Antitrust in the Decentralized Economy: DeFi, Central Bank Digital Currencies, and Blockchain

by Konstantinos Stylianou

Overview

As the blockchain and decentralized finance industry crosses the $3 trillion-mark, market distortions and anticompetitive practices are starting to emerge. In this decentralized economy, antitrust and competition law are called to play a major role in preserving healthy competition and consumer welfare.

Against this backdrop, Antitrust in the Decentralized Economy explores all aspects of the application of EU competition and US antitrust law in decentralized finance, virtual assets, central bank digital currencies, and blockchain products and services. Using the latest caselaw and literature in law, economics, and computer science, this book discusses economic and commercial activity in decentralized markets, shows how to perform market definition and measure market power, and analyzes abuse of dominance, monopolization, and collusion in these markets.

In line with recent industry developments, Antitrust in the Decentralized Economy systematizes extant scholarship while breaking new ground, introducing new concepts of the decentralized economy and integrating them in the analytical framework of competition and antitrust law, making it readily usable by academics, practitioners, and competition authorities.

Product Details

ISBN-13:	9780192842893
Publisher:	Oxford University Press
Publication date:	07/29/2025
Pages:	304
Product dimensions:	6.42(w) x 9.53(h) x 0.83(d)

About the Author

Konstantinos Stylianou, Professor of Competition Law and Regulation, University of Glasgow

Konstantinos Stylianou is a Professor of Competition Law and Regulation at the University of Glasgow. His research focuses on digital markets, the choice between competition and regulation, and how markets are organized around new technologies. He has worked with, advised, trained or done research for various governments and BigTech companies, and has attracted funding from the EU, the UK Research Councils, national competition authorities, and numerous research institutions including the Fulbright and Onassis foundations. He is the co-creator of the db-comp.eu database. He holds an S.J.D. from the University of Pennsylvania, an LL.M. from Harvard University, and an LL.B. and LL.M. from Aristotle University.

Table of Contents

Part I Fundamentals1. Antitrust in the Decentralized Economy2. Personal and Material Scope: Economic Activity and Undertakings in the Decentralized EconomyPart II Market Analysis3. Market Definitions4. Market Shares5. Market Power6. Barriers to Entry and ExpansionPart III Offences7. Abuse of Dominance and Monopolization8. Anticompetitive Agreements and Restraints of Trade

Editorial Reviews

"Antitrust in the Decentralized Economy is a lucid roadmap to the competitive architecture of next generation finance. The monograph blends engaging case studies with rigorous doctrinal analysis, delivering exceptional value to scholars, regulators, and practitioners. Anyone seeking to understand how antitrust principles will govern decentralized finance, cryptocurrencies, stablecoins, and CBDCs will find this volume indispensable-a comprehensive, compelling must read for navigating competition law in a tokenized economy." — Nizan Geslevich Packin, Professor of Law at the City University of New York and the University of Haifa, and ECGI Academic Researcher

"Stylianou's book is a ground-breaking and timely inquiry into the tension between traditional antitrust frameworks and the rapidly evolving architecture of decentralized markets. By unpacking the economic and legal contours of tokenomics and distributed governance, this book explores how traditional competition law adapts-or struggles to adapt-to a world of decentralized finance. Amid the hype surrounding decentralization, Stylianou resists easy narratives-offering instead a grounded analysis of what competition law can realistically achieve in this context, and where it may need to evolve." — Oscar Borgogno, Senior Research Officer at Bank of Italy and George Washington University

"This monograph offers clarity and precision amidst the complex and ever-evolving landscape of cryptocurrency and distributed ledger technologies. Konstantinos does a great job explaining the unique issues around antitrust law that arise in a decentralized market setting and elegantly wraps a lot of concepts and data into an insightful monograph. Very informative and commendable work, and a highly recommended read." — Felix Irresberger, Professor of Finance, Durham University Business School

From the Publisher