
rehypothecation, 1240.05
Nevada
asset protection, 2660.07
charging orders, 1720.04
creditor remedies, 1720.04
directed trust statutes, 1520.08
diversification, 1410.05, 1440.06
domestic asset protection trusts, 2660.07
Prime Core, 1160.09
prudent investor rule, 1410.05
segregation of customer assets, 1160.09
Nevis
foundations, 1840.02
offshore trusts, 2670.03
party autonomy, 580.07
Restatement (Second) of Conflict of Laws, 580.07
New York
arbitration, 570.06
attestations and audits, 3730.08, 3780.04
BitLicense, 3780.03
CFTC jurisdiction, 3770.02
consumer protection, 570.06
debtor-creditor relationship, 1080.02
judgment debtors, 2440.02
NYDFS, 3730.08
purpose trusts, 1160.06
rehypothecation, 1260.04
segregation of customer assets, 1080.02, 1160.07
self-custody, 2440.02
significance of the New York guidance, 1080.03
sub-custody, 1160.07
tether, 3770.02
trust companies, 1160.06
See also BitLicense
NFTs. See Non-fungible tokens
No-action letters and staff statements, 1130.02, 1190.09, 3560.02
broker-dealers, 1140.03, 1140.04, 1140.05, 1140.06
December 2025 staff statement, 1140.04
digital asset securities, 1140.04
Non-custodial wallets. See Unhosted wallets
Non-fungible tokens, 110.10, 150.09, 260, 690.04
ByBit decision, 460.03
collectibles, 3040.07, 3530.05
controllable electronic records, 620.12, 710.08
Crypto-Asset Reporting Framework, 3220.02, 3220.03, 3220.05
definition, A60
directed trusts, 1510.07
efforts of others, 3530.05
exclusion from MiCA, 150.10
general intangibles, 710.08
governance tokens, 1510.07
LBRY, consumptive use and fair notice, 3530.05
linked assets, 710.08
linked to physical assets, 150.12
Markets in Crypto-Assets Regulation, 150.10
NFTs and the collectibles rate, 3040.07
non-fungible tokens defined, 150.08
persons unknown, 430.01
rivalrousness as the distinguishing feature, 430.05
securities status, 150.11
taxonomy of digital assets, 120.03, 120.04, 120.06
tether, 430.01
things in action, 460.03
wash sales, 3040.07
Notice 2014-21. See Property treatment for tax
O
OFAC. See Sanctions
Offshore trusts, 2670
collusion and coercion, 2670.06
Cook Islands, 2670.02
domestic directors, 1580.07
duress and flight provisions, 2670.06
foreign gifts, 3270.07
holding digital assets, 1580.06
Nevis, 2670.03
OKX, 3370.02
Online tools, 1310.05, 1320.06, 1330.02, 1330.03
beneficiary designations, 1320.07, 1330.06, B30.05
content of electronic communications, B30.05
coordination with online tools, 1390.04
definition, A60
estate administration, 1330.06
fiduciary access, C70.03
financial accounts, 1380.08
online tools and the hierarchy of directions, 2280.02
override of terms of service, 1330.04
self-custody, 1380.08
user direction, 1330.01
Operating agreements, 1570.02, 1701.02, 1701.04, 1710.03, 1740.01, 2030.05, 2050.01, 2050.06, 2050.07, 2090.01
amendment of articles, 2040.08, D60.02
Article 8, 830.06
asset-referenced tokens, 830.06
DAO LLCs, 2030.09, D60.02, D70.01
definition, A60
directed trusts, 1570.06, 1780.06
membership interests, 2020.05, B40.04
preemption between code, articles and operating agreement, 2040.08
real-world assets, 150.05, 870.06, 890.03
Wyoming DAO LLC, D70.01
Wyoming DAO Supplement, 2010.02, 2010.06, 2030.02
Wyoming Decentralized Autonomous Organization Supplement, B40.04
Oracles, 270
bridges, 270.07
bridges and layer-2 networks, 270.02
definition, A60
layer-2 networks, 270.01, 270.07
limits of a single ledger, 270.01
market manipulation, 270.03, 3620.05
oracle manipulation, 270.03
price oracles, 1270.03
Ownerless structures, 1801.02, 1880.01
costs and limits, 1810.08
foundations, 1810.04, 1810.08, 1890.02
holding intellectual property, 1810.05
liability and the alternative of no entity, 1810.07
ownerless vehicles, G60.01
problem the form addresses, 1810.01
token issuance through a foundation, 1810.04
treasury as an endowment, 1810.06
treasury management, 1810.06
Utah DAO Act, G60.01
Wyoming DAO Supplement, G60.01
P
Party autonomy
Restatement (Second) of Conflict of Laws, 540.03
Passporting, 3860
crypto-asset service providers, 3860.08
definition, A70
European Union, 3860.08, 3860.09, 3860.10
significant providers, 3860.10
supervisory convergence, 3860.09
Passwords and passphrases, 240.05
backups and passphrases, 920.06
definition, A70
passphrases and two-part storage, 2220.07
seed phrases, wallets and key storage, 240.05
single point of failure, 920.06
Payment services
2024 expansion of scope, 4010.03
central Bank of the UAE, 4010.03
consumer access measures, 4010.08
digital payment tokens, 4010.01
MAS's 2023 decision on investor protection, 4010.04
Payment stablecoin issuers. See Payment stablecoins
Payment stablecoins, 110.06, 2730.07, 3701.04, 3710.01, 3710.03, 3710.05, 3720.08, 3730.01, 3750.01, 3760.06, 3790.05
activities limit, 3740.01
Article 8, 2730.11
automatic stay, 2750.09
code amendments, 2730.08
custody of reserves, stablecoins and keys, 3760.04
definition, A70
drafting account terms, 3790.03
effect of the GENIUS Act provision, 1110.07
foreign issuers, 3720.02, 3750.08, 3760.03
GENIUS Act, 140.03, 1110.05, 1110.06, 1110.07, 2580.02, 2730.01, 2730.07, 2730.08, 2730.10, 2730.11, 2730.12, 3610.08, 3760.05
held for customers, E30.06
issuance prohibition, 3720.01
issuer and digital asset service provider, 3710.05
lawful order, 3710.06
names and marketing, 3740.04
offer-and-sale prohibition, 3720.02
payment-stablecoin issuers, 3340.08
redemption policy, 3730.04
segregation of customer assets, 950.03, 1110.06, 3730.02
stablecoin freezes, 3710.06, 3760.02, 3760.03
stablecoin issuers, 3470.08
state digital-asset statutes, 110.10
state law after the act, 3780.08
stockbroker liquidation, 2730.12, 2740.06
structure of the act, 3701.03
taxonomy of digital assets, 3610.09, 3610.10
tokenized deposits, 140.08, 140.10
tokens outside the definition, 3710.04
unhosted wallets, 3340.08
yield prohibition, 3730.07
See also GENIUS Act
Perfection. See Security interests
Personal jurisdiction
assets held outside the state, 2430.05
personal jurisdiction over partners, 1970.05
Sarcuni decision, 1930.02
Personal property
Article 9, B50.04
chattel paper, 620.09
conversion, 320.01, 320.02, 320.03, 320.06, 320.07, 320.08
conversion, trespass to chattels and replevin, 320.08
estate administration, 2120.04
foundations, 320.04
letters of instruction, 2120.04
merger requirement, 320.02
paper, documents of title and transferable records, 620.09
replevin and specific recovery, 320.07
separate writing, 2120.04
things in action, 410.01
tokens and the tort, 320.04
tort of conversion, 320.01
trespass to chattels, 320.06
Wyoming digital asset law, 350.02
Personal representatives. See Estate administration
Persons unknown, 550.02, 580.01
AA v Persons Unknown, 2540.02, 2540.03, 2540.04, 2540.05, 2540.06
Article 12, 440.08
British Virgin Islands, 2560.04, 3970.03
claims against Persons Unknown, 580.01
common-law pattern, 2560.01
constructive trusts, 480.05
decisions that followed, 420.04
definition, A70
disclosure orders, 2550.03, 2550.09, 2550.10
distributions in kind, 2540.10
duty of fair presentation, 580.02
England and Wales, 170.07, 440.01
freezing orders, 2540.04
Hong Kong, 2560.03
Ion Science decision, 550.02, G20.01
LMN v Bitflyer, 2550.09, 2550.10
non-fungible tokens, 430.01
Persons Unknown as defendants, 2560.08
property (Digital Assets etc) Act 2025, 440.08
proprietary injunctions, 2540.01, 2540.02, 2540.05, 2540.06
search orders, 2540.09, 2540.10
service by token, 2560.07
service on Persons Unknown, 2560.06
Singapore, 2560.02
tether, 430.01
UK Jurisdiction Taskforce, 420.03
Petition-date rule. See Claims valuation
Philippines, 4050, 4060, 4070, 4090
accredited and professional investors, 4090.06
BSP Circular No. 1108, 4080.06
cold storage, 4080.06
Crypto-Asset Reporting Framework, 4070.07
crypto-asset service providers, 4060.04
FATF standards, 4070.03, 4070.04
grey list, 4070.03
hosted wallets, 4060.06
mutual evaluations, 4070.04
token offerings, 4060.07
unhosted wallets, 4060.06
Piercing the veil. See Veil piercing
Plans of reorganization
Celsius, 1060.04, 2830.07, 2920.05
claims valuation, 2860.02, 2920.04, 2920.05, 2920.07
confirmation order, 2920.04
FTX, 1060.10, 1060.11, 2720.10, 2850.01, 2860.02, 2920.04
In re FTX Trading Ltd, 2860.02
Article 9, B50.04
bailment, 1020.02
broker-dealers, 1140.06
custody without possession, 910.01
definition, A90
Monex decision, 3630.05
possession requirement, 1020.02
possessory remedies, 410.04
qualified custodians, 1140.06
questions crypto-assets present, 410.06
retail commodity transactions, 3630.05
rights recognized outside the two classes, 410.03
things in action, 410.01, 410.03, 410.04, 410.06
Wyoming digital-asset statute, B50.04
Post-petition interest
claims valuation, 2910.08
interest after the petition, 2910.08
solvent estates, 2930.03
Powers of attorney, 1340.04, 1350.04, 1350.05, E50.01
agent under a power of attorney, 1610.03
beneficiary designations, 1330.06, B30.05
durable power of attorney, 2160.02
estate administration, 1390.05, 2290.03
guardianship and conservatorship, 1350.08, 2160.06
key-holder agreements, 2290.03, F40.02
online tools, 1330.01, 1330.02, 1330.03, 1330.06, 1380.08, 1390.04, B30.05
personal and representative liability, 1610.08
powers that require separate enumeration, 2160.03
self-custody, 1380.08
spouses, creditors, capacity and incapacity, 2270.09
Preferences, 2920.06, 2960.02, 2960.03
Celsius, 960.04, 1060.03, 1060.05, 2920.06, 2960.05
Celsius settlement program, 2960.05
defenses of § 547(c), 2960.04
definition, A70
fraudulent transfer actions in bankruptcy, 2960.06
FTX customer preference settlement, 2960.07
margin top-ups, 780.07
ordinary course of business, 2960.04
preference exposure, E60.03
preferences against customers, 2960.01
recovery under § 550, 2960.06
safe harbors, 2970.01, 2970.06
voidable transfers, 2640.06, 2980.06
withdrawal preference exposure valued at transfer, 2920.06
chartered custodian fails, 2870.01
In re Prime Core Technologies Inc, 1160.09, 2870.02
Prime Core Technologies, 960.06
segregation of customer assets, 960.06, 960.07, 1160.09, 2720.06, 2720.10, 2870.02
trust companies, 1160.09
Prime Trust. See Prime Core
Priority, 740
advising a holder or intermediary, 3790.02
Article 12, 530.10
Article 8, 850.05, 1050.06, 2730.11
between the Service and private creditors, 2480.09
control beats non-control, 740.02
controllable electronic records, 740.05
GENIUS Act, 2730.11
payment stablecoins, 3790.03
