The regulator that designs and first implements a federal regulatory program does not always have the ability to control the timing and process of how that regulatory program will, in this Symposium’s language, “exit.” As the 2016 election has demonstrated, the initiating regulator cannot...

The component parts of a more complete market system in digital assets are steadily being assembled. The initial focus on the primary market has increasingly expanded to the secondary market. An increasingly important subject of regulatory concern is the activities of cryptoexchanges. This...

Banking is risky and prone to failure. Yet banking regulation is surprisingly not all that risk-sensitive in practice. I show that when the bank has an informational advantage over the regulator, designing risk-sensitive banking regulation gives rise to a trade-off: relying on the banking market...