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Articles 1 - 8 of 8
Full-Text Articles in Law
Defi: Shadow Banking 2.0?, Hilary J. Allen
Defi: Shadow Banking 2.0?, Hilary J. Allen
Articles in Law Reviews & Other Academic Journals
The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with today. Our financial regulatory system still hasn’t fully figured out how to address the risks of the derivatives, securitizations, and money market mutual funds that comprised Shadow Banking 1.0, but we’re already facing the prospect o fShadow Banking 2.0in the form of decentralized finance, or “DeFi.” DeFi’s proponents speak of a future where sending money is as easy as sending a photograph–but money is not the same as a photograph. The stakes are much …
Blockchain & Secured Transactions Proceedings Of The 2021 Spring Conference: The Impact Of Blockchain On The Practice Of Law: Presentation 4, Heather Hughes
Blockchain & Secured Transactions Proceedings Of The 2021 Spring Conference: The Impact Of Blockchain On The Practice Of Law: Presentation 4, Heather Hughes
Articles in Law Reviews & Other Academic Journals
Secured transactions are governed by Uniform Commercial Code Article 9. UCC Article 9 governs any extension of credit secured by personalty. If you think about it, this statute governs a massive swath of market activity: secured credit facilities, margin trading of securities, asset securitizations, and purchase money transactions for goods, I could name more. But it's a statute that's very wide ranging. Given this expansive scope, blockchain-based transaction platforms have numerous implications for lawyers who deal with secured transactions. In my brief time here, I'm going to identify just two of them.
Designing Effective Regulation For Blockchain-Based Markets, Heather Hughes
Designing Effective Regulation For Blockchain-Based Markets, Heather Hughes
Articles in Law Reviews & Other Academic Journals
Effective regulation of blockchain-based markets calls for coordination among lawyers, businesses, coders, and lawmakers. How might we achieve adequate coordination and why is it important? This Article takes up these questions, using one example of an increasingly popular type of blockchain-based financial transaction: the issuance of tokens backed by off-chain assets. The objective here is not to advocate for a particular regulatory treatment for asset tokenization, but rather to use this deal type as a springboard to discuss what "effective regulation" means in the context of blockchain-enabled markets.
Testimony Before The U.S. House Of Representatives Committee On Financial Services On “Addressing Climate As A Systemic Risk: The Need To Build Resilience Within Our Banking And Financial System” In June 2021, Hilary J. Allen
Congressional and Other Testimony
No abstract provided.
U.S. Regulation Of Blockchain Currencies: A Policy Overview, Heather Hughes
U.S. Regulation Of Blockchain Currencies: A Policy Overview, Heather Hughes
Articles in Law Reviews & Other Academic Journals
No abstract provided.
Property And The True-Sale Doctrine, Heather Hughes
Property And The True-Sale Doctrine, Heather Hughes
Articles in Law Reviews & Other Academic Journals
The true-sale doctrine governs financial transactions involving hundreds of billions of dollars each year. Yet this doctrine is confused, unsettled and subject to differing approaches from state to state: it lacks normative foundation and it lacks coherence. The true-sale doctrine determines the fate of investors asserting ownership of securitized assets at the expense of unsecured creditors, such as employees. It distinguishes assignments to secure loans (leaving assets potentially reachable by unsecured creditors), from outright sales (making assets the exclusive property of investors). A rich literature addresses the efficiency of securitization. But scholars and policy-makers have failed to sufficiently relate positions …
Conflating Politics And Development? Examining Investment Treaty Arbitration Outcomes, Susan Franck
Conflating Politics And Development? Examining Investment Treaty Arbitration Outcomes, Susan Franck
Articles in Law Reviews & Other Academic Journals
International dispute settlement is an area of ongoing evaluation and tension within the international political economy. As states continue their negotiations for the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), the efficacy of international arbitration as a method of dispute settlement remains controversial. Whereas some sing its praises as a method of protecting private property interests against improper government interference, others decry investment treaty arbitration (ITA) as biased against states. The literature has thus far not disentangled how politics and development contribute to investment dispute outcomes. In an effort to control for the effect of internal …
Non-Party Interests In Closing Opinion Letters, Heather Hughes
Non-Party Interests In Closing Opinion Letters, Heather Hughes
Articles in Law Reviews & Other Academic Journals
INTRODUCTION: What do transactional lawyers do when they issue third-party opinion letters in financial transactions? This descriptive question turns out to be quite complex'-so complex that the normative question of what lawyers should do when they issue opinions, as well as the practical question of what they could do, are difficult to answer. This Symposium Article reflects upon third-party closing opinions as a central aspect of business law practice that can be opaque to outsiders. The ideas expressed here are exploratory. In the spirit of reflecting on what transactional lawyers do, this contribution considers deal lawyer strategies as potential tools …