Financial Inclusion through Strategic Digital Infrastructures: Four Pillars

Professors Douglas W. Arner, Ross P. Buckley and Dirk A. Zetzsche Commentators invariably observe that the World Bank’s 2018 Global Findex reveals that, as of 2017, 1.7 billion people lacked access to an account with a financial institution or mobile money provider, representing some 31 percent of the world’s total population of 7.6 billion. However, what is … Read more

What Should Be Disclosed in an Initial Coin Offering?

Jai Massari and Trevor Kiviat are attorneys with Davis Polk.  Chris Brummer is a Georgetown law professor Any time spates of fraud and abuse disproportionately involve any particular kind of financial product, advocates for the investing public naturally assume that more regulation is necessary—especially when it comes to disclosure—in order to restore market integrity.  Whether following … Read more

What’s a Cryptocurrency Exchange to do after the SEC’s EtherDelta Settlement (and More)?

Patrick McCarty is a former regulator and CEO of McCarty Financial LLC On November 8, 2018 the SEC fired what might be characterized as “the shot heard round the Cryptocurrency Exchange world” in publishing the EtherDelta Settlement.   This Settlement Order, which fined Zachary Coburn – the founder of EtherDelta, a small cryptocurrency trading platform … Read more

Regulating crowdfunding platforms: A Perspective from the EBRD

Jelena Madir is Chief Counsel, European Bank for Reconstruction and Development Crowdfunding is routinely hailed as part of the Fintech “revolution” – the disintermediation of finance by ever-greater use of technology, and as a way to, at last, provide enough financing for SMEs and early-stage businesses in the economy. Indeed, the European Commission itself has … Read more

Crypto (Un)Certainty and Unfolding Regulatory Policy

Summary: Regulatory Action in Crypto is Fragmented–and Facing Increasing Legislative Interest J.C. Boggs, Jennifer DePalma, Matt Hanson and Ana Buling are attorneys in King & Spalding’s FinTech, Blockchain and Cryptocurrency practice In its latest effort to provide clarity for digital asset markets, the Securities and Exchange Commission announced plans earlier this month to release a … Read more

Alternative Data and the Hunt for Alpha: a Rich Man’s Game

Maria Adamjee is CEO of  Megalodon Capital While The terms “Alternative Data” and “Alpha”—the industry equivalent of “dude” or bro”—are ubiquitously  peppering Financial Markets discussions as fund managers seek differentiators in a highly competitive hedge fund market. Rarely does one encounter investment or trading content that can resist flaunting the term—but in practice, leveraging Alternative Data, … Read more

Arizona’s regulatory sandbox programme puts US on competitive fintech ground

Arizona’s RSP puts US on competitive fintech ground The US first regulatory sandbox programme (RSP) aimed at national and global financial services enterprises has started in Arizona, joining the UK, Singapore, Taiwan, UAE and Australia as the global leaders in the sector’s development and investment. The state recently launched an RSP to enable fintech businesses … Read more

Smart Contracts: First Order Legal Questions Lawmakers Must Answer

Jelena Madir is the Chief Counsel of the European Bank for Reconstruction and Development The EBRD is a multilateral development bank, which invests in Central Asia, Central Europe, and the Baltic states, eastern Europe and the Caucus, shut-eastern Europe, the southern and eastern Mediterranean and Turkey In some ways, developing countries are more likely to … Read more

Charting Legal Strategies for Investor Protection in Initial Coin Offerings

Aurelio Gurrea Martínez is an Assistant Professor of Law at Singapore Management University While many securities regulators are still debating whether and, if so, how to regulate Initial Coin Offerings (ICOs), this new source of finance keeps growing worldwide. In 2017, companies raised around 3.7$ billion. In the first three quarters of 2018, this figure … Read more

Whatever Challenges the US Faces in Regulating Cryptocurrencies, the EU Faces Far More

Chris Brummer is a law professor at Georgetown University Law Center Much ado has been made of the challenges the United States faces when it comes to regulating cryptocurrencies:  the split authority of the SEC and CFTC, the ad hoc application of legal tests (most notably, the Howey test) to determine whether or not new financial products fall … Read more