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Full-Text Articles in Business
Regulatory Sandboxes Enable Pragmatic Blockchain Regulation, Joshua Durham
Regulatory Sandboxes Enable Pragmatic Blockchain Regulation, Joshua Durham
Washington Journal of Law, Technology & Arts
Since blockchain technology supports digitally-native money, the centralized chokepoints that governments have traditionally targeted to regulate commerce no longer apply to our (digital) property. However, competent regulation furthers basic public policy goals and should enable responsible innovation of this promising technology. This Article discusses pragmatic policies that enable responsible innovation by cultivating regulatory expertise required to write enforceable rules. Responsible innovation is necessary because unlike the early internet, where programmers could manipulate simple colors and text on webpages, these same individuals can now create financial services applications that manipulate actual money—we are faced with an inescapable reality that more is …
From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke
From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke
Fordham Journal of Corporate & Financial Law
The Tether controversy and Terra crash have placed stablecoins in the regulatory spotlight. Stablecoins are often portrayed as posing systemic risks to financial markets, with some pundits labelling them “the villain of the finance world.” Global regulatory bodies, namely the International Monetary Fund (IMF) and the Bank of International Settlement (BIS), and political leaders, including the Biden Administration, have all called for stablecoin regulation. These officials allege that stablecoins’ structure, combined with their exponential growth, pose a unique risk to global markets. Before the May 2022 Terra crash, government reports superficially treated stablecoins by exclusively focusing on asset-backed coins. Post …