priority against the intermediary's secured creditors, 850.05
priority and the adjustment date, 680.04
priority of the intermediary's secured creditors, 1050.06
qualifying purchasers, 640.14, 740.05
relation to Article 9 priority, 640.14
securities intermediaries, 850.05
split between perfection, 530.10
transition priority, 740.08
Private funds
tokenized funds, deposits and third-party tokens, 860.02
Article 9, B50.04
Cryptopia, 450.01
FTX, 2850.04
hierarchical deterministic wallets, 240.04
judgment debtors, 2440.06
liquidators, 450.01
location of the private key, 520.04
public keys and addresses, 230.01
public-key cryptography, 230.01
quantum computing, 230.08
seed phrases, 180.03
signatures, 230.02
social recovery, 2250.01, 2290.05, F50.02
threshold signatures, 250.03
turnover orders, 2440.06
Wyoming, B50.04
See also Key management; Lost keys; Seed phrases
Privy Council jurisdictions
England and Wales, 1640.09
gross negligence and wilful misconduct, 1640.11
professional trustees, standard of care, 1640.11
Pro rata sharing
customer protection, 850.02
securities intermediaries, 850.02, 2730.02
shortfalls, 1070.06
Probate. See Estate administration
Professional trustees, standard of care, 1640.11
gross negligence and wilful misconduct, 1640.11
Guernsey, 1640.11
Proof of control
directed trusts, 1560.05, C40.05
key-management provisions in the instrument, 1560.05
proof of control of an unhosted wallet, 3440.05
records and assurance, 1860.08
signed message, 2410.06
unhosted wallets, 3440.05
Proof of reserves, 970
definition, A70
insurance, proof of reserves and representations, E20.05
segregation, commingling and tracing, 1070.08
segregation of customer assets, 1070.08
SOC reports, 970.07
Voyager, 970.07
Property, digital assets as
account debtors, B10.04
accounting presentation and property law, 1080.05
Article 12, 350.05
article 12 as a statutory framework, 350.05
controllable accounts, B10.04
controllable electronic records, 740.05
custody and client assets, 3990.03
immutability, 260.07
immutable contracts as property, 260.07
information, property in, 410.05
legislative approach, 350.01
non-fungible tokens, 430.01
property (Digital Assets etc) Act 2025, 440.04
qualifying purchasers, 740.05
reading the classification, 350.03
recovery of the property or its value, 330.05
status and the plan, 2101.05
tether, 430.01
Van Loon decision, 260.07
See also Things in action; Third category of personal property
Property (Digital Assets etc) Act 2025, 440.02
Article 12, 440.08
comparison with Article 12, 440.08
England and Wales, 110.09, 490.02
Law Commission, 440.04
Property of the estate, 330.01, 2701.03, 2710.01, 2860.02, 2880.01, G70.01
Article 8, 840.06, 850.06, 2730.11
automatic stay, 780.04, 2750.01, 2750.03, 2750.04, 2750.06
bare legal title, 2710.02
burden of identification, 2710.08
Celsius, 330.03, 760.04, 850.06, 1040.04, 1060.03, 1060.04, 1060.05, 1060.11, 2750.03, 2830.03, 2830.04
claims valuation, 2910.02
definition, A70
distributions in kind, 2901.05, 2950.01
hosted and self-custodied assets of the debtor, 2710.05
keys, records and control, 2710.06
payment stablecoins, 2730.08
property held by the debtor for others, 2710.07
property in insolvency, 170.04
rehypothecation, 330.07, 760.04, 2720.08
segregation of customer assets, 1160.09, 2710.08, 2720.10, 2870.02
self-custody, 2710.05
Proprietary injunctions, 2540
AA v Persons Unknown, 2540.02, 2540.04, 2540.05, 2540.06
decisions that followed, 420.04
definition, A70
delivery up in kind or value, 2540.10
freezing orders, 2540.07, 2580.07
non-fungible tokens, 430.01, 460.03
persons unknown, 2540.02, 2540.04, 2540.05, 2540.06, 2560.01, 2560.02, 2560.03
search orders, 2540.10
stolen crypto-assets, 460.02
worldwide freezing order, 2540.07
Protectors. See Trust protectors
Prudence. See Prudent investor rule
Prudent investor rule, 1401.02, 1410.01, 1410.02, 1550.01
definition, A70
imprudent sale and the hindsight problem, 1620.06
standard applied to digital assets, 1420.01, 1420.08
time of judgment, 1410.06
trustee's power to stake or lend, 1280.08
Public keys and addresses, 180.02, 180.03, 210.01
hierarchical deterministic wallets, 240.04
keys, signatures and addresses, 230.04
public-key cryptography, 230.01
quantum computing, 230.08
Purpose trusts, 1810.08, 1820, 1840, 1850, 1890
Bermuda, 1840.05
British Virgin Islands, 1840.04, 1840.05
British Virgin Islands VISTA trust, 1840.04
Cayman Islands, 3960.06
choosing among the offshore regimes, 1840.08
foundation companies, 3960.06
foundations, 1810.08, 1820.06, 1820.11, 1850.01, 1850.02, 1850.06, 1890.01, 1890.02, 3960.06, D90.01
Jersey, Bermuda and The British Virgin Islands, 1840.05
key-holder agreements, D90.02
New York, 1160.06
New York limited purpose trust companies, 1160.06
ownerless structures, 1801.02, 1810.08, G60.01
ownerless vehicles, G60.01
STAR Trust, 1820.11
token-holder resolutions, D90.01
treasury and its key holders, D90.02
trust companies, 1160.06
See also Foundations
Q
Quadriga. See QuadrigaCX
QuadrigaCX
Celsius, E70.03
early failures, 2810.01
key-holder agreements, 240.10, 1670.02
lost keys, 1670.02
Mt. Gox, 2810.01
shortfalls, 2810.03
single point of failure, 240.10
Qualified custodians, 1110, 1120, 1130, 1140, 1150, 1160, 1170, 1180, 1190, C90.07
2023 safeguarding proposal and its withdrawal, 1120.06
Advisers Act custody rule, 1120.01, 1120.03
broker-dealers, 1140.06
broker-dealers as qualified custodians, 1140.06
choosing a model by client type, 980.03
custody, key material and the key record, C40.03
definition, A70
directed trusts, 1540.06, C40.05
exculpation, 1690.03, C90.03, C90.04
funds and advisers, 980.04, 1180.04
holder's obligations govern the choice, 1180.01
investment advisers, 1120.01, 1120.03
pooled vehicles, 1120.08
privately offered securities, 1120.07
safeguarding, 1120.06
securing assets on appointment, 2320.07, 2320.08
trust companies, 950.08, 1080.06, 1120.08
using more than one model, E10.04
Qualifying purchasers, 440.06, 610.03, 610.08, 640.02, 690.05, 710.08, 740.01
account debtors, B10.04
Article 12, 350.05, 440.08, 530.02, 530.08, 610.08, 660.09, 2730.05, 3940.06
Article 9, 620.12, 640.14, 680.08, 740.08
controllable accounts, 640.12, 650.04, 650.10
controllable electronic records, 620.12, 640.04, 740.05, 830.04
no-action protection, 640.13
non-fungible tokens, 430.01, 430.05
property (Digital Assets etc) Act 2025, 440.08
relation to Article 9 priority, 640.14
rights evidenced by the record, 640.12
rights of purchasers, 640.04, 640.05, 640.07, 640.08
secured parties, 740.06
shelter principle, 640.03, 740.07
structure of § 12-104, 640.01
take-free rule, 640.11
thief's transferee, 640.06
transfer and the take-free rule, 650.04
transition rules, 740.08
Uniform Commercial Code Article 12 (Delaware), B10.04
R
Real-world assets, 801.04, 870
basic limitation, 870.01
definition, A80
gap between token and asset, 870.06
special-purpose vehicle, 870.02
sponsor insolvency, 870.07
tokenized securities, 890.04
tokenized securities, real-world assets and non-fungible tokens, 150.05
transfer agents, 890.03
vehicle's documents, 890.03
Receivers, 2440.03, 2460.01, 2460.03
authority to appoint, 2460.02
CFTC jurisdiction, 2460.04
conversion, 2440.09
definition, A80
distributions in kind, 2440.09
receivers and third parties, 2460.07
receiver's custody standard, 2460.05
receivers over entities, 2460.06
regulatory receiverships, 2460.04
Recognition of foreign proceedings. See Chapter 15
Recommendation 16. See Travel rule
Reconciliation
contribution, title and records, 1730.06
reconciling the categories with the cases, 3560.06
Recordkeeping, 1620.03
blocking and reporting, 3470.06
customer identification and due diligence, 3330.03
mixers and exchanges designated, 3470.06
program, reporting and recordkeeping obligations in practice, 3330.08
Recovery phrases. See Seed phrases
Recovery services, 180.05, 2210.01
definition, A80
key-holder agreements, C60.01, C60.04, C60.05, C60.06
key-holding and recovery services, 2250.04
advising a holder or intermediary, 3790.02
asset-referenced tokens, 3840.06, 3840.09
automatic stay, 2750.09
central bank digital currencies, 140.10
comparison with the New York guidance, 3730.08
distributions and the record date, 860.03
electronic money, 3850.03
e-money tokens, 3850.03
fiat-backed stablecoins, 140.02
general definition, 3120.01
issuance and redemption at par, 3850.03
New York, 3730.08
no rehypothecation, 3730.03
payment stablecoins, 3710.04, 3710.06
qualifying stablecoins, 3140.02
recovery and redemption plans, 3840.09
redemption policy, 3730.04
redemption right, 460.05
rehypothecation, 3730.03
reserves, redemption, disclosure and the yield prohibition, 3730.05
right of redemption, 3840.06
stablecoin redemptions, 2750.09
tether, 430.02
tokenized deposits, 140.10
tokenized funds, 860.03
U.S. and foreign brokers, 3120.06
USDT and the redemption right, 430.02
Wyoming DAO Supplement, D70.05
Registered agents
Marshall Islands DAO Act, 2070.03
Registered funds
exchange-traded products, 1130.09
exchange-traded products outside the 1940 Act, 1130.09
registered funds and the Investment Company Act, 1130.08
tokenized funds, deposits and third-party tokens, 860.01
Registration exemptions, 3520.03, 3550.02
DAO Report, Telegram and Kik, 3520.04, 3520.05
definition, A80
offering token securities, 3570.09
offshore offerings, 3570.03
private placements under section 4(a)(2), 3570.02
Regulation Crowdfunding, 3570.04
Regulation 180.1, 3610.06
CFTC jurisdiction, 3620.04
definition, A80
market manipulation, 3620.02, 3620.03, 3620.04, 3620.05, 3620.06
Monex decision, 3620.03, 3630.05
My Big Coin decision, 3610.06
retail commodity transactions, 3630.05
section 6(c)(1), 3620.02
Regulation Crypto Assets, 3570.06
offering token securities, 3570.01, 3570.05, 3570.09
registration exemptions, 3570.09
Regulation D. See Registration exemptions
Regulation S. See Registration exemptions
Regulatory sandboxes, 880.01
England and Wales, 880.05
tokenized securities, 880.05
United Kingdom, 880.05
Rehypothecation, 1201.02, 1220.05, 1240, 1250, 1260, 1290
Article 8, 330.07, 750.05, 850.06
Article 9, 760.05
broker-dealer model, 1260.02
broker-dealers, 1260.02
Celsius, 760.04, 850.06, 1040.04, 2720.04
consent and its form, 1240.05
control agreements, 750.05, 790.03
custodians and brokers, 1260.01
custody agreements, 390.02, 1130.05, 1190.08, E30.05
definition, A80
European Union, 1260.05
FTX, 1260.06
FTX and Celsius records, 1260.06
