Competing stakeholder narratives on crypto-assets: Miracle or mirage?

Abstract

Academic and practitioner interest in crypto-assets is gaining momentum. Different values and agendas influence regulatory policy. Competing ideologies and social norms about the efficacy of regulatory regimes, the influence of innovation philosophies, and the need to foster ethical principles and practices underpin debates on crypto-assets. Semi-structured interviews were carried out in the USA and UK with regulators, tech firms, institutional and retail investors, and crypto social media influencers. Stakeholder groups were classified as interventionists, innovators, influencers, and investors. The research builds a data structure from extant literature and empirical research. Aggregate dimensions of inchoate technology, regulatory intervention, and innovation social norms reflect complex and competing stakeholder positions on crypto assets. Findings show crypto-assets are not homogenous, but highly differentiated with potential effects and outcomes determined by algorithmic code. However, competing stakeholder agendas obfuscate policy development for decentralized finance.

Keywords

Inchoate technology crypto-assets decentralized finance regulation social norms stakeholder

Get full access to this article

View all access options for this article.

References

Ackerman

(2022) SEC’s Gensler signals support for commodities regulator having bitcoin oversight, Wall Street Journal. Available at: https://www.wsj.com/articles/secs-gensler-supports-commodities-regulator-having-bitcoin-oversight-11662641115

Albrecht

Duffin

Hawkins

, et al. (2019) The use of cryptocurrencies in the money laundering process. Journal of Money Laundering Control 22(2): 210–216.

Alexander

Heck

(2020) Price discovery in bitcoin: the impact of unregulated markets. Journal of Financial Stability 50: 100776.

Angel

McCabe

(2013) Fairness in financial markets: the case of high frequency trading. Journal of Business Ethics 112: 585–595.

Aponte-Novoa

Orozco

Villanueva-Polanco

, et al. (2021) The 51% attack on blockchains: a mining behavior study. IEEE Access 9: 140549–140564.

Arjoon

(2006) Striking a balance between rules and principles-based approaches for effective governance: a risks-based approach. Journal of Business Ethics 68: 53–82.

Arthur

(2009) The Nature of Technology: What is it and How it Evolves. New York: Free Press.

Azar

Baughman

Carapella

, et al. (2022) The Financial Stability Implications of Digital Assets, Finance and Economics Discussion Series 2022-058. Washington: Board of Governors of the Federal Reserve System. Available at: https://www.federalreserve.gov/econres/feds/files/2022058pap.pdf

Bakos

Halaburda

Mueller-Bloch

(2021) When permissioned blockchains deliver more decentralization than permissionless. Communications of the ACM 64(2): 20–22.

10.

Baur

Dimpfl

(2018) Asymmetric volatility in cryptocurrencies. Economics Letters 173: 148–151.

11.

Beck

Müller-Bloch

King

(2018) Governance in the blockchain economy: a framework and research agenda. Journal of the Association for Information Systems 19(10): 1020–1034.

12.

Becker

Knackstedt

Pöppelbuß

(2009) Developing maturity models for IT management. Business & Information Systems Engineering 1: 213–222.

13.

Berger

Luckman

(1966) The Social Construction of Reality: A Treatise in the Sociology of Knowledge. Garden City, NY: Doubleday.

14.

Berlau

(2022) What did biden get wrong on crypto? His new order threatens to smother innovation. Available at: https://eu.usatoday.com/story/opinion/columnist/2022/03/11/biden-crypto-kill-financial-innovation/6984432001/ (Accessed 14 April 2022).

15.

Bharadwaj

El Sawy

Pavlou

, et al. (2013) Digital business strategy: toward a next generation of insights. MIS Quarterly 37(2): 471–482.

16.

Birch

Cochrane

Ward

(2021) Data as asset? The measurement, governance, and valuation of digital personal data by big tech. Big Data & Society 8: 1–15.

17.

Bjerg

(2016) How is bitcoin money? Theory, Culture & Society 33(1): 53–72.

18.

Black

(2008) Forms and paradoxes of principles based regulation. LSE, Law, Society and Economy Working Papers 13/2008. Available at: http://eprints.lse.ac.uk/23103/1/WPS2008-13.pdf

19.

Black

(2010) The rise, fall and fate of principles based regulation. LSE Law, Society and Economy Working Papers 17. Available at: http://eprints.lse.ac.uk/32892/1/WPS2010-17_Black.pdf

20.

