Technological advancements affecting the financial system through various channels have led to changes in the functioning of activities conducted through centralized systems. The use of Distributed Ledger Technology (DLT), which enables the operation and use of distributed ledgers -information repositories where records of transactions are kept by all parties in a distributed manner rather than… Read More »
When the United States housing bubble burst in 2007, it triggered a chain reaction that soon morphed into a global financial crisis (Financial Crisis Inquiry Commission [FCIC], 2011). Problems initially concentrated in U.S. subprime mortgages quickly spread to multiple regions through cross-border investments, complex derivatives, and strained interbank lending. As credit markets seized, banks around… Read More »
The passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act, 2025) represents a watershed moment in American cryptocurrency regulation, establishing the first comprehensive federal framework for payment stablecoins while conspicuously omitting Bitcoin from its regulatory purview. This selective regulatory approach has profound implications for the digital asset ecosystem, fundamentally altering… Read More »
The special purpose acquisition company (SPAC) is a cash shell listed on a public market with the sole purpose of merging with an operating company, thereby bringing that operating company on to the public market. The SPAC, therefore, represents an alternative public listing route to a traditional initial public offering (IPO). The market for SPACs… Read More »
Is the crypto token sold as a security, the security itself? This question has arisen in both Congress and court cases and is ripe for discussion. “Separation theory” refers to the notion that the crypto token itself is separate from the security and until recently, this theory had not been adopted by any judge in… Read More »
Companies cannot waive their right to file for bankruptcy or contractually limit their rights once in bankruptcy. Without a collective, compulsory system like bankruptcy, creditors would race each other to the courthouse to collect on the remaining assets of a dying company. This process would hasten the company’s demise, waste value, harm some creditors, and… Read More »
In many asset, financial, and service markets, trade information is generally not available to interested buyers. For example, a number of securities traded in over-the-counter (OTC) markets lack transparency regarding both the frequency and price of past trades. Dealers are under no obligation to disclose this information about their products to interested buyers. The same… Read More »
In today’s digital age, credit cards have become indispensable tools for consumers worldwide. With a simple swipe or tap, we can access a world of convenience and rewards. Banks meticulously craft credit card rewards, advertising them as unique selling propositions for their credit card products. Indeed, these reward programs are commonly seen as a prominent… Read More »
As the world adapted to life in the shadow of Covid-19, the medium through which human beings communicated underwent a drastic change. Due to the social distancing measures adopted by governments, activities which typically took place face-to-face swiftly transitioned into the virtual world, as expressed by the increasing popularity of video conferencing tools, such as… Read More »
Cryptocurrencies like Bitcoin and Ether are an ideological project, an investment asset and – according to their supporters – the basis for a new economy. Yet after the collapse in crypto prices in 2022, the spectacular fraud at crypto exchange FTX and the criminal fines against Binance, the debate around crypto has changed. Critics say… Read More »