In re BlockFi Inc, 760.06
In re Celsius Network LLC, 760.04
New York, 1260.04
New York guidance, 1260.04
no rehypothecation, 3730.03
property of the estate, 1250.08
rehypothecation rights, 2720.08
rehypothecation under the code, 760.05
trust companies, 950.08, 1130.05, 1130.07
Voyager, 1250.08
Wyoming, 330.07
Wyoming and the European Union, 1260.05
Reliance on advisers, 1650.04
Removal of trustees
directed trusts, 1530.07, 1540.06
estate administration, 1580.04, 2290.03
key-holder agreements, 1670.02, 2290.03
matching the design to the owner, 2290.02
removing and replacing directors and custodians, 1540.04
revocable trusts, 1580.04, 2150.01, 2150.02
access to the Federal Reserve, 3740.06
asset-referenced tokens, 3840.04, 3840.10
CFTC jurisdiction, 3770.02
code amendments, 2730.08
comparison with the New York guidance, 3730.08
Custodia Bank, Inc. v. Federal Reserve Board of Governors, 1170.04
Custodia decision, 1170.04
custodians of reserves and stablecoins, 2730.10
custody and reserves, 4050.06
custody of reserves, stablecoins and keys, 3760.04
effect of the GENIUS Act provision, 1110.07
GENIUS Act, 1110.07, 2730.10, 2730.11, 3760.05
insurance, proof of reserves and representations, E20.05
lawful orders, custody, insolvency and securities status, 3760.05
master accounts, 1170.01, 1170.04
monthly disclosure and certification, 3730.06
New York, 3730.08
no rehypothecation, 3730.03
payment stablecoins, 2730.08, 2730.10, 3730.07, 3740.01, 3760.04
proof of reserves, 970.07, 1070.08, E20.05
redemption policy, 3730.04
reserve of assets, 3840.04
segregation of customer assets, 1070.08, 3730.02
SOC reports, 970.07
statutory protections, 2730.11
tether, 3770.02
tether reserve findings, 3770.02
virtual asset service providers, 4050.06
Residuary estate
distributions in kind, 2130.07, 2390.01
estate administration, 2120.04, 2130.07, 2140.02, 2220.04
fourth step, 830.05
letters of instruction, 2120.04
specific bequests, 2130.01, 2130.02, 2130.05
volatility and the form of the gift, 2130.02
Restatement (Second) of Conflict of Laws, 540.03, 540.04
Article 12, 530.07, 540.01, 540.05
Florida, 580.07
Nevis, 580.07
Restraining notices, 2410.06, 2420.04
definition, A80
levy and execution, 2420.04
restraining notices and liens, 2420.04
Retail commodity transactions, 3601.02, 3610.10, 3630.04, 3630.07
2020 virtual currency guidance and its withdrawal, 3630.06
actual delivery, 3630.05
actual delivery in the courts, 3630.04
breadth of "offered.", 3630.03
governance and staking rights, 3630.08
Monex decision, 3630.05, 3630.08
section 2(c)(2)(D), 3630.02
Retail customers
consumer access measures, 4010.08
payment services, 4010.08
retail restrictions on use of assets, 4010.07
Retention clauses, 1440, 1510.02, 1550.01
Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust #1, 1440.03
asset-referenced tokens, 1440.03
definition, A80
directed trusts, 1550.02, 1550.08
diversification, 1440.08
elements of a retention clause for tokens, 1550.02
notes on the model powers provision, 1550.08
notes on the model retention provision, 1550.03
Ohio, 1440.02
Wood v. U.S. Bank, N.A, 1440.02
Rev. Rul. 2019-24. See Forks and airdrops, tax
Rev. Rul. 2023-14. See Staking rewards, tax
Revised Uniform Fiduciary Access to Digital Assets Act. See RUFADAA
Revocable trusts, 1510.07, 2150
creditors and nonprobate transfers, 2150.06
definition, A80
estate administration, 1580.04
Florida, 2160.03
funding a revocable trust with digital assets, 1580.05
joint ownership, 2150.07
matching the design to the owner, 2290.02
nonprobate transfers, 2150.02
powers of attorney, 2160.03
revocable trust as a probate substitute, 1580.04
revocable trust as the secure route, 2260.06
trust companies, 1580.05
Risk assessment, 3490.03
designing the compliance program, 3390.02, 3390.03
England and Wales, 3430.06, 3430.07
Hong Kong, 3430.08
risk-based regime, 3330.01
Singapore, 3430.08
travel rule, G90.01
RMI. See Marshall Islands
Rollups. See Layer-2 networks
RUFADAA, 1301.03, 1301.06, 1320.01, 1320.05, 1390.05
corresponding sections, B30.03
definition, A80
enactments of the 2022 amendments, 1310.07
estate administration, 1370.06, 1390.05
fiduciary access, 110.04, 350.06
guardianship and conservatorship, 1310.07
state digital-asset statutes, 110.10
Stored Communications Act, 1370.05, 1370.06, 1370.10
See also Fiduciary access
RWAs. See Real-world assets
S
Safe harbors, 3720.05
automatic stay, 780.04, 2750.08
choice of law and the debtor's bankruptcy, 780.05
decisions so far, 2970.05
financial contracts, 2750.08
fraudulent transfer actions in bankruptcy, 2960.06
FTX, 2970.05
investment contract safe harbor, 3570.08
litigation trusts, 2980.09
lot identification, 3030.08
qualifying participants, 2970.03
qualifying transactions, 2970.04
Regulation Crypto Assets, 3570.05, 3570.06
related safe harbors, 2970.06
section 546(e) safe harbor and crypto platforms, 2970.01, 2970.02
transition safe harbor, 3030.08
unhosted wallets, 3030.08
Safeguarding
2023 safeguarding proposal and its withdrawal, 1120.06
digital payment tokens, 4010.03, 4010.09
electronic money, 3850.05
e-money tokens, 3850.05
investment advisers, 1120.05, 1120.06
qualified custodians, 1120.06
safeguarding and investment of funds received, 3850.05
Sanctions, 3401.02, 3440, 3450, 3460, 3470, 3480, 3490
50 percent rule, 3450.06
Binance, 3480.05
blocking and reporting, 3470.04, 3470.05, 3470.06
blocking obligations for tokens, 3470.04
British Virgin Islands, 2940.05
conversion, 2940.05
definition, A60
enforcement against digital-asset firms, 3480.01, 3480.02, 3480.05
England and Wales, 3470.10
European Union, 3470.09
exchanges serving sanctioned actors, 3470.02
foreign persons, taxation of, 3450.03
Garantex and Grinex, 3470.03
geofencing, 3480.03
geolocation cases, 3480.03
Iran, 3480.04
listed digital-currency addresses, 3450.07
management commitment and timing, 3490.02
mixers and exchanges designated, 3470.06
mixers and privacy tools, 3460.06, 3470.01
non-custodial providers, 3480.04
operated mixers, 3470.01
penalties and the enforcement guidelines, 3450.05
reporting blocked property, 3470.05
sanctions framework, 3450.01, 3450.10
stablecoin issuers, 3470.08
Tornado Cash, 3460.01, 3460.02, 3460.03, 3460.06
United Kingdom, 3470.10
See also Blocking and reporting; Tornado Cash
SARs. See Suspicious activity reports
Search orders
distributions in kind, 2540.10
final relief, 2540.09
freezing orders, 2540.10
kind or value, 2540.10
summary judgment, 2540.09
Secondary-market sales
Binance, 3550.04
Coinbase, 3550.03
Ripple and the manner of sale, 3540.02
Ripple decision, 3540.02, 3540.03, 3540.05
Terraform, 3550.02
Section 1031. See Like-kind exchanges
Section 1091. See Wash sales
Section 1782. See Section 1782 discovery
Section 1960. See Unlicensed money transmitting
Section 311, 3340
actions against particular foreign exchanges, 3340.07
definition, A80
mixing proposal, 3340.05
section 311 and its special measures, 3340.04
unhosted wallets, 3440.03
Section 362. See Automatic stay
Section 541. See Property of the estate
Section 546(e). See Safe harbors
Section 547. See Preferences
Section 6038D. See Form 8938
Section 6045. See Broker reporting
Securities and Exchange Commission, 3660.06
2025 circulars, 4060.01
CFTC and SEC frameworks under consideration, 2740.07
CFTC jurisdiction, 2740.07, 3680.02, 3680.03, 3680.04
concurrent authority, 3680.02
consequences for users, 4060.06
crypto-asset service providers, 4060.01, 4060.02, 4060.03, 4060.05
house bill's allocation, 3680.04
offshore platforms, 4060.05
Philippines, 4060.04, 4060.06, 4060.07
products that cross the line, 3680.03
registration requirements, 4060.03
relationship with the BSP regime, 4060.04
staff's taxonomy, 860.06
stockbroker liquidation, 2740.07
taxonomy of digital assets, 860.06
tokenized securities, 860.06
Securities intermediaries, 810.01, 850.03
Article 8, 610.05, 670.07, 710.06, 750.02, 750.03, 750.05, 750.06, 810.01, 810.04, 810.06, 810.07, 830.03, 830.06, 840.01, 840.02, 840.03, 840.04, 840.05, 840.09, 850.01, 850.04, 850.05, 850.06, 890.02, 1050.03, 1050.04, 1050.05, 1050.06, 1050.07, 1050.08, 1070.06, 1090.02, 1260.03, 2730.02, 2730.04, 2730.11
asset-referenced tokens, 830.06
electronic money, 670.07
England and Wales, 880.07
English Law, 880.07
entitlement holder's property interest, 1050.04
intermediary's own lien, 750.03
priority against the intermediary's secured creditors, 850.05
pro rata sharing, 850.02
property interest, 850.01
sub-custody, 1090.02
Securities law, 3510.01, 3560.07, 3570.08
2025 statement on liquid staking, 1230.06
2025 statement on protocol staking, 1230.04
2026 joint interpretation, 3501.05, 3540.05, 3560.04, 3560.05, 3560.09
Binance, 3550.04
CFTC jurisdiction, 3660.10, 3680.04
defences, procedure, securities and governance attacks, 1970.09
definition, A40
efforts of others, 3510.08
enumerated instruments in token form, 3510.02
European Union, 1230.08
house bill's allocation, 3680.04
Howey test, 3510.03, 3510.04, 3510.08, 3510.09
investment contract assets and mature blockchain systems, 3670.05
investment of money, 3510.06
Kraken settlement, 1230.02
liquid staking, 1230.06
Markets in Crypto-Assets Regulation, 1230.08
Regulation Crypto Assets, 3570.06, 3570.09
Ripple decision, 3510.06, 3540.02, 3540.05
safe harbor, 3570.08
safe harbors, 3570.08
scheme as the security, 3510.09
staking and the securities laws, 1230.01
state securities laws, 3580.08
status and limits of the statements, 1230.07
taxonomy of digital assets, 120.04, 3610.10, 3660.10
Terraform, 3550.02, 3550.03, 3770.03
Terraform, Coinbase and Binance, 3550.02, 3550.04
See also Howey test
Securities lending, tax, 3040.03
Security agreements
Article 9, B50.04
attachment, 720.01, 720.05, 720.07
drafting security agreements, 690.07
Wyoming, B50.04
Security interests, 340.01, 610.02, 701.02, 701.05, 710, 720, 730, 740, 750, 760, 770, 780, 790, 2720.03
after-acquired collateral, 720.07
Article 12, 250.06, 530.01, 530.10, 610.08
article 12 route and omnibus wallets, 750.04
Article 8, 670.07, 750.01, 750.02, 2730.04
article 8 route, 750.02
Article 9, 620.12, 640.14, 660.08, 670.06, 730.03, 740.08, 770.06, B50.04
article 9 governing law, 660.08
attachment, 330.06, 720.01, 720.05, 720.07, 2470.01, 2470.02, 2470.03, 2470.04
CEL Token and retail borrower collateral, 2830.06
claims against platforms, 710.07
collateral and liquidation, 3040.04
collateral description, 790.02
consent and its form, 1240.05