Bloomberg (2022) The crypto industry’s solution for regulation: we’ll handle it. Available at: https://www.bloomberg.com/news/articles/2021-11-19/crypto-industry-s-solution-to-regulation-is-self-regulation

21.

Blundell-Wignall

(2014) The bitcoin question: currency versus trust-less transfer technology. In: OECD working papers on finance, insurance and private pensions, No. 37. OECD Publishing. DOI: 10.1787/5jz2pwjd9t20-en.

22.

Brenig

Accorsi

Muller

(2015) Economic analysis of cryptocurrency backed money laundering. In: European Conference on Information Systems Proceedings, ECIS 2015 Completed Research Papers. Paper 20. https://aisel.aisnet.org/ecis2015_cr/20

23.

Breidbach

Tana

(2021) Betting on Bitcoin: how social collectives shape cryptocurrency markets. Journal of Business Research 122: 311–320.

24.

Bromberg

Godwin

Ramsey

(2017) Fintech sandboxes: achieving a balance between regulation and innovation. Journal of Banking and Finance Law and Practice 28(4): 314–336.

25.

Buiten

(2019) Towards intelligent regulation of artificial intelligence. European Journal of Risk Regulation 10(1): 41–59.

26.

Butler

O’Brien

(2019) Understanding RegTech for digital regulatory compliance. In: Lynn

Mooney

Rosati

, et al. (eds) Disrupting Finance. Palgrave Studies in Digital Business & Enabling Technologies. Cham: Palgrave Pivot. DOI: 10.1007/978-3-030-02330-0_6.

27.

Cambridge Bitcoin Electricity Consumption Index (CBECI) (2022). Available at: https://ccaf.io/cbeci/mining_map

28.

Campbell-Verduyn

(2018) Bitcoin, Crypto-coins, and global anti-money laundering governance. Crime, Law and Social Change 69: 283–305. DOI: 10.1007/s10611-017-9756-5.

29.

Chainalysis (2021) The 2021 crypto crime report. Available at: https://go.chainalysis.com/2022-Crypto-Crime-Report.html

30.

Chen

King

(2022) Policy and imprecise concepts: the case of digital transformation. Journal of the Association for Information Systems 23(2): 401–407. DOI: 10.17705/1jais.00742. Available at: https://aisel.aisnet.org/jais/vol23/iss2/3

31.

Chen

Zheng

, et al. (2019) Market manipulation of bitcoin: evidence from mining the Mt. Gox transaction network. In: IEEE INFOCOM 2019-IEEE conference on computer communications. Paris, France: IEEE, pp. 964–972.

32.

Chipolina

(2022). Tech experts urge Washington to resist crypto industry’s influence. Published in the Financial Times, 1 June.

33.

Chohan

(2022) Cryptocurrencies: a brief thematic review. SSRN Electronic Journal (Accessed 27 April, 2022).

34.

Christensen

(1997) The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail. Harvard Business School Press.

35.

Clark

Bonneau

Felten

, et al. (2014) On decentralizing prediction markets and order books. In: 13th annual workshop on the economics of information security, Pennsylvania State University. Available at: https://econinfosec.org/archive/weis2014/papers/Clark-WEIS2014.pdf

36.

Collins

Dennehy

Conboy

, et al. (2021) Artificial intelligence in information systems research: a systematic literature review and research agenda. International Journal of Information Management 60: 102383.

37.

Commodity Futures Trading Commission (CFTC) (2023) Commodity Exchange Act & Regulations. Available at: https://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm

38.

Corley

Gioia

(2011) Building theory about theory building: what constitutes a theoretical contribution? Academy of Management Review 36: 12–32.

39.

Courtois

Grajek

Naik

(2014) Optimizing SHA256 in bitcoin mining. In: Kotulski

Księżopolski

Mazur

(eds) Cryptography and Security Systems. CSS 2014. Communications in Computer and Information Science. Spring, vol. 448.

40.

Cozzens

Gatchair

Kang

, et al. (2010) Emerging technologies: quantitative identification and measurement. Technology Analysis & Strategic Management 22(3): 361–376.

41.

Crotty

(2009) Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture. Cambridge Journal of Economics 33: 563–580.

42.

Cunha

Murphy

(2019) Are cryptocurrencies a good investment? Journal of Investing 28(3): 45–56.

43.

Currie

Seddon

JJM

(2022) Exploring technological instantiation of regulatory practices in entangled financial markets. Journal of Information Technology 37(1): 31–50.

