The SEC Should Continue to Say No to Bitcoin Exchange-Traded Products

By | June 18, 2019

The following is an edited comment letter that was submitted to the Securities and Exchange Commission (the “Commission”) on June 14th in response to the Commission’s May 20, 2019 order (Release No.34-85896) to institute proceedings under Section 19(b)(2)(B) of the Securities Exchange Act of 1933 (“Act”) to determine whether to approve or disapprove of Cboe… Read More »

The Expanding Regulatory Perimeter – Crypto-Asset Trading

By | May 30, 2019

Courtesy of Barbara C. Matthews (JD/LLM ’91) “Hi!  I’m from the government.  I’m here to help.” The regulatory perimeter regarding crypto-assets continues to expand.  The latest move comes from the International Organization of Securities Commissions (IOSCO) which released for comment on 28 May, 2019 suggested regulatory oversight standards[1] to govern crypto-asset trading platforms (the “IOSCO… Read More »

North Carolina’s Proposed Regulatory Sandbox Needs Work

By | May 28, 2019

Last month, a bill was introduced in the North Carolina General Assembly that would make North Carolina the fourth state – after Arizona, Wyoming and Utah – to offer a regulatory sandbox for innovative financial services firms. Broadly defined, a regulatory sandbox is a ‘safe space’ in which businesses can test innovative products or services… Read More »

A Typology for Diagnosing and Remedying Regulatory Capture in Financial Regulation

By | May 7, 2019

Courtesy of Justin Rex The study of regulatory capture has a long history across various disciplines. Yet, scholars still disagree on its definition and pervasiveness. This post proposes a typology for organizing literature on regulatory capture under a few key dimensions to help scholars and practitioners better diagnose capture and choose appropriately tailored policy responses.… Read More »

Securities Fraud: Not Just for Policing Financial Markets

By | May 2, 2019

Courtesy of Joseph T. McClure In the wake of the Facebook-Cambridge Analytica scandal, data privacy emerged as a hot-button issue that politicians of all ideological persuasions will add to their stump speeches before the 2020 elections. It also appears likely to join issues such as climate change, gun violence, and workplace sexual misconduct as the… Read More »

Category: SEC

Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings

By | April 30, 2019

Courtesy of Paul P. Momtaz Token Offerings or Initial Coin Offerings (ICOs) are a rapidly growing market, with more than 4,500 transactions in 2018 alone. However, there is also substantial fraudulent activity spurred by the absence of regulation. My new paper, Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings, explores a very subtle, hard-to-track… Read More »

High-Frequency Trading Comes to Cryptocurrency

By | April 24, 2019

Courtesy of Marissa Cantu and Lee Reiners Amidst last December’s stock market volatility, Treasury Secretary Steve Mnuchin argued “high-frequency traders combined with the Volcker Rule” were to blame.  Secretary Mnuchin then announced he intended to ask the Financial Stability Oversight Council to review how market structure, in conjunction with high-frequency trading, contributes to stock market… Read More »

Cybersecurity for American Families: A 10-Step Data Security Guide for the People You Love

By | April 15, 2019

Courtesy of Mary Wang For the past several months, I have been working on an interdisciplinary team of students and faculty at Duke that explored the ways in which data breaches and the misappropriation of personal information can harm ordinary consumers. This issue matters because recent breaches have affected nearly every American, many of whom have had… Read More »