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Articles 1 - 3 of 3
Full-Text Articles in Law
Keynote Address By Cftc Commissioner Kristin Johnson, Kristin N. Johnson
Keynote Address By Cftc Commissioner Kristin Johnson, Kristin N. Johnson
Arkansas Law Review
Today, our markets are witnessing a transformative moment marked by exceptional, rapidly evolving innovation. To better understand this transformation, we might inquire about the nature of these novel financial instruments, intermediaries, and the underlying technologies that fuel an ever-expanding adoption. Thinking critically about these issues may inform our understanding of the intermediaries or lack thereof, and financial products that characterize this moment in the history and evolution of financial markets.
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 …
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 …