Jurat’s CEO, Mike Kanovitz, recently filed comments with the U.S. Department of Commerce discussing crypto consumer protection and the need for better technology to protect legal rights on blockchains. The comments explain options for connecting courts to blockchains and how on-chain law enforcement can supplement regulators’ KYC/AML policy initiatives.
Jurat provides legal enforcement solutions for blockchain operators, consumers, and regulators. The Jurat Wrapper is an intermediary-less escrow smart contract that connects to state and federal courts. It is useful for preventing cryptocurrency fraud and for closing NFT-based property right transactions.
Much of the lawlessness on blockchains is the result of a single feature: blockchains do not support reversal of improper or illegal transactions. As a result, criminals are shielded from the usual law enforcement tools, like warrants, and victims are unable to help themselves after suffering from a fraud, theft, or ransomware extortion. This state of affairs is not a necessary feature of blockchains: it is feasible to insulate digital assets from abuses by government officials and others without thwarting legitimate law enforcement or sacrificing users’ ability to enforce their own legal rights. Rather, the transaction irreversibility problem is the result of a choice by the blockchain miners.