consequences of the Wyoming regime, 680.08
control agreement, 750.05
control agreements, 750.05, 790.03
controllable accounts, 530.09, 650.10, 730.02, B20.05
controllable electronic records, 530.09, 620.12, 710.02, 740.05, 780.01
controllable electronic records in Article 9, 670.06
description of the collateral, 720.06
discharge, 650.10
electronic money, 670.05, 670.07, 710.04, 730.08, B20.05
execution and attachment outside bankruptcy, 330.06
forks, 720.09
forks, airdrops and staking rewards, 720.09
FTX, 1260.06
FTX and Celsius records, 1260.06
Gemini's collateral, 2840.07
Genesis and Gemini Earn, 770.08, 1250.06, 2840.07, 2890.02
governing law, 650.10
In re BlockFi Inc, 760.06
In re Celsius Network LLC, 760.04
lien creditors and buyers, 740.04
non-fungible tokens, 710.08
non-fungible tokens and linked assets, 710.08
perfected before the effective date, 680.03
perfection by control, 730.03
perfection by filing, 730.02
qualifying purchasers, 610.03, 640.11, 640.14, 740.05, 740.06
rehypothecation, 760.04, 760.05, 1240.05, 2720.08
rehypothecation under the code, 760.05
rights in the collateral, 720.03, 720.04
secured loan of money against tokens, 1240.04
self-hosted collateral, E40.03
smart-contract and governance risk, 1270.06
split between perfection and priority, 530.10
state law, 2470.02
strong-arm avoidance and adequate protection, 780.06
strong-arm powers, 780.06
tokenized collateral, 3660.05
transfer of electronic money, 670.05
Wyoming, 340.08, 350.06, 680.07, 680.08
Wyoming digital-asset statute, B50.04
See also Article 9; Control agreements
Security tokens. See Tokenized securities
Seed phrases, 180.03, 240.02, 1750.05, 2210.01
cold storage, 240.06
definition, A80
estate administration, 1390.05, 2220.04
Fifth Amendment, 2450.09
formal opening and the inventory, 2220.04
home storage, 2220.08
hot and cold storage, 240.06
individual debtors, 2770.10
interests that fail the test, 310.08
keys and seed phrases, 180.03
lawyers as key holders, 1680.09
legal character, 240.03, 2220.02
levy and execution, 2420.02, 2420.03
online tools, 1380.08
passphrases and two-part storage, 2220.07
QuadrigaCX, 240.10
safe-deposit boxes, 2220.03
sealed storage, 2220.01
seed phrases under BIP-39, 240.02
self-custody, 920.01, 1380.06, 1380.08
separating the phrase from the instructions, 2220.06
single point of failure, 240.10, 920.01, 920.06
turnover orders, 2450.09
wallets and key storage, 240.05
Segregation of customer assets, 1020.04, 1070.02, 1110.02, 1460.02
across trusts, 1450.06
Article 12, 750.04
article 12 route and omnibus wallets, 750.04
Article 8, 750.05, 750.06, 840.06, 1090.02
asset-referenced tokens, 3840.04, 3840.10
Bahamas, 3970.07
book entries, 1190.08
breach theories for digital assets, 1620.04
Celsius, 960.04, 1260.06, 2830.04
charges, deleted assets and segregation, 1340.03
choosing a European custodian, 3890.02
crypto-asset service providers, 3870.05
custody agreements, 1130.05, 1190.08, 1220.04
custody and segregation, 4030.06
definition, A20
documents of a custody arrangement, 910.06
evidence of intention, 480.02
exchange-traded products, 1130.09
facts that test the terms, 1001.05
forms of segregation, 1070.01
FTX, 960.07, 1060.11, 1260.06, 2720.10, 3970.07
FTX control failures, 960.07
GENIUS Act, 1110.06, 1110.07, 2730.10
In re Prime Core Technologies Inc, 1160.09, 2870.02
interaction of the layers, 1110.02
liquid staking, 1220.07
national law, 3840.05
New York, 1080.02, 1160.07, 3730.08
payment stablecoins, 1110.06, 1110.07, 2730.10, 3760.04, 3790.03
Prime Core, 960.06, 1160.09, 2870.02, 2870.04
proof of reserves, 1070.08
property of the estate, 1060.11, 2710.08
qualified third-party custody, 950.02
registered funds, 1130.09
regulatory pattern, 950.03
rehypothecation, 330.07
rights in the collateral, 720.04
segregation and the Comptroller's rule, 3730.02
segregation and the trust account, 4010.06
segregation of liability, 1710.02
third-party custody, 950.08
Three Arrows Capital, 2820.06
trust companies, 750.06, 950.08, 1130.05, 1130.07
virtual asset trading platforms, 4030.06
Voyager, 2820.06
wallets and commingling, 2720.06
wallets at exchanges, 2530.09
Self-custody, 910.05, 920.09, 1380.06
definition, A80
digital assets of value, 1380.01
foreign issuers, 3270.05
Form 8938, 3270.05
form of the order, 2440.06
hosted and self-custodied assets of the debtor, 2710.05
Howells v Newport City Council, 920.04
judgment debtors, 2440.06
key-holder agreements, 2280.03
legal position, 920.02
legal process against the owner, 920.08
loss risk, 920.03
multi-party arrangements, 1380.07
New York, 2440.02
online tools, 1380.08
online tools for financial accounts, 1380.08
property of the estate, 2710.05
self-custodied tokens, 3270.05
self-custody and the fiduciary's authority, 2280.03
self-custody gap, 3201.05
self-custody with a single key, 920.01
single point of failure, 920.01, 920.02, 920.03, 920.04, 920.08, 920.09
succession risk, 920.07
Texas, 2440.03
turnover order, 2440.01
turnover orders, 2440.01
turnover orders against self-custodied assets, 2440.03
unclaimed property, 370.06
See also Collaborative custody
Self-disclosure and remediation
remediation and self-disclosure, 3390.07
Self-hosted wallets. See Unhosted wallets
Self-settled trusts. See Domestic asset protection trusts
Separateness, 2120.01
electronic wills and the harmless-error rule, 2260.07
estate administration, 2120.07
harmless error, 2120.07, 2260.07
separateness in a digital-asset company, 1770.06
Service by token, 2540.10
alternative service by token, 2570.08
definition, A80
persons unknown, 2560.07, 2560.08
service out of the jurisdiction, 2570.08
Service out of the jurisdiction
alternative service by token, 2570.08
disclosure orders, 2550.04, 2550.05, 2550.08, 2550.10
England and Wales, 550.01, 550.05, 550.07
LMN v Bitflyer, 550.04, 2550.08, 2550.10
persons unknown, 2560.01, 2560.04, 2560.06, 2560.08
service by token, 2570.08
service of process, 1970.03
UK Jurisdiction Taskforce, 420.03
automatic stay, 2750.01, 2750.06
automatic stay, freezes, setoff and executory contracts, 2750.06
definition, A80
mutual debts, 2750.07
stay at filing, 2750.01
Set-off. See Setoff
SFC. See Hong Kong
Shortfalls
among excluded assets, 2720.09
Article 8, 840.06, 850.06, 1070.06, 2730.11
Celsius, 850.06, 960.04, 1060.04
property of the estate, 2880.01, G70.01
QuadrigaCX, 960.05, 2810.01, 2810.03
shortfall allocation, 1070.06
Signature schemes
keys, signatures and addresses, 230.03
Significant tokens, 3820.04
asset-referenced tokens, 3840.10
definition, A80
electronic money, 3850.08, 3850.09
e-money tokens, 3850.08, 3850.09
significant asset-referenced tokens, 3840.10
significant e-money tokens, 3850.08
Singapore, 460, 4010, 4020, 4090
accredited and professional investors, 4090.06
BSP Circular No. 1108, 4080.06
cold storage, 4080.06
cross-border insolvency, 2570.11
digital payment tokens, 4010.04, 4010.09
digital token service providers, 4020.02
law Commission, 550.07
licensing, 4020.03
payment services, 4010.04
persons unknown, 2560.02
proprietary injunctions, 2560.02
risk assessment, 3430.08
safeguarding, 4010.09
schemes of arrangement, 4020.09
Section 1782 discovery, 2570.11
service out of the jurisdiction, 550.07
Singapore position, 1030.07
travel rule, 3430.08
Single point of failure, 910.05
backups and passphrases, 920.06
choosing a model by client type, 980.01, 980.02, 980.03
compromise risk, 920.05
Howells v Newport City Council, 920.04
key-holder agreements, 240.10
legal position, 920.02
legal process against the owner, 920.08
loss risk, 920.03
multi-signature arrangements, 930.01, 930.02
QuadrigaCX, 240.10
self-custody, 920.01, 920.02, 920.03, 920.04, 920.08, 920.09
self-custody with a single key, 920.01
Single-member LLCs
adding a member, 1770.04
charging orders, 1770.03, 1770.04, 2480.02, 2680.07
Florida, 1770.03
single-member problem, 1770.03
veil piercing, 1770.05
SIPA. See Stockbroker liquidation
Situs, 510.04
absence of a location, 510.02
changing situs and governing law, 1540.03
directed trusts, 1580.01, 1590.01
distinction between proprietary and personal questions, 510.05
estate tax, 2180.08
Ion Science decision, G20.01
location of nodes, validators or the developers, 520.05
moving an existing trust, 1580.03
rule for intangibles generally, 520.01
traditional function, 510.01
trust protectors, 1540.03
trustee's capability, 1580.02
validators, 520.05
See also Choice of law
Slashing, 1210.03
airdrops, 3050.08
definition, A80
delegation and loyalty, 1280.09
forks, 3050.08
liquid staking, 1220.07
losses in custodial staking, 1220.06
lost rewards, 3050.08
restaking, 1210.10
segregation of customer assets, 1220.07
Smart contracts, 170.06, 180.08, 260.01, 2020.07, 2020.08, 2040.04, 2040.05
allowances and approvals, 260.05
audits and formal verification, 260.10
current management provisions, 2010.05
definition, A80
deterministic execution, 260.02
different order of precedence, D80.01
enforcement after default, 770.09
governance risk, 1270.06
identifiers, authority and upgrades, D60.04
immutable contracts as property, 260.07
membership interests, B40.04
operating agreements, 2030.05, 2040.08
precedence and conformity, D70.02
preemption between code, articles and operating agreement, 2040.08
resulting model, 2010.06
smart-contract audits, 260.10
smart-contract identifiers, 2040.06
smart-contract liquidations, 770.09
statements of management, 2090.02, 2090.04, D60.03
terminology used in this treatise, 180.08
token contracts, 260.05
Tornado Cash, 3460.03
upgradeability of smart contracts, 260.09, 2040.01
upgradeable organizations and algorithmic management, 260.09
Wyoming DAO Supplement, 2010.06, 2020.08, 2090.04, D60.03, D60.04
Wyoming Decentralized Autonomous Organization Supplement, B40.04
See also Oracles; Upgradeability of smart contracts
Smart-contract identifiers, 2010.06, 2020.06, 2040.04, 2040.05, 2040.06
amendment of articles, B40.04
definition, A70
membership interests, B40.04
missing identifier, 2030.04
open blockchain, 2020.06
statements of management, 2030.02, 2030.07, 2090.04, D60.03
Wyoming DAO Supplement, 2020.06, 2020.08, 2030.02, 2040.09, 2090.04, D60.03, D60.04, D70.03
SOC reports, 910.01, 970.06, 1190.09
assurance reports, 970.06
definition, A80
proof of reserves, 970.07
trust companies, 1130.04, 1130.07
Voyager, 970.07
South Dakota
directed trusts, 1520.07
diversification, 1410.05, 1440.05
gross negligence and wilful misconduct, 1460.04
