In 2017, Venezuelans facing one of the most extensive bouts of hyperinflation sought work outside the typical bounds, turning to massively multiplayer online role-playing games as a source of income capable of far exceeding their minimum wage. Transferring the resources made in-game for real-world value; the Venezuelans created a digital asset market. These digital game assets are not dissimilar to the new emerging forms of digital assets, such as crypto-currencies and non-fungible tokens, currently constituting unprecedented challenges and opportunities in the financial and technological landscape. However, lacking urgency, legislation addressing the unique characteristics, risks, and implications of these assets has been ignored, resulting in the U.S. courts relying on traditional intellectual property and contract law to mitigate risks. As technological advancements continue to expand beyond the reachable bounds of current regulation, the inadequacy of the existing legal framework is further unearthed.
This Note explores the complexities surrounding digital assets and the pressing need for comprehensive legislation in the United States. Through a comparative analysis of the rights of digital asset and intellectual property holders, a recommendation is made for the U.S. legislature to enact robust, forward-thinking digital asset rights legislation that fosters innovation, protects intellectual property holders, and mitigates the systemic risks associated with digital assets.
* J.D. Candidate, 2024, University of Illinois College of Law; B.A., 2019, University of Wisconsin-Madison. Sincere thanks to the members and editors of the University of Illinois Law Review for their professionalism and diligent work in publishing this Note. I would also like to extend a heartfelt thanks to my family and friends for continually pushing and inspiring me.
The full text of this Note is available to download as a PDF.