44.

Currie

Gozman

Seddon

JJM

(2018) Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology. Journal of Information Technology 33(4): 304–321.

45.

Currie

Seddon

JJM

Van Vliet

(2022) From decision optimization to satisficing: regulation of automated trading in the US financial markets. Information & Management 59(8): 103721. DOI: 10.1016/j.im.2022.103721.

46.

Decker

(2018) Goals-based and rules-based approaches to regulation. BEIS Research Paper Number 8. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/714185/regulation-goals-rules-based-approaches.pdf (Accessed 14 April, 2022).

47.

Denzin

Lincoln

(2018) Handbook of Qualitative Research. Sage Publications, Inc.

48.

Dequech

(2009) Institutions, social norms, and decision-theoretic norms. Journal of Economic Behavior & Organization 72(1): 70–78.

49.

Dhawan

Putnins

(2021) A new wolf in town? Pump-and-Dump manipulation in cryptocurrency markets, review of finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3670714

50.

Dierksmeier

Seele

(2016) Cryptocurrencies and business ethics. Journal of Business Ethics 152: 1–14.

51.

Dimaggio

Powell

(1983) The iron cage revisited: institutional isomorphism and collective rationality in organizational fields. American Sociological Review 48(2): 147–160.

52.

Dupris

Gleason

(2020) Money Laundering with Cryptocurrency: Open Doors and the Regulatory Dialectic. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3681297

53.

Dyhrberg

Foley

Svec

(2018) How investible is bitcoin? Analysing the liquidity and transaction costs of bitcoin markets. Economics Letters 171: 140–143.

54.

Dyntu

Dykyi

(2018) Cryptocurrency in the system of money laundering. Baltic Journal of Economic Studies 4(5): 75–81. DOI: 10.30525/2256-0742/2018-4-5-75-81.

55.

Eigelshoven

Ullrich

Parry

(2021) Cryptocurrency market manipulation – a systematic literature review. In: International conference on information systems proceedings, Austin, Texas, USA, 2021.

56.

Eikmanns

Mehward

Sander

, et al. (2023) Decentralized finance platform ecosystems: conceptualisation and outlook. Technology Analysis and Strategic Management. Forthcoming. DOI: 10.1080/09537325.2022.2163886.

57.

Eisenhardt

(1989) Building theories from case study research. Academy of Management Review 14(4): 532–550. DOI: 10.2307/258557.

58.

Elster

(1989) Social norms and economic theory. The Journal of Economic Perspectives 3(4): 99–117.

59.

European Central Bank (2017) How does innovation lead to growth? European Central Bank. Available at: https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/growth.en.html#:∼:text=One_of_the_major_benefits,other_words%2C_the_economy_grows (Accessed 22 April 2022).

60.

Fabian

Ermoka

Sander

(2016) Anonymity in bitcoin? The users’ perspective. In: Proceedings of the 37th International Conference on Information Systems.

61.

Fassin

(2000) Innovation and ethics - ethical considerations in the innovation business. Journal of Business Ethics 27(1–2): 193–203.

62.

Feinstein

Werbach

(2021) The impact of cryptocurrency regulation on trading markets. Journal of Financial Regulation 7: 48–99.

63.

Financial Action Task Force (FATF) (2022) Targeted update on implementation of FATF’s standards on VAs and VASPs. Available at: www.fatf-gafi.org/publications/fatfrecommendations/documents/targeted-update-virtual-assets-vasps.html

64.

Financial Crisis Inquiry Commission (FCIC) (2011) Financial crisis inquiry report. Available at: https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

65.

Financial Stability Board (FSB) (2020) The use of supervisory and regulatory technology by authorities and regulated institutions. Available at: https://www.fsb.org/wp-content/uploads/P091020.pdf

66.

Financial Times (FT) (2022) Binance Blockchain Suffers $570mn Hack, 7 October. Available at: https://www.ft.com/content/62d8e718-8b55-40df-8599-eeda13c59d3b

67.

Financial Times (FT) (2023) Crypto is back with $300bn frenzy, 3 February. Available at: https://www.ft.com/content/eec4f90e-53a6-4f23-9c6f-fef72fdd7f30

68.

Fligstein

Habinek

(2013) Sucker punched by the invisible hand: the world financial markets and the globalization of the US mortgage crisis. Socio-Economic Review 12(4): 637–665.

69.