prudent investor rule, 1410.05
trust protectors, 1520.07
Special purpose depository institutions, 1160.05
bank charters, 1160.05
Custodia decision, 1170.04
definition, A80
master accounts, 1170.04
state charters, 1160.05
Special skills
prudent investor standard applied to digital assets, 1420.05
Specific bequests, 2130, 2190.03, 2190.06
ademption by extinction, 2130.03
changes in the form of the asset, 2130.04
choice of gift, 2130.01
drafting the specific bequest, 2130.05
residuary estate, 2130.02
volatility and the form of the gift, 2130.02
Stablecoin freezes, 3710.06, 3790.04, 3790.05
capability to comply, 3760.02
definition, A50
foreign issuers, 3760.03
freezing and blacklisting, 140.07
lawful order, 3710.06
Stablecoins, 110.06, 690.05, 1480.04, 3040.05, 3140.01, 3701.02, 3701.04, 3710, 3720, 3730, 3740, 3750, 3760, 3770, 3780, 3790
2023 stablecoin framework, 4020.04
2026 consultation, 4020.05
advising a holder or intermediary, 3790.02
an algorithmic stablecoin, 3770.03
algorithmic stablecoins, 3770.03
automatic stay, 2750.09
Bahraini stablecoin module, 3950.02
central Bank of Bahrain, 3950.02
choosing an Asia-Pacific Base, 4090.05
claims valuation, 2910.06
custodians of reserves, 2730.10
custody of reserves, stablecoins and keys, 3760.04
definition, A80
drafting account terms, 3790.03
effect of the GENIUS Act provision, 1110.07
electronic money, 3240.03
e-money tokens, 3240.03
England and Wales, 3470.10
ether and stablecoins, 3610.07
federal estate tax, 2350.06
federal stablecoin legislation, 110.06
fiat-backed stablecoins, 140.02
Gatecoin decision, 4040.08
GENIUS Act, 140.03, 1110.05, 1110.06, 1110.07, 2580.02, 2730.07, 2730.10, 2730.11, 2730.12, 3610.08, 3760.05
GENIUS Act definition, 140.03
Markets in Crypto-Assets Regulation, 140.05
MiCA's two classes, 140.05
non-fungible tokens, 430.01, 710.08
offer-and-sale prohibition, 3720.02
optional method, 3140.03
payment stablecoins, 1110.05, 2730.07, 2730.08, 2730.10, 3340.08, 3610.08, 3701.03, 3710.01, 3710.03, 3710.04, 3710.05, 3720.02, 3730.07, 3740.01, 3750.01, 3760.04, 3790.03, E30.06
payment stablecoins held for customers, E30.06
payment-stablecoin issuers, 3340.08
qualifying stablecoins, 3140.02
real estate, 3140.06
section 502(b) and the petition-date rule, 2910.06
segregation of customer assets, 1110.06, 2530.09
stablecoin freezes, 140.07, 3710.06, 3760.02, 3760.03
stablecoin issuers, 3470.08
stablecoin issuers and other third parties, 2430.07
stablecoin redemptions, 2750.09
stablecoins and the estate's cash, 2330.07
Stablecoins Ordinance, 4040.01
state digital-asset statutes, 110.10
stockbroker liquidation, 2730.12
taxonomy of digital assets, 120.03, 120.06, 3610.09, 3610.10
tokenized deposits, 140.01, 140.04, 140.08, 140.10
treatment of non-permitted stablecoins, 3720.06
unhosted wallets, 3340.08
USDT and the redemption right, 430.02
See also E-money tokens; GENIUS Act; Payment stablecoins
Staking, 1210, 1220, 1230, 1240, 1250, 1260, 1270, 1280, 1290
2025 statement on liquid staking, 1230.06
2025 statement on protocol staking, 1230.04
2026 joint interpretation, 3560.09
Abu Dhabi Global Market, 3930.05
ADGM, 3930.05
airdrops, 720.09, 950.07, 1070.07, 3090.04, 3560.09
airdrops, wrapping, mining and staking, 3560.09
Coinbase litigation, 1230.03
custodial staking, 1210.08, 1220.04
custody agreements, 1220.04
definition, A80
delegated staking without transfer of custody, 1210.06
delegation and loyalty, 1280.09
deposited tokens, 2360.08
disclosure, consent and drafting, 1290.04
economic finality on proof-of-stake networks, 220.03
estate tax, 2370.06
European Union, 1230.08
finality, 220.03
forks, 720.09, 950.07, 1070.07
forks, airdrops and staking rewards, 720.09, 1070.07
funds and trusts, 3050.04
governance and staking rights, 3630.08
grantor trusts, 1280.04, 3050.04, 3070.07
Hong Kong, 4040.05
income in respect of a decedent, 2370.06
Jarrett decision, 3050.03
Kraken settlement, 1230.02
liquid staking, 1210.09, 1220.07, 1230.06
liquid staking receipts, 1220.07
losses through staking and lending, 1620.08
Markets in Crypto-Assets Regulation, 1230.08
Monex decision, 3630.08
pooled staking, 1210.07
powers over digital assets, staking and lending, C20.02, C20.04, C20.05, C20.06
proof of stake, 210.05
proof-of-work and proof-of-stake, 130.04
prudent investor rule, 1280.08
restaking, 1210.10
retail commodity transactions, 3630.08
Revenue Procedure 2025-31, 1280.05
revenue Ruling 2023-14, 1280.02
rewards across the date of death, 2370.06
slashing, 1210.03, 1220.06, 1220.07, 3050.08
slashing losses in custodial staking, 1220.06
solo staking, 1210.05
staking and airdrops, 3090.04
staking and lending, 1550.05
staking from one's own address, 1220.01
staking terms, 1290.03
trust instruments, 1290.05
trustee's power to stake or lend, 1280.08
validators, 210.05, 1210.02, 1210.06, 1210.10, 1220.03
wrapped, bridged and staked positions, 2320.06
See also Liquid staking; Slashing
Staking rewards, tax, 1210.03, 1480.01, 1480.04, 3001.04, 3010.06
across the date of death, 2370.06
airdrops, 720.09, 1070.07, 3050.08
definition, A80
estate tax, 2370.06
forks, airdrops and staking rewards, 720.09, 1070.07
income in respect of a decedent, 2370.06
Jarrett decision, 3050.03
private trusts and estates, 3070.08
revenue Ruling 2023-14, 1280.02
silent trusts, 1480.08
slashing, 3050.08
Staking services, 1210.03
definition, A30
disclosure, consent and drafting, 1290.04
liquid staking, 1220.07, 1230.06
powers over digital assets, staking and lending, C20.05
transfer of custody, 1210.06
trust instruments, 1290.05
validators, 1210.06
STAR trusts. See Purpose trusts
State regulation, 3750, 3780, 3790
Florida, 3780.07
money services businesses, 3380.01
selected state regimes, G90.03
state law after the act, 3780.08
state money transmission laws, 3380.01
Texas and Florida, 3780.07
Statements of management, 2010.06, 2030.06
algorithmic management, 2010.06, 2030.07
amendment of articles, 2040.08, D60.02
DAO LLCs, 2070.13, 2080.07, D60.02
definition, A80
degrees of algorithmic management, 2030.07
drafting the statement of management, 2090.02
drafting the upgrade procedure, 2090.03
model statement of management, 2090.04
required contents of the articles, 2030.02
smart-contract identifiers, 2040.06, D60.03
state of the register, 2030.08
Wyoming DAO Supplement, 2010.02, 2010.06, 2030.02, 2030.08, 2040.09, 2080.07, 2090.04, D60.03
Stiftung. See Foundations
Stockbroker liquidation, 2740.01
application to platforms, 2740.04
CFTC and SEC frameworks under consideration, 2740.07
CFTC jurisdiction, 2740.07
commodity broker and SIPA Status, 2740.06
commodity broker definition, 2740.05
futures market intermediaries, 2740.05
safe harbors, 2970.01, 2970.03
stockbroker definition, 2740.02
Stolen assets. See Hacks and exploits
Stored Communications Act, 1370.05, 1370.10
Ajemian v. Yahoo!, Inc, 1370.06
estate administration, 1370.06, 1370.08
matter of Swezey, 1370.08
Sub-custody, 910.06, 1150.02, 1190.09
Article 8, 1090.02
book entries, 1190.08
custody agreements, 1190.08
definition, A80
European Union, 3870.08
Interpretive Letter 1184, 1150.06
national trust banks, 1150.09
New York, 1160.07
technology providers, 950.06
Summary judgment
Binance, 3550.04
Coinbase, 3580.06
conversion, 320.04
final relief, 2540.09
foundations, 320.04
search orders, 2540.09
statutory sellers, 3580.06
Supervised administration
estate administration, 2340.05, 2340.06
supervised and unsupervised administration, 2340.05
Surcharge. See Fiduciary liability
Suspicious activity reports, 3310.07
definition, A80
program, reporting and recordkeeping obligations in practice, 3330.05
Switzerland, 1830
Article 8, 880.03
asset-referenced tokens, 880.02, 1830.01
foundations, 1810.03, 1810.04, 1810.08, 1830.01, 1830.07, 1850.07
ownerless structures, 1810.04, 1810.08
personal jurisdiction, 1850.07
transfer agents, 880.03
utility tokens, 1830.07
T
Take-free rule. See Qualifying purchasers
Tax levies
Article 9, 740.08
federal tax lien, 2480.06
levy and execution, 2480.07, 2480.08
transition rules, 740.08
Tax residence
British Virgin Islands, 3220.08
Common Reporting Standard, 3240.08
Crypto-Asset Reporting Framework, 3220.08, 3230.01
England and Wales, 3240.08
nexus without tax residence, 3220.08
self-certification at the center, 3230.01
Taxation. See Federal income taxation
Taxonomy of digital assets
asset-referenced tokens, 120.04, 830.06
CFTC jurisdiction, 3660.10
claim-based and claimless assets, 120.04
classifying questions, 120.02
joint taxonomy of March 2026, 3610.09
My Big Coin decision, 3610.10
purpose of the taxonomy, 120.01
SEC staff's taxonomy, 860.06
six classes, 120.03
tokenized securities, 860.06
wrapped and bridged tokens, 120.06
Terms of service, 1330.05
arbitration, 1970.06
bar dates and proofs of claim, 2760.10
beneficiary designations, 1330.06, B30.05
Celsius, 850.06, 1060.02, 2960.05
consent and the customer agreement, 320.05
estate administration, 1370.06
foundations, 320.04
online tools, 1330.01, 1330.04, 1330.06, B30.05
override of terms of service, 1330.04
preferences, 2960.05
property in insolvency, 170.04
rehypothecation, 1240.05
Stored Communications Act, 1370.06
termination of accounts, 1360.08
terms of use and arbitration, 1970.06
user direction, 1330.01
Voyager, 1060.07
yield products, 1250.01
Terra. See Terraform
Terraform
an algorithmic stablecoin, 3770.03
algorithmic stablecoins, 3550.02, 3770.03
Binance, 3550.04
Coinbase, 3550.03
Coinbase and Binance, 3550.02, 3550.03, 3550.04
question after Ripple, 3550.01
Tether
ByBit decision, 460.03
CFTC jurisdiction, 3770.02
Jacobo v. Doe, 2570.04, 2570.06
New York, 3770.02
non-fungible tokens, 430.01, 430.05, 460.03
persons unknown, 430.01
tether reserve findings, 3770.02
USDT and the redemption right, 430.02
Texas
domestic asset protection trusts, 2640.08
exculpation, 1640.04
gross negligence and wilful misconduct, 1640.04
money services businesses, 3780.07
self-custody, 2440.03
turnover orders, 2440.03
Wyoming Stable Token, 3780.07
TFR. See Transfer of Funds Regulation
Theft, 3060.01
Article 9, 740.08
claims against intermediaries, 1680.04
constructive trusts, 480.05
constructive trusts over misappropriated tokens, 480.05
criminal law, 380.01
estate tax, 2380.04
fiduciary's duties, 1680.03
hacks, lost keys and failed platforms, 3060.07
hidden losses, 1680.06
immutability, 380.06
limitation periods, 1680.03
lost keys, 3060.07
practical answer, 3060.05
qualifying purchasers, 640.06
theft and scams, 3060.06
