Banking and Finance Law Commons^™

Airdrops: “Free” Tokens Are Not Free From Regulatory Compliance, Bridgett S. Bauer Esq.

University of Miami Business Law Review

No abstract provided.

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Securities Regulation And Social Media, Seth C. Oranburg

Law Faculty Scholarship

Federal securities regulation originally divided corporate finance into two neat categories, public and private. In 1933, private financing was limited to “sophisticated” investors but otherwise lightly regulated. Public financing became heavily regulated. In 1982, the SEC introduced Reg D, which introduced the concept of “general solicitation” to clarify the distinction between public and private offerings. Reg D is well understood to prohibit newspaper advertisements and permit direct solicitations to venture capital investors. This enabled great wealth consolidation in regions like Silicon Valley while effectively banning general solicitations in private offerings.

Now, social media communication challenges the definition of “general solicitation.” …

A Thing Called Character: Bringing The Export-Import Bank Of The United States And West Virginia To The World, Kimberly A. Reed

West Virginia Law Review

No abstract provided.

Shareholder Value(S): Index Fund Esg Activism And The New Millennial Corporate Governance, Michal Barzuza, Quinn Curtis, David H. Webber

Faculty Scholarship

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile approach to ownership is broadly acknowledged.
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/="/">However, this Article argues that the notion that index funds are passive owners overlooks an important dimension in which index funds have demonstrated outspoken, confrontational, and effective stewardship. Specifically, we document that index funds have taken a leading role in challenging management and voting
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Freedom Of Speech And The Role Of Constitutional Courts: The Cases Of Indonesia And South Korea, M. Lutfi Chakim

Indonesia Law Review

Freedom of speech is a constitutional right that must be protected in a democratic society. However, there is an alarming problem in many countries where governments limit freedom of speech by targeting people espousing views contrary to those of the government. Many free speech cases handled by the Constitutional Courts of Indonesia and Korea demonstrate a gradual decline in the quality of democracy there. This article aims to assess the extent to which the Constitutional Courts’ role and responsibilities contribute to the protection of freedom of speech. Through its decisions, the Constitutional Courts in those two countries have contributed to …

Utility Token Offerings: Can A Security Transform Into A Non-Security?, Scott W. Maughan

BYU Law Review

No abstract provided.

The Capital Commons: A Plan For Building Back Better And Beyond, Robert C. Hockett

Cornell Law Faculty Working Papers

To build our Republic back better we must build our banks better. The overwhelmingly greater part of our investment capital is now publicly generated yet privately managed. But pervasive and still underappreciated recursive collective action predicaments endemic to all exchange economies, combined with the decoupling of profits from production made possible by stratified capital ‘markets’ in such economies, render this unsustainable.

The only way to get public capital allocation right, and thus to get credit modulation and long-term productive investment right, is to manage public capital publicly and private capital privately. This paper shows how to do that through the …

Do We Need Kyc/Aml: The Bank Secrecy Act And Virtual Currency Exchanges, Stan Sater

Arkansas Law Review

"Technology is moving faster than government or law can keep up. It's moving faster than you can keep up: you should be asking the question of what are your rights and who owns your data." - Gus Hunt, 2013 CIA Chief Technology Officer

The Currency and Foreign Transactions Reporting Act, commonly referred to as the Bank Secrecy Act (the BSA), is the U.S. government’s 800-pound gorilla when it comes to regulating virtual currency. It has been expanded, transformed, and updated since its initial passage in 1970 to keep pace with new developments in global terrorism and money laundering, all the …

Virtual Currency As Crypto Collateral Under Article 9 Of The Ucc: Trying To Fit A Square Peg In A Round Hole, Sharon E. Foster

Arkansas Law Review

This Article addresses the current state of academic discussion regarding the problems of creating an enforceable security interest under Article 9 of the Uniform Commercial Code (UCC) using virtual currency, such as bitcoin, as collateral. While academic discussion is helpful and, indeed, may one day be adopted by a court and become law, the primary problem in using virtual currency as collateral is the uncertainty regarding using Article 9 to create an enforceable security interest in virtual currency. Simply put, Article 9 does not specifically address virtual currency as collateral, and we have no case law at this time to …

New Things Under The Sun: How The Cftc Is Using Virtual Currencies To Expand Its Jurisdiction, James Michael Blakemore

Arkansas Law Review

A decade has passed since Bitcoin solved a fundamental problem plaguing virtual currencies: How to ensure, without resort to financial intermediaries or other trusted central authorities, that a unit of digital currency can be spent only once. In that time, Bitcoin has inspired countless follow-on projects. Some have attempted to improve the technology’s potential use for digital cash, by, for example, increasing the number of transactions processed per second or improving user privacy. Others have strayed further from Bitcoin’s original intent, building on blockchain—Bitcoin’s central innovation—to enable distributed computing and so-called smart contracting, decentralized lending, governance, data storage, and digital …

