Bribe, Swindle or Steal Blockchain and Cryptocurrency
Aug 5, 2026
Carrie Cohen, a Morrison Foerster partner and former federal prosecutor, explores blockchain’s regulatory maze. They discuss immutable ledgers, privacy conflicts under GDPR, anti-bribery applications, cryptocurrency’s uncertain legal status, global regulation, hidden criminal proceeds, and blockchain-based voting. A sharp look at both the promise and vulnerabilities of rapidly evolving financial technology.
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Blockchain Replaces Central Authority With Shared Ledgers
- Blockchain functions as an immutable, timestamped ledger maintained through decentralized consensus rather than a central authority.
- Public networks like Bitcoin are open to anyone, while permissioned and private versions restrict access through organizational control.
Blockchain Immutability Challenges GDPR Erasure Rights
- Blockchain transparency conflicts with GDPR's right to be forgotten because decentralized records cannot simply be erased.
- Regulators still must determine who qualifies as the data processor in a system without a single information holder.
Construction Payments Become Traceable On Blockchain
- A blockchain-based government construction project could track every payment and restrict spending to authorized people and expenditures.
- The system could expose inflated vouchers, fake vouchers, duplicate books, and altered accounting records, though not cash bribes.