theft and the fiduciary's exposure, 1680.01
thief's transferee, 640.06
transition rules, 740.08
Theft and casualty losses, 3060.01, 3060.03, 3060.04
collectibles, 3040.07
decline in value, 3060.02
declines in value and worthless tokens, 2380.05
duty to take control, 1450.08
estate tax, 2380.04
forks, 1550.07
forks, airdrops and abandonment, 1550.07
hacks, lost keys and failed platforms, 3060.07
insurance and abandonment, 1450.08
lost keys, 3060.07
non-fungible tokens, 3040.07
practical answer, 3060.05
theft and scams, 3060.06
Things in action, 401.03, 410.01, 410.06, 440.05, 460.04, G10.01
ByBit decision, 460.03
definition, A90
England and Wales, 420.01, 440.01
non-fungible tokens, 460.03
possessory remedies, 410.04
property (Digital Assets etc) Act 2025, 440.04, 440.08
questions crypto-assets present, 410.06
rights recognized outside the two classes, 410.03
thing in action or third category, 460.04
third category of personal property, 460.04
Third category of personal property
asset-referenced tokens, 3830.05, 3830.09, 3890.05
characteristics of third-category things, 440.03
thing in action, 460.04
things in action, 460.04
Third-party custody, 950.09
choosing a model by client type, 980.01, 980.02
qualified third-party custody, 950.01
segregation of customer assets, 950.08
trust companies, 950.08
Three Arrows Capital, 2820.02
chain of exposure, 2820.01
In re Voyager Digital Holdings, Inc, 2820.06
liquidators, 2820.04
Three certainties, 1030.01, 1030.02
Cryptopia, 450.01
definition, A20
Gatecoin decision, 1030.03, 1030.06
liquidators, 450.01
pooled tokens, 480.03
Threshold signatures, 250, 290.03, 2230
evidence and transparency, 250.05
multi-signature arrangements, 180.05, 250.04, 250.05, 930.01, 930.02
secret sharing, 250.04
shared control, 250.03, 250.04, 930.01, 930.02, 2230.01
See also Multi-signature arrangements
Time locks, 2060.04, 2240, 2260.06, 2280.05
absolute and relative time locks, 2240.01
definition, A90
estate administration, 2270.06, 2270.07
key-holder agreements, 2270.07
legal character of an inactivity transfer, 2240.06
off-ledger versions, 2240.03
succession use, 2240.02
Title-transfer arrangements, 1240.01
Article 8, 750.06
Celsius, 1040.04
consent and its form, 1240.05
market forms, 760.01
recharacterization of title-transfer arrangements, 760.03
rehypothecation, 1240.05
title-transfer route, 750.06
trust companies, 750.06
use rights, 1040.05
yield products, 1040.04
Token contracts, 260.05
administrative powers, 260.08
allowances and approvals, 260.05
BlockFi, 2760.08
customer claims, 2760.08
definition, A10
estate administration, 2270.06
real-world assets, 870.06, 870.07, 890.04
token standards, 260.03, 260.05
tokenized securities, 890.04
will substitutes, 2270.06
Token holders, 1850.03
CFTC jurisdiction, 1940.02
CFTC v. Ooki DAO, 1940.02
foundations, 1820.10, 1850.04, 1850.06, 1860.05, D90.01
general partnerships, 160.03, 1920.10
governance tokens, 160.03
joint ventures, 1920.10
limits of binding votes, 1850.06
making token-holder votes binding, 1850.05
purpose trusts, D90.01
real estate, 870.03
token-holder resolutions, D90.01
treasury management, 1860.05
trust companies, 870.05
Token offerings
foundations, 1810.02, 1810.04, 1870.05
ownerless structures, 1810.04
token sold, 3530.01
allowances and approvals, 260.05
definition, A90
smart contracts, token standards and administrative powers, 260.03
token contracts, 260.05
Tokenization. See Real-world assets
Tokenized deposits, 120.02, 140.08, 860.04
central bank digital currencies, 140.01, 140.10
common feature, 140.01
consequences of the definition, 140.04
definition, A90
deposit accounts, 620.08, 710.05
electronic money, 3250.07
tokenized deposits and e-money, 3250.07
tokenized funds, deposits and third-party tokens, 860.04
Tokenized funds
redemption, distributions and the record date, 860.03
tokenized securities, 150.04
tokenized securities, real-world assets and non-fungible tokens, 150.04
Tokenized securities, 810, 820, 830, 840, 850, 860, 870, 880, 890, 3510.02
Article 8, 150.03, 810.07, 850.06, 890.02
definition, A90
England and Wales, 880.05
real-world assets, 890.04
real-world assets and non-fungible tokens, 150.03
regulatory sandboxes, 880.05
taxonomy of digital assets, 120.03, 120.04, 120.06, 860.06
tokenized funds, 150.04
tokenized securities venues, 3580.04
United Kingdom, 880.05
Wyoming, 680.07, 680.08, B50.04
Wyoming digital asset law, 680.07
Tornado Cash, 3460.01, 3460.02, 3460.05
coin center v. Yellen, 3460.04
immutability, 3460.03
mixers and privacy tools, 3460.06, 3470.01
Van Loon decision, 3460.06
Tracing, 2510, 2520, 2530, 2540, 2550, 2560, 2570, 2580, 2590
blockchain analysis as evidence, 2410.04
blockchain tracing, 280.04
choice among allocation methods, 2530.06
common-law and equitable tracing, 2530.03
COPA v Wright, 280.08
England and Wales, 2520.04
evidence in court, 280.05
evidence of control under shared arrangements, 280.09
expert evidence, 2520.05
expert evidence in England, 2520.04
expert evidence in the United States, 2520.05
following and tracing distinguished, 2530.01
following distinguished, 2520.07, 2530.01
identity and keys, 280.08
interlocutory standard, 2520.06
last hop, 2510
mixed funds, 2530.03
non-fungible tokens, 430.01
omnibus wallets at exchanges, 2530.09
privacy techniques, 280.02
segregation of customer assets, 1160.09, 1620.04, 2530.09, 2710.08
separate property, 360.02
shortfall allocation, 1070.06
Sterlingov decision, 280.05
tracing and its burden, 1070.03
transfer, meaning, 2610.01, 2610.03
weight of tracing evidence, 2410.05
See also Constructive trusts
Trading platforms
asset-referenced tokens, 3870.09
custody and segregation, 4030.06
Hong Kong, 4030.08
licensed platforms, 4030.04
licensing requirement, 4030.02
over-the-counter dealing and custody services, 4030.08
segregation of customer assets, 4030.06
trading platforms and exchanges, 3320.10
transitional arrangements, 4030.03
virtual asset trading platforms, 4030.01, 4030.02, 4030.03, 4030.04
Training and independent testing
testing, auditing and training, 3490.09
training and independent review, 3390.06
Transaction fees
failed transactions, 210.09
Transfer agents, 820.08
issuer's documents, 890.01
real-world assets, 870.06, 890.03
registered funds, 860.01
transfer agents and the master securityholder file, 820.05
Transfer of Funds Regulation, 3420.07, 3880
asset-referenced tokens, 3380.04, 3880.06, 3880.07, 3890.05
content of the European rule, 3430.02
definition, A90
European Union, 3380.04, 3430.01
information on originator and beneficiary, 3880.06
self-hosted addresses, 3880.07
Transfer statements, 3110.02
broker reporting, 3130.06, 3170.06
definition, A90
returns under section 6045A(d), 3170.06
Section 6045A, 3110.05
section 6045A(a), 3170.05
Transfer-on-death designations. See Will substitutes
Transfers of membership
ceasing to be a member by transfer, 2050.08
creditor's remedies, 2640.01
discovery and the public ledger, 2640.08
estate administration, 1750.06
good-faith transferee, 2640.03
interests move, D50.02
intermediaries and exchanges, 2640.05
judgment against transferees, 2640.04
measuring recovery when values change, 2630.05
personal representatives, 1750.06
provisional relief against tokens, 2640.02
qualifying purchasers, 640.06
Texas, 2640.08
thief's transferee, 640.06
transferee status, 2980.05
Transitional periods
European Union, 3880.02, 3880.03
national competent authorities, 3880.02, 3880.03
transitional regime, 3880.01
Transposition
amended CRS, DAC8 and the UK Regulations, 3240.07
differences that limit transposition, 490.05
Travel rule, 3401.02, 3410, 3420, 3430, 3440, 3450, 3460, 3470, 3480, 3490
anti-money-laundering rules and the regulatory regimes, G90.01
application to convertible virtual currency, 3410.03
bank de-risking, 3380.06
convertible virtual currency, 3410.03
currency transaction reports, 3330.07
data protection, 3420.08
definition, A90
enforcement exposure, 3410.09
FATF standards, 3420.01, 3420.03
fiduciaries and other holders, 3490.10
implementation reports, 3380.03
mixers and privacy tools, 3410.05
money services businesses, 3310.07, 3410.06
present state of the law, 3401.04
pseudonyms and anonymity-enhanced assets, 3410.05
Singapore and Hong Kong, 3430.08
Travel Rule operations, 3490.07
See also Sunrise problem
Treasury management, 1850.03
algorithmic management, 2030.07
assets in an on-chain treasury contract, 1860.05
collectibles, 3530.05
diversification, 1860.06
foundations, 1810.08, 1820.06, 1820.10, 1830.04, 1850.06, 1860.05, 1880.03, 1890.02, D90.01
key-holder agreements, D90.02
legal ownership and control of keys, 1860.01
non-fungible tokens, 3530.05
ownerless structures, 1810.06, 1810.08
payments from the treasury, 1980.06
purpose trusts, D90.01, D90.02
statements of management, 2030.07
treasuries and keys, 1910.04
treasury and its key holders, D90.02
treasury as an endowment, 1810.06
TROs. See Temporary restraining orders
Trust companies, 1130.03, 1130.04
Article 12, 2230.05
Article 8, 750.06
best interest, 1130.06
control in the Article 12 sense, 2230.05
custody agreements, 1130.05
exchange-traded products outside the 1940 Act, 1130.09
investment advisers, 1120.04, 1130.05
letter compared with the rule, 1130.07
national trust banks, 1150.08, 1150.09
New York, 1160.06
New York limited purpose trust companies, 1160.06
no-action letter, 1130.02
no-action letters and staff statements, 1130.02
Prime Core, 960.06, 1160.09, 2870.01, 2870.02
problem the 2025 letter addressed, 1130.01
purpose trusts, 1160.06
qualified custodians, 1080.06, 1120.08
registered funds, 1130.08, 1130.09
registered funds and the Investment Company Act, 1130.08
safe harbors, 2970.03, 2970.06
segregation of customer assets, 950.08, 960.06, 1160.09, 2870.02
significance of a national trust charter, 1150.09
state trust companies, 1160.01
state trust companies and banks, 1080.06
sub-custody, 1150.09
third-party custody, 950.08
Trust directors. See Directed trusts
Trust protectors, 1520.05
adapting administrative provisions to new technology, 1540.02
changing situs and governing law, 1540.03
contempt, 2680.02
definition, A70
directed trusts, 1501.03, 1520.07, 1520.09, 1520.10, 1520.12, 1530.04, 1530.06, 1530.07, 1540.06, C50.03, G40.01
fiduciary status, 1540.06
New Hampshire, 1520.10
protectors and other Powerholders, 1540.07
protector's role, 1540.01
removal of trustees, 1540.04
removing and replacing directors and custodians, 1540.04