Gangi

Trotta

(2015) The ethical finance as a response to the financial crises: an empirical survey of European SRFs performance. Journal of Management & Governance 19: 371–394.

70.

Gartner (2021) Gartner identifies key emerging technologies spurring innovation through trust, growth and change, 23 August. Available at: https://www.gartner.com/en/newsroom/press-releases/2021-08-23-gartner-identifies-key-emerging-technologies-spurring-innovation-through-trust-growth-and-change

71.

Gervais

(2010) The regulation of inchoate technologies. Houston Law Review: 665. Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/837/

72.

Gioia

Corley

Hamilton

(2012) Seeking qualitative rigor in inductive research: notes on the Gioia methodology. Organizational Research Methods 16: 15–31. DOI: 10.1177/1094428112452151.

73.

Glaser

Zimmermann

Haferkorn

, et al. (2014) Bitcoin-asset or Currency? Revealing Users’ Hidden Intentions. European Conference on Information Systems Proceedings.

74.

Gomber

Kauffman

Parker

, et al. (2018) On the FinTech revolution: interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems 25(1): 220–265.

75.

Griffin

Shams

(2020) Is bitcoin really untethered? The Journal of Finance 75(4): 1913–1964.

76.

Guadamuz

Marsden

(2015) Blockchains and bitcoin: regulatory responses to cryptocurrencies. First Monday 20(12). DOI: 10.5210/fm.v20i12.6198.

77.

Hassan

De Filippi

(2017) The expansion of algorithmic governance: from code is law to law is code. The Journal of Field Actions(Special Issue 17). Available at: https://journals.openedition.org/factsreports/4518

78.

HM Treasury (HMT) (2023) Future financial services regulatory regime for cryptoassets. February. Available at: https://www.gov.uk/government/consultations/future-financial-services-regulatory-regime-for-cryptoassets

79.

Hopster

(2021) What are socially disruptive technologies? Technology in Society 67: 101750.

80.

Hsieh

Vergne

Anderson

, et al. (2018) Bitcoin and the rise of decentralized autonomous organizations. Journal of Organization Design 7(1): 14.

81.

Huberman

Leshno

Moallemi

(2021) Monopoly without a monopolist: an economic analysis of the bitcoin payment system. The Review of Economic Studies 88(6): 3011–3040. DOI: 10.1093/restud/rdab014.

82.

Hudson

(2015) Ethical investing: ethical investors and managers. Business Ethics Quarterly 15(4): 641–657.

83.

Hughes

(2017) Cryptocurrency Regulations and Enforcement in the U.S. Western State University Law Review Association 1: 1–24.

84.

Kane

(1997) Ethical foundations of financial trading. Journal of Financial Services Research 12: 51–74.

85.

Kher

Terjesen

Liu

(2021) Blockchain, Bitcoin, and ICOs: a review and research agenda. Small Business Economics 56: 1699–1720. DOI: 10.1007/s11187-019-00286-y.

86.

Knittel

Pitts

Wash

(2019) The most trustworthy coin: how ideology builds and maintains trust in bitcoin. Proceedings of the ACM on Human-Computer Interaction 3(CSCW): 1–23. Article 36.

87.

Knorr-Cetina

Preda

(2012) The Oxford Handbook of the Sociology of Finance. Oxford University Press.

88.

Kolhatkar

(2021) The challenge of regulating cryptocurrency. Available at: https://www.newyorker.com/business/currency/the-challenges-of-regulating-cryptocurrency (Accessed 25 April 2022).

89.

Lapointe

Fishbane

(2018) The blockchain ethical design framework. Innovations: Technology, Governance, Globalization 12(3/4): 1–71.

90.

Lenglet

(2011) Conflicting codes and codings: how algorithmic trading is reshaping financial regulation. Theory, Culture & Society 28(6): 44–66.

91.

Lessig

(1999) Code and Other Laws of Cyberspace. Basic Books.

92.

Lewis

Kay

Kelso

, et al. (2010) Was the 2008 financial crisis caused by a lack of corporate ethics? Global Journal of Business Research 4(2): 77–84.

93.

Wang

(2017) The technology and economic determinants of cryptocurrency exchange rates: the case of bitcoin. Decision Support Systems 95: 49–60.

94.

Lobschat

Mueller

Eggers

, et al. (2021) Corporate digital responsibility. Journal of Business Research 122: 875–888.

95.