Chinese Resource-For-Infrastructure (Rfi) Investments In Sub-Saharan Africa And The Future Of The "Rules-Based" Framework For Sovereign Finance: The Sicomines Case Study, Jingwei Xu

Michigan Journal of International Law

China has emerged as sub-Saharan Africa’s largest development financier over the past two decades. While commentators have observed novel, sui generis transactional structures in China’s financing arrangements, legal analysis of those contractual forms and their relationships to incumbent international economic governance regimes remains scant. This note addresses those scholarly lacunae, taking as its case study the 2008 Sicomines Agreement—a multi-billion USD investment financing agreement between the Democratic Republic of the Congo and various Chinese corporate entities that merges infrastructure investment with a mineral extraction joint-venture project. It demonstrates that the Sicomines Agreement selectively draws on and integrates pre-existing modes of …

The Ecb And € E-Banknotes, Corinne Zellweger-Gutknecht, Benjamin Geva, Seraina Neva Grünewald

Articles & Book Chapters

No abstract provided.

Book Review - The Legal Concept Of Money, Benjamin Geva

Articles & Book Chapters

If A accepts X in payment from B, in the expectation that he will be able to give it to C in payment ... he almost certainly not make an explicit agreement with C in advance to accept X in payment ... [...]in any society, the question of whether a particular thing is "money" or not can only be answered by examining social behaviour and social norms.4 Accordingly, the author asserts, there is no clear distinction between "money" and "not money". [...]the author addresses monetary sovereignty. [...]under Gersham's law, between coins with lower and higher metallic value, people will prefer …

The Foreign Investment Risk Review Modernization Act: The Double-Edged Sword Of U.S. Foreign Investment Regulations, J. Russell Blakey

Loyola of Los Angeles Law Review

No abstract provided.

Solvency As A Fundamental Constraint On Lolr Policy For Independent Central Banks: Principles, History, Law, Sir Paul M. W. Tucker

Journal of Financial Crises

This paper follows up earlier work advocating a principled modernization of doctrines for central bank lender-of-last-resort policies and operations. It argues for a new Fundamental Constraint on such authorities: namely, “the principle that central banks should not lend to firms that they know (or should know) to be fundamentally bust or broken.” Tucker supports this with commentary from various peers, a review of principles underlying bankruptcy law and resolution schemes, and by deconstructing other common counterarguments. Centrally, he argues that when central banks breach the Fundamental Constraint, they distribute resources to short-term creditors at the expense of longer-term creditors, …

The Effect Of Money Supply(M2) On Real Magnitudes In The Economy Of Jordan A Rational Expectations Approach_X000d_, Hussain Talafha, Monther Share

Al-Balqa Journal for Research and Studies البلقاء للبحوث والدراسات

This study applies a neo-classical model to test the impact of anticipated and un anticipated growth in money supply (M2) on some key economic variables in the Jourdan economy for the period (1968:1-1988:4). The model consists of four equations: (i) the money supply growth equation;(ii) the growth in unemployment rate equation; (iii) the real growth in GNP equation; and (iv) the growth in price level equation (inflation rate). The study investigates the relationships and hypotheses using two stage least square method which is applied at the first difference logarithm structural equations. The first stage is applied to the money supply …

Analysis Of Construction Industry In Jordan 1980 - 1990, Mohammed A.S. Hiyassat, Hasan M. Tantawi

Al-Balqa Journal for Research and Studies البلقاء للبحوث والدراسات

The purpose of this paper is to describe and analyze the performance of the construction industry in Jourdan during the past decade. For this purpose, the authors addressed the following issues: 1- The size of the industry which is expressed in terms of volume and contribution to gross domestic products (GDP). In this section, the causes and effects of fluctuations are discussed. 2- Contribution of the industry to the country’s fixed asset formations, and finally 3- The structure of construction contractor_x000D_ _x000D_

Eliminate The Harassment Of Putting Shame On Someone For Something, Mr. Subhi Al-Bassam

Al-Balqa Journal for Research and Studies البلقاء للبحوث والدراسات

Some old linguistics said that the verb Aiyara (Reproach) with the preposition Al-Ba a (of) is not a good language. But some of them said it is not a very good language, this article proves, through the investigation of classic Arabic prose and poetry, and through grammar, that the verb Aiyara (Reproach) with the preposition Alba a (of) is highly correct. And is better than to be without the preposition Alba a (of).

Acoustic Factors In Forming Arabic Structure, Dr. Mohammed Jawad Al Nouri

Al-Balqa Journal for Research and Studies البلقاء للبحوث والدراسات

This paper is a study of the sound factors, which control the mechanism of sound changes, affecting Arabic sounds, when they hold adjacent positions, in certain morphological structural formations. It becomes clear to us, through linguistic patterns and examples in this paper, which are more influential than other adjacent sounds, that those sounds are characterized by certain features which make them dominant in the process of structural formation, most important among them are features of sibilant, velarization, voicedness, plosion, nasalization, being rolled, length of place of articulation, and the vowel characteristics called, in Arabic, (madd and liin). Moreover, it becomes …