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what is possible, allowing dynamics between businesses and consumers that were previously

unimaginable because of the immutability of shared data transacted broadly across an ecosystem

of multiple parties. Right now, someone, somewhere, is creating a blockchain solution to drive

innovation and disruption of traditional business models. This is occurring in virtually every

industry and in most jurisdictions globally. Indeed, we are now witnessing an evolution in

commerce.”±'HORLWWH

 “A new technology is redefining the way we transact. If that sounds far-reaching,

that’s because it is. Blockchain has the potential to change the way we buy and sell, interact with

the government and verify the authenticity of everything from property titles to organic vegetables.

It combines the openness of the internet with the security of cryptography to give everyone a faster,

safer way to verify key information and establish trust.”±*ROGPDQ6DFKV



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mainstream cryptocurrency were to unexpectedly emerge… The question is which country will

take advantage of being the first to obtain licenses and build alliances. As that occurs, the line

between cryptocurrencies, financial institutions, and public & private sectors may become

blurred.”±'HXWVFKH%DQN

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of change that are already emerging in the market, we foresee a coming wave of real-asset

tokenization that will allow investors to participate financially in both the cash flow and asset

appreciation of a whole variety of hard assets.”±&LWL

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³Empirical evidence shows that Bitcoin miners behave strategically and form pools.

Specifically, because rewards are distributed at infrequent, random intervals, miners form

mining pools in order to decrease the variance of their income rate. Within such pools, all

members contribute to the solution of each cryptopuzzle, and share the rewards

proportionally to their contributions.´

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“The argument that mining pools provide a degree of decentralization due to mining pool

participants having a check on pool operator behavior has no empirical support. For

instance, censorship attacks by pool operators are difficult, if not impossible, to detect by

pool participants. Additionally, when miners exceeded the 51% threshold on three separate

occasions in Bitcoin’s history, the pool participants did not disband the pool despite clear

evidence of a behavior widely understood to be unacceptable.”

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“While strong miners gain political clout and attract more members, getting too large

raises alarms among the community about centralization. Thus, such miners may conceal

or obfuscate this information to appear less powerful – e.g. by generating multiple

identities. For instance, two major mining pools, Ethpool and Ethermine, publicly reveal

that they share the same admin. Thus, any analysis based on the voluntary miner data

skews toward a more decentralized network than the reality.”

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“Over 50% of the mining power has exclusively been shared by eight miners in Bitcoin

and five miners in Ethereum throughout the observed period. Even 90% of the mining

power seems to be controlled by only 16 miners in Bitcoin and only 11 miners in Ethereum.

Hence, both platforms rely heavily on very few distinct mining entities to maintain the





blockchain. … These results show that a Byzantine quorum system of size 20 could achieve

better decentralization than proof-of-work mining at a much lower resource cost.”

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Exhibit 1: Curriculum Vitae of Stephen McKeon

Stephen B. McKeon
Lundquist College of Business
1208 University of Oregon
Eugene, OR 97403-1208
Ph: (541) 346-8556
smckeon@uoregon.edu

Birthplace: Minneapolis, MN

Education
PhD, Management (Finance), Purdue University 2011
MS, Economics, Purdue University 2009
BS, Business Administration, University of Oregon 2000

Academic Positions
University of Oregon, Lundquist College of Business
Associate Professor of Finance 2017 - Present
Inman Research Scholar 2018 - Present
Assistant Professor of Finance 2011 - 2017

University of Cambridge, Cambridge Centre for Alternative Finance


Visiting Associate 2019-2020

University of California, Berkeley


Lecturer in “Blockchain Unlocked” executive education program 2017-2018

Purdue University, Krannert School of Management


Graduate Student Instructor 2009

Research
Published Articles:
“Intermediation in Private Equity: The Role of Placement Agents,” Journal of Financial and
Quantitative Analysis (forthcoming), with Matthew D. Cain and Steven Davidoff Solomon

“Banking on Stone Money: Ancient Antecedents to Bitcoin,” Economic Anthropology (forthcoming),


with Scott Fitzpatrick

“Do Takeover Laws Matter? Evidence from Five Decades of Hostile Takeovers,” Journal of Financial
Economics 124 (June 2017), with Matthew D. Cain and Steven Davidoff Solomon

“Proactive Leverage Increases and the Value of Financial Flexibility,” Journal of Applied Corporate
Finance 28 (Fall 2016), 17-28, with David J. Denis
Research (cont.)
Published Articles (cont.):
“CEO Personal Risk-Taking and Corporate Policies,” Journal of Financial and Quantitative Analysis 51
(February 2016), 139-164, with Matthew D. Cain

“Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases,” Review of
Financial Studies 25 (June 2012), 1897-1929, with David J. Denis

Publications in edited books:


“Corporate Governance and Ownership Structure” in Corporate Governance, Eds. H. Kent Baker and
Ronald Anderson, (John Wiley & Sons, Inc., 2010), with John J. McConnell and Wei Xu

Working papers:
Persistent Operating Losses and Corporate Policies (with D Denis)
2nd round Revise and Resubmit at Journal of Financial Economics

Law and Blockchains, forthcoming in Palgrave-MacMillan Handbook of Technological Finance

Blockchain Trading and Exchange, forthcoming in Palgrave-MacMillan Handbook of Technological


Finance

Employee Option Exercise and Equity Issuance Motives

Work-in-progress:
Blockchain Asset Ratings and Returns (with Baixiao Liu)

Research Presentations and Discussions


(Scheduled presentations in italics, * indicates presentation by co-author)
Invited presentations
“Persistent Operating Losses”
2017 UC Berkeley Law, Accounting, and Business Workshop
2017 SFS Finance Cavalcade (Nashville)*
2017 FSU SunTrust Conference (Miramar Beach, FL)
2017 Seminar at University of Illinois, Chicago
2016 Pacific Northwest Finance Conference (Seattle)
2016 Seminar at University of Wisconsin, Milwaukee
“Intermediation in Private Equity”
2015 Private Equity Research Consortium (PERC) Conference (Chapel Hill, NC)
2015 Conference in honor of John McConnell’s contributions to finance (W. Lafayette, IN)
2015 Seminar at Universidad de los Andes (Santiago, Chile)
2015 American Finance Association (Boston)*
2014 American Law and Economics Association (Chicago)*
2014 Argentum Centre for Private Equity Symposium (Bergen, Norway)*

McKeon, Page 2
Research Presentations and Discussions (cont.)
Invited presentations (cont.)
“Do Takeover Laws Matter?”
2015 American Finance Association (Boston)
2014 American Law and Economics Association (Chicago)*
2014 FSU SunTrust Conference (Miramar Beach, FL)
“Employee Option Exercise and Equity Issuance Motives”
2013 SFS Finance Cavalcade (Miami, FL)
2013 European Finance Association (Cambridge, UK)
2012 Financial Research Association (Las Vegas, NV)
- Barclay Award
2011 Pacific Northwest Finance Conference (Seattle, WA)
2010 FMA Doctoral Student Consortium (New York, NY)
“CEO Risk-Taking and Corporate Policies”
2012 UniSA Behavioral Finance and Capital Markets Conference (Adelaide, Australia)
-Best Paper – Early Career Researcher
2012 LCB Board of Advisors meeting (Eugene, OR)
2012 CJP annual convention (Coeur d'Alene, ID)
2012 Annual Meeting of the Academy of Behavioral Finance & Economics (New York, NY)
2011 University of Miami Behavioral Finance Conference (Miami, FL)
2011 Krannert Dean’s Advisory Council (W. Lafayette, IN)
2011 Job Market seminar at University of Oregon (Eugene, OR)
2011 Northern Finance Association (Vancouver, BC)
2010 IU-Purdue-Notre Dame Finance Conference (Bloomington, IN)*
“Debt Financing and Financial Flexibility”
2010 American Finance Association (Atlanta, GA)
2010 Research Conference in Recognition of the Scholarly Contributions of Larry Y. Dann (UO)
Invited discussions
2019 Financial Management Association (New Orleans, LA)
2016 Financial Management Association (Las Vegas, NV)
2013 European Finance Association (Cambridge, UK)
2012 Annual Meeting of the Academy of Behavioral Finance & Economics (New York, NY)
2011 Northern Finance Association (Vancouver, BC)
Other speaking engagements
2019 Consensus Invest (New York, NY)
2019 Fluidity Summit (New York, NY)
2019 Digital Asset Summit (New York, NY)
2018 Wharton Reg@Tech (Philadelphia, PA)
2018 Security Token Summit (New York, NY)
2017 UC Berkeley “Blockchain Unlocked” program, sessions on blockchain regulation,
stablecoins, and tokenized securities (Berkeley, CA)
2017 Wall Street Blockchain Alliance (New York, NY)