resolving technical questions, 1540.05
situs, 1540.03
Wyoming, 1520.09
Trustees, 1350.07, 1410, 1420, 1430, 1440, 1450, 1460, 1470, 1480, 1490, 1501.02, 1530.01, 1550.04, 1610.01, 1620.03, 1630.06, 1650.03
accounting and reporting, 1570.06
Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust #1, 1440.03
asset-referenced tokens, 1440.03
beneficiary designations, 1320.07, B30.05
breach theories for digital assets, 1620.04
choosing a model by client type, 980.01, 980.03
co-fiduciary liability in Rothko, 1460.08
contempt, 2450.04, 2680.01, 2680.02, 2680.03
custody, key material and the key record, C40.03, C40.05
Delaware, 1410.04, 1530.09, 1640.04
delegation and loyalty, 1280.09
delegation, custodians and co-trustees, 1460.07
directed trustees and advisers, 1610.07
directed trustee's residual duties, 1530.05
directed trusts, 1501.03, 1510.03, 1510.07, 1520.01, 1520.04, 1520.11, 1520.12, 1530.02, 1530.03, 1530.04, 1530.05, 1530.06, 1530.07, 1530.08, 1530.09, 1530.11, 1540.06, 1550.02, 1550.08, 1560.05, 1560.07, 1560.08, 1570.06, 1590.02, 1590.04, 1610.07, 1640.07, 1780.06, C30.03, C40.05, C50.03, C50.04, C80.02
diversification, 1430.01, 1430.02, 1430.04, 1430.05, 1430.06, 1430.07, 1430.09, 1440.05, 1440.08, C30.01, C30.03, C30.04, C30.05
drafter-trustee rule, 1640.03
du Pont v. Wilmington Trust Co, 1530.07
estate planners, 590.06
exculpation, 1410.03, 1590.03, 1590.04, 1640.02, 1640.03, 1640.05, 1640.06, 1640.08, 1690.03, 1760.08, C90.02, C90.03, C90.04
fiduciaries holding digital assets, 480.06
fiduciary access, C70.01, C70.03
funding the trust, 1560.07
gross negligence and wilful misconduct, 1640.04, 1640.10, 1640.11, C90.03
guardianship and conservatorship, 1310.07, 1350.08
institutional trustee policies, 1510.04
key-holder agreements, 930.03, 1460.06, 1560.08, 1670.02, C60.02, C60.04, C60.05, C60.06
LLC Under a trust, 1780.06
New Hampshire, 1440.07, 1520.10
offshore trusts, 1580.06, 1580.07, 2670.05, 2670.06
Ohio, 1440.02
original users (§ 11), 1350.06
powers over digital assets, staking and lending, C20.03, C20.05, C20.06
professional trustees, 1640.11
professional trustees, standard of care, 1640.11
protection of persons dealing, 1650.06
prudent investor rule, 1280.08, 1420.01, 1420.08
retention of the trustee's own interest, 1470.04
revocable trusts, 1580.05, 2150.02, 2260.06
Rollins v. Rollins, 1570.04
Rothko decision, 1460.08, 1630.02, 1630.08
segregation of customer assets, 950.03, 1450.06, 1620.04
selecting a custodian, 1180.02
single trustee, co-trustees or a directed trust, 1510.03
South Dakota, 1440.05, 1460.04
trust directors and the directed trustee, C50.03, C50.04, C50.05, C50.06
trust protectors, 1520.10, 1540.01, 1540.03, 1540.06, 2680.02
trustee's capability, 1580.02
trustee's power to stake or lend, 1280.08
Uniform Act, 1520.04
Wood v. U.S. Bank, N.A, 1440.02
See also Directed trusts; Prudent investor rule
Turnover orders, 2410.02, 2430.02, 2440.01, 2480.04
assets held through entities and trusts, 2440.08
assets held with others, 2440.07
charging orders, 1770.07, 2480.01, 2480.03
creditor remedies, 2470.05
definition, A90
delivery in kind or conversion, 2440.09
distributions in kind, 2440.09
Fifth Amendment, 2450.09
form of the order, 2440.06
individual debtor who holds digital assets, 2770.04
judgment debtors, 2440.06
keys and turnover orders, 1770.07
reported decisions, 2430.04
self-custodied assets, 2440.01, 2440.03
self-custody, 2440.01
showing required, 2440.05
Texas, 2440.03
veil piercing, 1770.07
U
UAE. See United Arab Emirates
UCC Article 12. See Article 12
UCC Article 8. See Article 8
UCC Article 9. See Article 9
UK Jurisdiction Taskforce, 420.03
England and Wales, 170.07, 420.01
legal statement and the first English Decisions, 420.01
Unclaimed property, 370
2016 revision, 370.03
definition, A90
delivery in kind, 370.05
distributions in kind, 370.05
older uniform acts, 370.02
problem of dormant accounts, 370.01
self-custody, 370.06
Undertakings and bonds
damages for wrongful restraint, 2470.06
securing assets on appointment, 2320.08
Unhosted wallets, 790.04, 3340.01, 3410.06, 3430.07, 3440.04
2020 unhosted-wallet proposal, 3440.02
choosing an arrangement, 3440.07
Crypto-Asset Reporting Framework, 3230.07
definition, A90
England and Wales, 3430.04, 3430.07
FATF standards, 3420.02, 3420.06
FBAR, 3260.04
FBAR and Bittner, 3260.04
FinCEN's 2019 Guidance Applied to business models, 3320.04
hosted and unhosted wallets, 240.08
lot identification, 3030.04, 3030.08, 3160.07
payment stablecoins, 3340.08
payment-stablecoin issuers, 3340.08
proof of control, 3440.05
safe harbors, 3030.08
self-hosted wallet control, 790.04
transfers to unhosted wallets, 3230.07
unhosted-wallet proposal, 3340.02
United Kingdom, 3430.07
United States, 3440.01
United States law, 3440.01
withdrawal of the unhosted-wallet proposal, 3340.03, 3440.03
UNIDROIT Principles
Article 12, 560.07
Hague Conference and UNIDROIT joint project, 560.08
Ion Science decision, G20.01
situs, G20.01
UNIDROIT Principles and the Hague Conference, 560.01, 560.07
Uniform Trust Code, 1410.01, 1610.01, 1620.03, 1650.03
directed trusts, 1520.01, 1520.11
exculpation, 1410.03, 1640.02, 1640.05, 1640.08
gross negligence and wilful misconduct, 1640.04, 1640.11
statutory texts used, 1601.04
UTC limit, 1640.02
Unincorporated DAOs, 1910, 1920, 1930, 1940, 1950, 1960, 1970, 1980, 1990
See also General partnerships
Unincorporated nonprofit associations, 1920.07
decentralized unincorporated nonprofit association, 2060.09
definition, A90
DUNA, 2060.09
general partnerships, 1920.10
joint ventures, 1920.10
United Arab Emirates
ADGM, 3910.07, 3930.06, 3930.07
asset-referenced tokens, 3880.09
Bahrain compared with the UAE, 3950.03
bailment, 3940.07
central Bank of Bahrain, 3950.05
central Bank of the UAE, 3910.04, 3910.06
DIFC, 3910.02, 3910.06, 3920.08, 3940.01, 3940.03, 3940.07, 3940.08, 3990.02
escrow, 3940.08
financial free zones, 3910.01, 3910.02, 3910.07, 3920.01, 3950.05
jurisdiction clauses, 3980.06
Markets in Crypto-Assets Regulation, 3880.09
UAE Securities and Commodities Authority, 3910.01, 3910.03, 3910.04
United Kingdom. See England and Wales
United States
arbitration, 570.02
Chapter 15, 2780.01
consumer protection, 570.02
convertible virtual currency, 3440.01
cross-border insolvency, 2780.01
Crypto-Asset Reporting Framework, 3210.05, 3250.06
custodial trusts, 1030.08
DAO LLCs, 2080.08
efforts of others, 3820.08
expert evidence, 2520.05
judgment debtors, 2440.04
Markets in Crypto-Assets Regulation, 3801.02
national competent authorities, 3820.08
offshore trusts, 1870.03
receivers, 2440.04
unhosted wallets, 3440.01
Utah DAO Act, 2080.08
Unlicensed money transmitting, 3301.02, 3350.02
charging directive, 3370.04
Department of Justice position after 2025, 3350.07
pardons, 3370.06
section 1960 and the developer prosecutions, 3350.01, 3350.05
Unwrapped DAOs. See Unincorporated DAOs
Upgradeability of smart contracts, 260.08, 2040.01, 2040.02
2026 change of approach to developers, 3650.07
algorithmic management, 260.09
definition, A10
immutability, 260.06, 260.07, 2040.03
immutable and upgradeable contracts, 260.06
organizations and algorithmic management, 260.09
real-world assets, 870.07
Utah
ownerless structures, G60.01
Utah DAO Act, 2080.01, 2080.02, 2080.03, 2080.04, D80.02, G60.01
See also Utah DAO Act
Utah DAO Act
DAO LLCs, 2070.13, 2080.07, D80.01
different order of precedence, D80.01
forks, 2080.04
Marshall Islands DAO LLC, D80.02
ownerless structures, G60.01
ownerless vehicles, G60.01
permitted business, 2070.13
Utility tokens
asset-referenced tokens, 3820.04
consumptive use after Forman, 3530.03
electronic money, 3820.04
LBRY, consumptive use and fair notice, 3530.02
token offerings, 3530.01
token sold without an ICO, 3530.01
UVTA. See Voidable transfers
V
Validators, 210.07, 1210.01, 1210.02, 3120.04
airdrops, 3050.08
definition, A90
front-ends and interfaces, 3320.11
Lido DAO decision, 1950.02
location of nodes, validators or the developers, 520.05
miners, validators and payment processors, 3320.11
money services businesses, 3320.11
proof of stake, 210.05
property in staked assets and rewards, 1220.02
restaking, 1210.10
rewards as the owner's property, 1220.03
situs, 520.05
slashing, 1210.03, 1210.10, 1220.07, 3050.08
solo staking, 1210.05
staking services, 1210.06
Valuation, 1630.06, 2340, 2350, 2360, 2370, 2390, 2910, 2920, 2930, 2940, 2950, 2960, 2970, 2980, 2990, C80.01
accounting and reporting, 1570.06
alternate valuation, 2360.01, 2360.02, 2360.04, 2360.05, 2360.09
alternate valuation, discounts, locked and staked tokens, 2360.06
basis and lot identification, 3030.01
basis of property acquired from a decedent, 2370.03
blockage discounts, 2360.06
BlockFi, 770.05
charitable contributions, 3070.04
choosing the form for a digital-asset estate, 2340.06
choosing the market, 2350.04
claims valuation, 2920.02
community property, 360.03
conversion, 1630.05
conversion rules, 1630.05
Crypto-Asset Reporting Framework, 3230.06, 3230.08
Cryptopia, 2940.07
date-of-death value for the inventory, 2340.03
definition, A40
directed trusts, 1570.06
distribution in kind and the valuation date, 2130.07
distributions in kind, 2130.07, 2390.02, 2390.06
estate administration, 2130.07, 2340.06, 2390.06
estate tax, 2280.07, 2350.01, 2350.04, 2350.07, 2350.09, 2360.01, 2360.09
estate tax purposes, 2360.09
fair market value, 3010.03
federal estate tax, 2350.01, 2350.09
gross proceeds, 3130.03
holding through an LLC, 1570.05
included and excluded property, 2360.04
interests affected by lapse of time, 2360.05
inventory, appraisal and the Form of Administration, 2340.04
inventory requirement, 2340.01
levy and execution, 2420.07
lockups and vesting, 2360.07
New Zealand, 2940.07
nonfungible tokens, 2350.07
plans of reorganization, 2860.02
proving value, 1630.08
qualified appraisal requirement, 2180.02
receipts, reports and tax records, C80.02, C80.03, C80.10
restrictions and lockups, 2360.07
Rothko decision, 1630.08
solvency with volatile assets, 2630.03
statutory baseline, 1630.01
time of the gift, 2180.03
tokens without a market, 2350.08
transfer tax, 1780.07
valuation and currency, 3230.08
valuation and sale, 2420.07
valuation at distribution, 2390.02
valuation date, 360.03
valuation for reporting, 1690.04
VARA, 3920.01
definition, A90
enforcement and fines, 3920.07
general prohibition, 3920.03
private law in Dubai outside the DIFC, 3920.08
regulations and the rulebooks, 3920.02
