Judicial precedent refers to legal principles established in previous court decisions that serve as authoritative guides for future cases. These prior rulings create a legal standard that courts are expected to follow when addressing similar factual situations. It ensures consistency and predictability within the legal system, promoting fairness and order. This adherence to past judgments forms the foundation of common law systems globally.
Context
In the digital asset space, the absence of specific legislation means judicial precedent plays a significant role in shaping regulatory interpretations. Courts are currently establishing new legal precedents concerning the classification, ownership, and liability of digital assets. Future regulatory certainty will heavily rely on these developing legal rulings and their consistent application to novel blockchain technologies and market activities.
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