Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Ico Vs. Ipo: Empirical Findings, Information Asymmetry, And The Appropriate Regulatory Framework, Moran Ofir, Ido Sadeh
Ico Vs. Ipo: Empirical Findings, Information Asymmetry, And The Appropriate Regulatory Framework, Moran Ofir, Ido Sadeh
Vanderbilt Journal of Transnational Law
Initial coin offerings (ICOs) are a new form of fundraising whereby blockchain-related ventures raise public capital in exchange for newly issued digital tokens. In recent years, ICOs have been a prominent focus of legal and economic studies, which analyze their characteristics and determinants of their success. In this Article, we systematically review these studies and identify key ICO success factors. We then offer theoretical explanations for our findings, and in certain cases, connect the empirical results with the IPO and crowdfunding literatures. The results of our analysis are important for two reasons. First, there is no single formal data source, …
Fintech And International Financial Regulation, Yesha Yadav
Fintech And International Financial Regulation, Yesha Yadav
Vanderbilt Journal of Transnational Law
This Article shows that Fintech exacerbates the difficulties of standard setting in international financial regulation. Earlier work introduced the "Innovation Trilemma" (the Trilemma). When seeking to balance the goals of achieving market integrity and innovation through clear and simple rulemaking, regulators can--at best--achieve only two out of these three objectives. Fintech's unique characteristics--a reliance on automation and artificial intelligence, novel types of big data, as well as the use of disintermediating financial supply chains comprising a mix of traditional firms as well as technology specialists and newcomers--complicates the application of the Trilemma. Rulemaking struggles to achieve needed clarity where innovative …