McKeon, Page 3
Courses Taught
University of Oregon:
FIN316: Financial Management (Undergrad Core)
FIN409: Practicum – U of O Investment Group (Undergrad Elective)
FIN473: Financial Analysis and Valuation (Undergrad Elective)
FIN609: Practicum – Emerging Markets Fund (MBA/MSF)
FIN610: Venture Capital and Cryptoassets (MBA/MSF)
FIN612: Fundamentals of Finance (MBA Core)
FIN673: Advanced Topics in Corporate Finance (MBA Elective)
FIN607: Seminar in Corporate Finance (PhD)
Sessions on blockchain regulation, and token economics (Exec Ed)

University of California, Berkeley:


Sessions on blockchain regulation, and token economics (Exec Ed)

University of Cambridge:
Sessions on blockchain regulation, and token economics (Exec Ed)

Popular Press Citations and Appearances


Print/Blog: Wall Street Journal, Bloomberg BusinessWeek, Financial Times, NY Times (Dealbook),
TheStreet.com, Forbes, MarketWatch, Reuters, Smart Money, Maclean's, Baltimore Sun,
Harvard Corporate Governance blog, MIT Technology Review
TV/Video/Radio: CNBC, WSJ “Lunch Break”, Fox Business News, NPR – StateImpact,
Podcasts: Capital Allocators, Venture Stories, The Bitcoin Podcast Network, Eric Jackson podcast,
The Flippening, Coin Crunch
Full media list available here: https://goo.gl/eL4udx

Awards and Scholarships


Research Awards:
Inman Research Scholar 2018-2020
Dean’s Scholar Research Award 2015-2017
Kageyama Endowment Fund Award 2013, 2016
Financial Research Association Michael J. Barclay Award 2012
Best Paper – Early Career Researcher – Capital Markets CMC 2012
Purdue Research Foundation Grant 2010 – 2011
Teaching Awards:
Ersted Award for Distinguished Teaching (Highest UO Teaching Award) 2016
James E. Reinmuth MBA Teaching Excellence Award 2013,14,15,16,17,18
Business Advisory Council Undergraduate Teaching Award 2012, 2015
Krannert Certificate for Distinguished Teaching 2009

Other Awards:
Harry R. Jacobs, Jr. Professional Service Award 2015, 18
Fredrick N. Andrews Fellowship, Purdue University 2007 – 2009

McKeon, Page 4
Professional Service
Ad hoc referee: Journal of Finance, Journal of Financial Economics, Review of Financial Studies,
Journal of Financial and Quantitative Analysis, Management Science, Journal of Corporate Finance,
Journal of Banking and Finance, Journal of Empirical Finance, Economics Letters

Service to School
MBA Academic Committee (Chair) 2017-Present
Emerging Markets Fund faculty advisor 2017-Present
MSF Academic Committee 2018-Present
Quack Chats speaker 2018
UO Investment Group faculty advisor 2013-14, 2015-16
UO Foundation Seed Fund faculty advisor 2014-2016
Course coordinator (FIN316) 2012 – 2015
Undergraduate program committee 2013 – 2015
MBA director search committee 2014, 2015
Wealth management panel moderator 2014
New Major Celebration keynote speaker 2013
UOIG NY Trip coordinator 2012, 2013, 2015
Duck Days faculty speaker 2013, 2014
UOIG alumni reunion coordinator 2012
Accounting Dept. faculty search committee 2012
LCB Board of Advisors speaker 2012
LCB faculty seminar series speaker 2011
Officer, Krannert Doctoral Student Association 2008 – 2010
Emerging Leaders Group, LCB-University of Oregon 2006 – 2008

Service on Dissertation Committees


Student, Placement, Year
Arash Dayani, In-progress, exp. 2020
Chad Fulton, Board of Governors, Federal Reserve, 2016 (outside member)
Hai Tran, Loyola Marymount, 2015
Andrea Anthony, Oregon State, 2014 (co-chair)

Industry Positions
Partner, Collaborative Fund 2018-Present
Chief Strategy Advisor, Security Token Academy 2018-2019
Co-founder, Coast to Crest Fund, Eugene, OR Founded 2017
Co-founder, Skyworks Development Group, Portland, OR Founded 2017
Co-founder, Carmel Wine Company, Carmel-by-the-Sea, CA Founded 2013
Co-founder, Skyward, Portland, OR Founded 2012
Board of Directors, Stratus Digital Systems, Eugene, OR 2015-2018
Chief Financial Officer, Greenfield Wine Company, American Canyon, CA 2001-2007

McKeon, Page 5
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