TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
Please join us on Wednesday, December 14, 2022, at 12:00 pm to 1:00 pm ET, as Morgan Lewis partner Doneld G. Shelkey and associates Charlotte Roxon and Jesse R. Taylor explain the metaverse and current projects and initiatives, including blockchain-related transactions, that are laying the foundation for this new virtual space.
The UK’s Law Commission (the Commission) published a consultation paper on July 28, 2022, proposing certain reforms to private property law in relation to digital assets, which was in response to the UK government requesting the Commission to ensure that the law can accommodate digital assets as they continue to evolve and expand. The Commission acknowledged the increasingly important role digital assets play and that property rights are key for the proper characterization of novel and complex legal relationships involving digital assets.
Future Watch
The internet is buzzing with content from market and technology analysts explaining the evolution of the internet from Web 1.0 to Web 3.0, as well as providing insights into how Web 3.0 may impact the collection, control, and use of data.
As we all try to keep up with the Metaverse and as the healthcare system wilts under a data deluge, the convergence of realities in a shared online space is not merely a chance for practitioners and patients to find each other and interact in new ways, it’s also a rare opportunity to help a new paradigm sprout. The answers to detangling some sticky wickets of Health 2.0, like ensuring efficient, secure communications and exchanges between participants, may share a common thread: clear out (not just debug) the cobwebs and flip the crypt.
Spotlight
As part of our Spotlight series, Dion Bregman (who wears many hats at Morgan Lewis, such as deputy leader of the firm’s intellectual property practice, leader of the firm’s Patent Trial and Appeal Board (PTAB) team, managing partner of the firm's Silicon Valley office, and co-leader of the firm’s technology industry team) shares some of his meta thoughts. As a follow up to Dion’s recent participation in a panel discussion, An Introduction to the Metaverse, Dion provides insight into some important developments, issues, and opportunities, as we all continue to focus on Keeping Up with the Metaverse. 
A new Morgan Lewis White Paper, Bipartisan Proposal Attempts to Provide Solutions for Comprehensive Regulation of Digital Assets, analyzes the proposed Responsible Financial Innovation Act (RFIA) in the United States from several different angles, including with respect to issues such as key definitions in this emerging space, jurisdiction, ancillary assets (which are not fully decentralized), stablecoin issuance, taxes, disclosures, and money transmission. 
The Morgan Lewis Technology Marathon continues with these webinars on digital assets.
On March 11, 2022, the UK Financial Conduct Authority (FCA), the Bank of England, and the Office of Financial Sanctions Implementation (OFSI) released a joint statement reiterating that all UK financial services firms, including the cryptoasset sector, are expected to ensure compliance with economic sanctions.
Contract Corner
Non-fungible tokens (NFTs) have exploded in popularity over the past year. Use cases for NFTs have been growing as more industries are realizing the benefits they present. A report by blockchain specialist Chainalysis found that almost $41 billion was spent on NFTs in 2021—a number that is likely to continue growing.
Contract Corner
As 2021 comes to a close, we have once again compiled all the links to our Contract Corner blog posts, a regular feature of Tech & Sourcing @ Morgan Lewis. In these posts, members of our global technology, outsourcing, and commercial transactions practice highlight particular contract provisions, review the issues, and propose negotiating and drafting tips.