Luther

(2016) Bitcoin and the future of digital payments. Independent Review 20(3): 397–404. Available at: https://www.independent.org/pdf/tir/tir_20_03_12_luther.pdf (Accessed 27 April 2022).

96.

MacKenzie

(2018) Material signals: a historical sociology of high-frequency trading. American Journal of Sociology 123(6): 1635–1683.

97.

Mai

Shan

Bai

, et al. (2018) How does social media impact bitcoin value? A test of the silent majority hypothesis. Journal of Management Information Systems 35(1): 19–52.

98.

Makarov

Schoar

(2022) Cryptocurrencies and decentralized finance. BIS Working Papers, No 1061. Available at: https://www.bis.org/publ/work1061.pdf

99.

Micheler

Whaley

(2020) Regulatory technology: replacing law with computer code. European Business Organization Law Review 21: 349–377.

100.

Murray

(2019) Tutorial: a descriptive introduction to the blockchain. Communications of the Association for Information Systems 45: 464–487. DOI: 10.17705/1CAIS.04525.

101.

Nabilou

(2019) How to regulate bitcoin? Decentralized regulation for a decentralized cryptocurrency. International Journal of Law and Information Technology 27(3): 266–291. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3360319 (Accessed 3 May 2022).

102.

Nakamoto

(2008) Bitcoin: a peer-to-peer electronic cash system. Available at: https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf (Retrieved 27 April 2022).

103.

Nielsen

(2010) High-leverage finance capitalism, the economic crisis, structurally related ethics issues, and potential reforms. Business Ethics Quarterly 20: 299–330.

104.

Nolan

(1979) Managing the crisis in data processing. Harvard Business Review 57(2): 115–126.

105.

Nuttall

(2022) Crypto ‘risky, Flawed and Unproven’ – Tech Experts. Financial Times, 1 June.

106.

Orcutt

(2019) Why It’s Time to Start Talking about Blockchain Ethics. MIT Technology Review. Available at: https://www.technologyreview.com/2019/10/10/132652/why-its-time-to-start-talking-about-blockchain-ethics/

107.

Paech

(2017) The governance of blockchain financial networks. The Modern Law Review 80(6): 1073–1110. LSE Legal Studies Working Paper No. 16/2017. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2875487

108.

Palvia

Ghosh

Jacks

, et al. (2021) Information technology issues and challenges of the globe: the world IT project. Information & Management 58(8): 103545.

109.

Pereira

Serrano

(2020) A review of methods used on IT maturity models development: a systematic literature review and a critical analysis. Journal of Information Technology 35(2): 161–178.

110.

Prasad

(2021) Annie Nova: Cryptocurrencies Could Lead to Financial Instability, 13 October. Available at: https://www.cnbc.com/2021/10/13/cryptocurrencies-could-lead-to-financial-instability-author-warns.html

111.

Reijers

Coeckelbergh

(2018) The blockchain as a narrative technology: investigating the social ontology and normative configurations of cryptocurrencies. Philosophy & Technology 31: 103–130.

112.

Relihan

(2018) Will regulating big tech stifle innovation? MIT sloan management. Available at: https://mitsloan.mit.edu/ideas-made-to-matter/will-regulating-big-tech-stifle-innovation (Accessed 22 April 2022).

113.

Reuters (2022) Cryptocurrency crime in 2021 hits all-time high in value – chainalysis, 6 January. Article by G. Chavez-Dreyfuss. Available at: https://www.reuters.com/markets/us/cryptocurrency-crime-2021-hits-all-time-high-value-chainalysis-2022-01-06/ (Accessed 28 April 2022).

114.

Rossi

Mueller-Bloch

Thatcher

, et al. (2019) Blockchain research in information systems: current trends and an inclusive future research agenda. 20 (09) 1388–1403.

115.

Rotolo

Hicks

Martin

(2015) What is emerging technology? Research Policy 44(10): 1827–1843.

116.

Schuelke-Leech

B-A

(2018) A model for understanding the orders of magnitude of disruptive technologies. Technological Forecasting and Social Change 129(April): 261–274.

117.

Schutz

(1967) The Phenomenology of the Social World. Evanston, IL: Northwestern University Press.

118.

Scott

(2001) Institutions and Organizations. Sage.

119.

Securities and Exchange Commission (SEC) (2022) Form PF; reporting requirements for all filers and large hedge fund advisers. Available at: https://www.sec.gov/rules/proposed/2022/ia-6083.pdf

120.

