Financial Technology
Fintech regulation, digital assets, payments, and banking innovation.
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Why the Supreme Court Made Crypto Legislation Inevitable
Loper Bright eliminated Chevron deference. Agencies can no longer fill gaps in securities law through interpretation. Only Congress can provide a stable framework.
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What the GENIUS Act Actually Does
GENIUS does not abandon securities law principles. It completes the trajectory of Halliburton II — replacing litigation presumptions with continuous disclosure and shifting from scienter to strict liability.
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The Temporal Paradox: When a Security Stops Being a Security
A token that starts as a security can mature into something else entirely. The Supreme Court's 80-year-old test has no answer for this.
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The State Stablecoin Loophole in the GENIUS Act
The GENIUS Act defines 'person' to include business entities — but states are not persons. State-issued stablecoins bypass federal regulation entirely.
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A Short History of Financial Technology
From colonial-era incorporation to cryptocurrency — the recurring pattern of financial innovation outpacing regulation.
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Not All Tokens Are Securities
DeFi tokens that grant access to a service are not investment contracts. A function-based framework can tell the difference.
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Hyperfunding and the Tesla Problem
When Tesla collected $20 billion in presale deposits, it fell into a regulatory gap that no existing law addresses.
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The Decentralization Illusion
DAOs marketed as 'decentralized' often have Gini coefficients of 0.90-0.98 for governance tokens. Formal decentralization does not equal actual decentralization.
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Crosstagion: When Banks Break Stablecoins
The policy designed to make stablecoins safe — anchoring them to Treasuries — is simultaneously the policy that transmits Treasury market stress into the stablecoin market with maximum efficiency.
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Antitrust for the Decentralized Internet
Applying 19th-century antitrust tools to 21st-century information markets could break the internet. Here's why the analogy fails.
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Fintech Regulation: A Framework for Emerging Technologies
As financial technology reshapes lending, payments, and investment, regulators face a difficult question: adapt existing rules or build new ones from scratch?
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Equity Crowdfunding After the JOBS Act: Lessons Learned
More than a decade after the JOBS Act, equity crowdfunding has found a niche but not yet fulfilled its original promise of democratizing startup investment.
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When 50 Cent Tweets 'Buy This Stock,' Is That a Securities Violation?
Celebrities, influencers, and ordinary entrepreneurs all face the same unanswered question: does a social media post constitute a general solicitation?