Uncertainty about the application of the securities laws has been an important concern, and a barrier to growth, for many crypto projects. Commissioner Peirce's safe harbor would go a long way toward addressing that uncertainty.
When Bitcoin's price spiked in 2017, so did public mentions of the cryptocurrency, as measured by a Google n-gram plot. When William Jennings Bryan promoted bimetallism during his run for President in 1896, mentions of bimetallism similarly spiked. Noting this parallel, economist Robert Shiller compares the two…
On Feb. 5, I had the pleasure of addressing the annual conference of the Receivables Management Association International in Las Vegas. Below is a transcript of my speech. ***** Thank you for the opportunity to address you this morning. It has become so easy to borrow in…
[Author's note: as I composed this essay, unbeknownst to me, some clever devil in the Trump administration thought it wise to change the geographic designations of President Trump's current nominees to the Fed's Board of Governors. Thus Judy Shelton, who in the January 16th nomination announcement was…
The Community Reinvestment Act is supposed to ensure that banks lend to low- and moderate-income households wherever they operate. But there are reasons to doubt its effectiveness. In the Washington Post this summer, I reported findings (from a forthcoming paper with Andrew Forrester) that more than two-thirds…