Market Regulation
Antitrust, market structure, competition policy, and regulatory economics.
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The Wrong Plaintiff: When Contract Remedies Destroy Networks
Contract doctrine identifies the promisee as the injured party. In trading networks, that identification is incomplete — and the remedy can be worse than the breach.
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Why Technology Is Replacing Employment
Transaction cost economics explains why technology makes contracting cheaper than employing — and what that means for labor law.
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Why Equity Crowdfunding Hasn't Democratized Startups
The JOBS Act promised to democratize startups. Instead, capital consolidated in Unicorns. The problem is illiquidity.
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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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Unbundling Employment: A Better Way to Classify Gig Workers
The employee/contractor binary is broken. A 'Form GW' modeled on securities law could fix it.
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Twitter and the Future of Shareholder Activism
Social media solves the collective action problems that have paralyzed shareholder democracy since 1942.
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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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Social Media, Corporate Power, and the Giant Goldfish
We entrusted fundamental civil liberties to corporations with obligations only to shareholders, not to democracy.
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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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"Private" Governance Is Actually a Club Good
Four legal doctrines that courts have developed independently — the business judgment rule, the FAA's arbitrability presumption, the antitrust rule of reason, and common-law deference to voluntary associations — all perform the same economic function: they are implicit Pigouvian subsidies for governance production.
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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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Law and Governance: The Missing Variable
Law changes institutions constantly. It rarely asks what those institutions do. Governance is the variable legal analysis has been missing.
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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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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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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?