United Arab Emirates, 3910.01, 3910.03, 3910.06, 3920.01, 3920.02, 3920.03, 3920.06, 3920.08
VASPs. See Virtual asset service providers
Veil piercing
creditors of members, 1770.05
keys and turnover orders, 1770.07
receivers, 2460.06
single-member LLCs, 1770.05
turnover orders, 1770.07
veil and alter-ego arguments, 1970.11
Virtual asset service providers, 110.08, 3380.05, 4001.02, 4050.04
Anti-Money Laundering Act, 4070.01
BSP Circular No. 1108, 4050.02
certificate of authority and capital, 4050.05
circular no. 1108, 4050.02
consumer protection, 4050.07
Crypto-Asset Reporting Framework, 3220.05
custody and reserves, 4050.06
customer due diligence, 4050.09
customer due diligence and transfers, 4050.09
definition, A90
disclosure and consumer protection, 4050.07
division of authority, 4050.01
exchange balances and the Internal Revenue Service, 2430.03
FATF standards, 3380.02, 3420.02, 4070.04
moratorium on new licences, 4050.10
obligations of VASPs, 4070.02
Philippines, 4050.01, 4050.10, 4070.07
policy and legal basis, 4050.03
RCASPs and VASPs, 3220.05
terminology used in this treatise, 180.10
unbroken chain, 4050.08
See also FATF standards
Virtual asset trading platforms, 4030
custody and segregation, 4030.06
definition, A90
licensed platforms, 4030.04
licensing requirement, 4030.02
segregation of customer assets, 4030.06
transitional arrangements, 4030.03
Virtual currency. See Native tokens
VISTA trusts. See Purpose trusts
Voidable transfers, 2610, 2620, 2630, 2640, 2650, 2660, 2670, 2680, 2690, 2980.06, 2980.08
civil exposure of others, 2690.02
definition, A90
fraudulent transfer actions in bankruptcy, 2980.01
statutory tools, 2980.01
time limits, 2640.06
Uniform Voidable Transactions Act and digital assets, 2610.01, 2610.06
See also Badges of fraud
Volatility
administration horizon, 2330.03
candidate dates, 1630.02
Consent and Court instructions, 2330.06
decedent's own holding, 2330.04
duty to sell or hold volatile assets, 2330.01
estate administration, 1630.02, 2330.04
measuring recovery when values change, 2630.05
negligent retention of a volatile token, 1630.04
petitions for instructions, 2330.06
residuary estate, 2130.02
solvency with volatile assets, 2630.03
specific bequests, 2130.02
statutory baseline, 1630.01
volatile assets and the default duties, D40.01
volatility and the form of the gift, 2130.02
Voluntary disclosure
resolution paths, 3280.04
voluntary disclosure practice, 3280.05
willfulness, 3280.04
chain of exposure, 2820.01
FBO decision, 1050.02
FTX, 1060.11
In re Voyager Digital Holdings, Inc, 2820.06
proof of reserves, 970.07
property of the estate, 1060.11, 1250.08
rehypothecation, 760.06, 1240.05
retail yield programs, 1250.08
SOC reports, 970.07
W
Wallets, 180.04, 240.01, 940.02, 1320.05, 1730.02, 1790.02, 2110.02, 2320.05, 3290.04
2020 unhosted-wallet proposal, 3440.02
architecture and records, 1190.05
architecture, records and key management, E20.04
article 12 route and omnibus wallets, 750.04
assets and wallets, D10.04
Crypto-Asset Reporting Framework, 3230.07
custody accounts and wallet accounts, 330.04
definition, A90
England and Wales, 3430.07
estate administration, 2120.04, 2220.04, 2290.03, 2320.03
FBAR, 3260.04
FTX, 960.07, 1060.11, 2720.10, E70.03
FTX control failures, 960.07
hierarchical deterministic wallets, 240.04
hierarchical deterministic wallets under BIP-32, 240.04
hosted and unhosted wallets, 240.08
hosted wallets, 790.04, 3320.03
In re Prime Core Technologies Inc, 1160.09, 2870.02
incident study, 930.06
key-holder agreements, 2290.03, F40.02
lot identification, 3030.02, 3030.04, 3160.07, 3190.03
multiple-signature wallets, 3320.05
multi-signature arrangements, 730.06, 930.05, 930.06
non-fungible tokens, 430.01, 430.05, 710.08
omnibus wallets and commingling, 2720.06
omnibus wallets at exchanges, 2530.09
Prime Core, 960.06, 1160.09, 2870.02
proof of control, 3440.05
proof of control of an unhosted wallet, 3440.05
property of the estate, 1060.11, 1250.08, 2710.06, 2710.08
QuadrigaCX, 240.10, 2810.01, E70.03
Revenue Procedure 2024-28, 3160.06
safe harbors, 3030.08
Samourai Wallet prosecution, 3350.06
seed phrases, 240.02, 240.03, 240.05, 2220.04, 2220.07
segregation of customer assets, 750.04, 1070.02, 1070.08, 2530.09, 2710.08, 2720.06, 2720.10
self-custody, 1380.06, 1380.08, 3201.05, 3270.05
self-hosted wallet control, 790.04
series and wallets, 1720.06
social recovery, 2250.01, 2290.05, F50.02
terminology used in this treatise, 180.04
transfers to unhosted wallets, 3230.07
unhosted wallet under United States law, 3440.01
unhosted wallets, 240.08, 790.04, 3230.07, 3260.04, 3320.04, 3340.01, 3340.02, 3340.03, 3430.07, 3440.01, 3440.02, 3440.03, 3440.04, 3440.05, 3440.07
unhosted-wallet proposal, 3340.02
United Kingdom, 3430.07
United States, 3440.01
wallet register, 1730.05
wallet-by-wallet basis, 3190.03
withdrawal of the unhosted-wallet proposal, 3340.03, 3440.03
yield products, 1060.06, 2840.02
See also Hosted wallets; Unhosted wallets
White papers, 3810.07
admission to trading, 3830.05
asset-referenced tokens, 3820.04, 3830.05, 3830.06, 3830.07, 3830.09, 3840.01, 3840.02, 3840.10
assets admitted before the regulation applied, 3830.10
civil liability, 3830.09
classification process, 3820.05
content of the white paper, 3830.06
decentralization, 3810.07
definition, A90
disclosure model, 3830.01
electronic money, 3820.04, 3850.01, 3850.06
e-money tokens, 3850.01, 3850.06
exempt offers, 3830.03
national competent authorities, 3840.02
recovery planning, 3850.06
retail right of withdrawal, 3830.08
right of withdrawal, 3830.08
Will substitutes, 2210.06
application to digital-asset accounts, 2150.05
creditors and nonprobate transfers, 2150.06, 2270.06
custodial transfer-on-death designations, 2250.06
definition, A90
elective share, 2270.02, 2270.03
electronic wills and the harmless-error rule, 2260.07
estate administration, 2270.06, 2270.07
harmless error, 2260.07
joint ownership, 2150.07
key-holder agreements, 2270.07, 2290.04
legal framework, 2101.04
outside the statute, 2260.05
revocable trust as the secure route, 2260.06
revocable trusts, 2150.06, 2150.07, 2260.06
security registration statutes, 2250.07
statutory answer for named instruments, 2260.03
token contracts, 2270.06
transfer-on-death registration, 2150.04
working comparison, 2210.06
Willfulness
Bank Secrecy Act, 3310.09
Binance, 3360.03
Bittner decision, 3260.08
FBAR and Bittner, 3260.08
money services businesses, 3310.09
penalties and voluntary disclosure, 3280.03
abatement, 2130.06
applying the statute to key succession, 2260.04
beneficiary designations, 1330.06, B30.05
changes in the form of the asset, 2130.04
charitable gifts, 2180.05
choice of gift, 2130.01
disclaimers, F30.02
distribution in kind and the valuation date, 2130.07
distributions in kind, 2130.07
drafting the specific bequest, 2130.05
drafting trust instruments, 390.03
electronic wills, 2260.07
electronic wills and the harmless-error rule, 2260.07
estate administration, 2120.02, 2120.07, 2140.02, 2140.05, 2220.04, 2330.04
harmless error, 2260.07
incorporation by reference, 2120.03, 2120.05
instructions and secrets, 2120.07
key succession, 2260.04
letters of instruction, 2120.04, F30.02
online tools, 1330.03, 1330.06, B30.05
outside the statute, 2260.05
powers to include, 2140.05
revocable trust as the secure route, 2260.06
revocable trusts, 2260.06
specific bequests, 2130.01, 2130.02, 2130.04, 2130.05
test of testamentary character, 2260.02
Withholding
backup withholding, 3160.03, 3170.07, 3170.09
backup withholding postponed, 3160.03
broker reporting, 3170.07, 3170.08
distributions in kind, 2950.06
documentation of customers, 3170.08
preexisting foreign accounts, 3170.09
withholding and reporting, 2950.06
Wrapped tokens, 270.04, 270.05
bridges, 270.04, 270.05, 270.06
definition, A90
layer-2 networks, 270.07
legal character, 270.05
oracles, 270.07
wrapped and bridged tokens, 690.06
Writs of execution. See Levy and execution
Wyoming, 2010, 2020, 2030, 2040, 2050, 2060, B40, B50
amendment of articles, B40.04
Article 8, 330.07, 350.02, 820.07
Article 9, 340.04, 340.08, 680.08, B50.04
certificate tokens, 820.06
custody, 1160.04
DAO LLCs, D80.01
directed trusts, 1520.09
fiduciary access, 350.06
foundations, 1840.07
judgment debtors, 1720.03
membership interests, B40.04
ownerless structures, G60.01
qualified custodians, 1160.02
rehypothecation, 330.07, 1260.05
security agreements, B50.04
segregation of customer assets, 1020.07
tokenized securities, 680.07
trust protectors, 1520.09
Wyoming DAO Supplement, 2001.04
Wyoming digital asset law, 340.04, 350.02, 350.06, 680.07, 1020.05, 1020.06, 1090.03, 1160.02, 1160.03, 1220.05, 1260.05
Wyoming LLC Act, 1720.03, 1750.03
Wyoming Stable Token, 3780.06
See also Special purpose depository institutions; Wyoming DAO Supplement
Wyoming DAO Supplement, 2001.03, 2001.04, 2020.03, 2030.01, 2040.02, 2040.04, 2040.05, 2050.01, 2050.06, 2050.07, 2060.02
2021 enactment, 2010.02
algorithmic management, 2010.06, 2030.07
amendment of articles, 2040.08, D60.01, D60.02
banking and custody, 2080.09
choosing a wrapper, 2080.07
consequences of the preemption rule, 2040.09
DAO LLCs, 2030.09, 2080.07, D70.01
information and withdrawal, D70.05
membership and duties, D70.04
membership interests, 2020.05, B40.04
operating agreements, 2030.05, 2030.09, 2040.08, 2090.01, D70.01
ownerless structures, G60.01
ownerless vehicles, G60.01
permitted business, 2070.13
reading the definition, 2020.08
required contents, D60.02
resulting model, 2010.06
smart-contract identifiers, 2020.06, 2040.06, D60.04, D70.03
statement of management, D60.03
statements of management, 2030.02, 2030.07, 2030.08, 2090.02, 2090.03, 2090.04, D60.03
token-weighted voting, 2050.03
Utah DAO Act, 2070.13
Wyoming Decentralized Autonomous Organization Supplement, B40.01, B40.04
Wyoming digital asset law, 330.07, 340.04, 340.08, 350.02, 350.06, 680.07, 1020.05, 1020.06, 1020.07, 1090.03, 1160.02, 1160.03, 1220.05, 1260.05, B50.04
Article 9, B50.04
European Union, 1260.05
fiduciary access, 350.06
state custody statutes, 2730.06
state digital-asset statutes, 110.10
tokenized securities, 680.07
Wyoming digital-asset statute, B50.01
Wyoming LLC Act, 1720.03, 1750.03
amendment of articles, B40.04
charging orders, 1770.01, 1770.02
choice of state and form, 1720.07
Delaware LLC Act, 1720.07
membership interests, B40.04
turnover orders, 1770.07
Wyoming Stable Token, 3780.06