Category Archives: Cryptocurrency

Auditing Crypto-Financing

By | March 10, 2020

Courtesy of Vanessa Villanueva Collao and Verity Winship Distrust in traditional intermediaries after the financial crisis incentivized the crypto community to develop private coinage and to allow different applications (software platforms) to function as a vehicle for funding startups through the Initial Coin Offering (ICO) process. The self-executing nature of smart-contracts enabled decentralization and promised… Read More »

The Virtual Commodity Association and the Uphill Battle for Cryptocurrency Self-Regulation

By | February 20, 2020

Courtesy of Katarina Weessies In March of 2018, Cameron and Tyler Winklevoss proposed the Virtual Commodity Association (VCA), a self-regulatory organization, or SRO, meant to make the cryptocurrency industry more “safe and secure.” An SRO is “a nongovernmental organization that is statutorily empowered to regulate its members by adopting and enforcing rules of conduct.” The… Read More »

How Cryptocurrencies Should Be Regulated as Non-Sovereign Fiat Currencies

By | February 18, 2020

Courtesy of J.S. Nelson As Facebook’s Libra, despite hiccups, may have 2.4 billion users a month transacting for goods and services by later this year, the question of how cryptocurrencies should be regulated is taking on pressing importance. My forthcoming article, “Cryptocommunity Currencies,” argues—first, that cryptocurrencies should be regulated; second, that they should be regulated… Read More »

Ripple Effects: How Ongoing Litigation Could Signal the Beginning of the End For the Payments Platform

By | February 5, 2020

Courtesy of Lindsay Martin Founded in 2012, Ripple sought to revolutionize global payments using blockchain technology and digital assets. Members of the Ripple network can quickly transfer funds to other members of the network in a secure, real-time settlement process. Ripple’s native currency is XRP, and members of the Ripple network can transfer XRP to… Read More »

Issuing a Central Bank Digital Currency: Possible Motives, Characteristics and Consequences

By | November 21, 2019

Courtesy of Christian Pfister* In 2018, the Bank for International Settlements conducted a survey to which 63 central banks responded. According to the results, 70% of the central banks were then (or planned to be soon) engaged in central bank digital currency (CBDC) work. However, only three central banks reported that they were likely to… Read More »

Governance in the Absence of Regulation: A Study of Initial Coin Offerings

By | November 5, 2019

Courtesy of William C. Johnson and Sangho Yi Initial Coin Offerings (ICOs) are a novel financing method in which crypto tokens are auctioned to the public in return for fiat or cryptocurrencies using blockchain-based platforms such as Ethereum. The technology building ICOs creates a new landscape within financial economics where many important economic concepts need… Read More »

What Congress Should Ask About Facebook’s New Cryptocurrency

By | July 2, 2019

On June 18th, Facebook released a white paper and additional documentation that describe a new cryptocurrency, called Libra, which will be governed by the twenty-eight member Libra Association (the “Association”). Shortly thereafter, the Senate Banking Committee and the House Financial Services Committee announced they would hold hearings to look into Libra and Facebook’s involvement; these… Read More »

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 »

When Tech Meets Money: the Central-Bank Digital Currency

By | May 22, 2019

Courtesy of Marcelo M. Prates Not long ago, money was simple, central banks were all but invisible, and banks seemed like an inevitable nuisance. Money consisted of the coins and notes carried in wallets, or the checkbook in the desk drawer. Central banks were poorly understood institutions, entrusted with the mystical power to print money.… Read More »