29th Feb 2024 | News

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Jeffrey Golden KC (Hon), James Gale and Nicholas Leah and D2LT (D2 Legal Technology – Akber Datoo, Lisa McClory and Emma Wooldridge), acted for the BSV Association in connection with groundbreaking Network Access Rules, which govern the activities of nodes on the BSV blockchain.

The BSV blockchain aims to fulfil the vision of the original Bitcoin protocol rules and four pillars: stability, scalability, security, and safe instant transactions. The Network Access Rules support this vision by providing a clear and reliable legal framework for mining activities, taking effect as a multilateral contract between and among the BSV Association, as network steward, and all nodes.

“By codifying the Network Access Rules into a clear legal framework, the BSV Association can ensure the original Bitcoin protocol remains set in stone and unaltered by any single entity, while establishing a transparent framework for the BSV Association to implement any needed rules, such as Digital Asset Recovery, to ensure the BSV blockchain is compliant with existing regulatory requirements,” said Connor Murray, Director of Stewardship at BSV Association, when reporting out publication of the Network Access Rules.  “A huge thanks to the teams from 3 Hare Court and D2LT for their amazing work on this project.”

Drawing on his strong background in digital assets law and practice, James Gale, commented: “Many commentators have brought up the governance challenges of decentralised networks, such as the difficulty of combatting cross-border crypto fraud. The Network Access Rules include an arbitral process and enforcement mechanisms, providing a straightforward means of resolving disputes and enhancing legal compliance across the global network.”

As experts in multilateral contracts in the capital markets context, the advisory team worked with the BSV Association to create an innovative solution, leveraging their expert understanding of relational contracts and blockchain technology.

According to Jeffrey Golden KC (Hon): “The structure and language of the Network Access Rules draw significantly on established precedents from the derivatives and other global financial markets.”

Akber Datoo, CEO, D2LT, adds: “The Network Access Rules equip nodes with clear and effective processes for their mining activities on the BSV network. This protects network security and enables a much greater level of certainty over the network’s stability and efficiency.”

They jointly conclude: “As an interdisciplinary team, we are delighted to have been able to advise on and support the creation of the Network Access Rules which will allow the BSV blockchain to continue to grow in a steady, more certain, and transparent fashion, an absolute imperative to ensure wider adoption of blockchain technology by enterprises and governments.”

The project has been covered extensively in the press, including:


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Jeffrey Golden KC (Hon)

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