Shi

(2016) A new proof-of-work mechanism for bitcoin. Financial Innovation 2: Article number: 31.

121.

Stahl

(2011) What does the future hold? A critical view on emerging information and communication technologies and their social consequences. In: Chaisson

Henfridsson

Karsten

, et al. (eds) Research-ing the future in information systems: IPIF WG 8.2 working conference, future IS 2011, Turku, Finland, June 6-8, 2011. Heidelberg, Germany: Springer, pp. 59–76.

122.

Tarbert

(2020) Rules for principles and principles for rules: tools for crafting sound financial regulation. Harvard Business Law. Available at: https://www.hblr.org/wp-content/uploads/sites/18/2020/05/Tarbert_Final_Draft_vFINAL-1.pdf.

123.

The Federal Reserve (2022a) Federal reserve updates FedNow Service timing to mid-2023, marks beginning of full-scale pilot testing, August 29. Available at: https://www.federalreserve.gov/newsevents/pressreleases/other20220829a.htm

124.

The Federal Reserve (2022b) Technology, Innovation, and Financial Services, August 17. Available at: https://www.federalreserve.gov/newsevents/speech/bowman20220817a.htm

125.

The White House (2022a) Executive order on ensuring responsible development of digital assets, March 09, 2022. Available at: https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/

126.

The White House (2022b) Fact sheet: president biden to sign executive order on ensuring responsible development of digital assets, March 09. Available at: https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/

127.

The White House (2022c) Fact sheet: climate and energy implications of crypto-assets in the United States. Available at: https://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Crypto-Assets-and-Climate-Report.pdf

128.

Toronto Centre (2017) FinTech, RegTech and SupTech: what they mean for financial supervision. Available at: https://www.torontocentre.org/videos/FinTech_RegTech_and_SupTech_What_They_Mean_for_Financial_Supervision.pdf

129.

Treleaven

(2015) Financial regulation of FinTech. Journal of Financial Perspectives 3(3): 1–17.

130.

Trump

Wells

Linkov

(2018) Cryptocurrency: governance for what was meant to be ungovernable. Environment Systems and Decisions 38(3): 426–430.

131.

US Department of the Treasury (2021) The American families plan tax compliance agenda. Available at: https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf

132.

Vergne

(2020) Decentralized vs. Distributed organization: blockchain, machine learning and the future of the digital platform. Organization Theory 1: 1–26.

133.

Voell

(2020) Ethereum classic hit by third 51% attack in a month. Available at: https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month/

134.

Wagner

Lukyanenko

Pare

(2021) Artificial intelligence and the conduct of literature reviews. Journal of Information Technology 37(2): 209–226.

135.

Weber

(1949) Max Weber on the Methodology of the Social Sciences. Translated by Shils, Edward A.; Finch, Henry A. 1st edition. Glencoe, Illinois: Free Press, pp. 42–44.

136.

Weick

(1979) The Social Psychology of Organizing. New York, NY: Addison Wesley.

137.

Werbach

(2018) The Blockchain and the NewArchitecture of Trust. Massachusetts Institute of Technology.

138.

Wessel

Baiyere

Ologeanu-Taddei

, et al. (2021) Unpacking the difference between digital transformation and IT-enabled organizational transformation. Journal of the Association for Information Systems 22(1). Available at: https://aisel.aisnet.org/jais/vol22/iss1/6

139.

World Economic Forum (2023) Pathways to the regulation of crypto-assets: a global approach. Available at: https://www3.weforum.org/docs/WEF_Pathways_to_the_Regulation_of_Crypto_Assets_2023.pdf

140.

Xia

Wang

Zhang

, et al. (2020) Characterizing cryptocurrency exchange scams. Computers & Security 98.

141.

Yellen

(2022) Yellen is calling for ‘tech neutral’ crypto regulation focused on potential risks. Available at: https://www.protocol.com/bulletins/crypto-yellen-regulation-tech-neutral (Accessed 15 May 2022).

142.

Yin

Langenheldt

Harley

, et al. (2019) Regulating cryptocurrencies: a supervised machine learning approach to de-anonymizing the bitcoin blockchain. Journal of Management Information Systems 36(1): 37–73.

143.

Young

(2015) The evolution of social norms. Annual Review of Economics 7: 359–387.

144.

Zetzsche

Buckley

Arner

, et al. (2017) The ICO Goldrush. University of New South Wales Law Research Series, UNSW Law. Available at: http://ssrn.colm/abstract=3072298