Some policymakers and scholars view cryptocurrencies as conduits of illegality and fraud, which therefore should be tightly regulated. Others warn that regulation could simply cause trading activity to cross borders into less-regulated jurisdictions—or even smother a promising new financial...

The Dodd-Frank Wall Street Reform Act allowed the Securities & Exchange Commission to bring almost any claim that it can file in federal court to its own Administrative Law Judges. The agency has since taken up this power against a panoply of alleged insider traders and other perpetrators of...

Financial reform has rebalanced the power of international engagement, reducing the role of the President and his diplomats, and increasing that of Congress and independent agencies. In so doing, the reforms have readjusted a balance that many believe was skewed by the government's response to...

We evaluate evidence reflecting the stability of our multi-regulator, charter-competitive system of financial regulation during the financial crisis in this symposium essay. Specifically, we compare thrifts to banks, charter-switchers to other thrifts and banks, and bailout recipients to...

A central lesson of the global financial crisis is that banks are not the only types of financial firms that can pose dangers to the broader financial system. One of Dodd-Frank's primary mechanisms for responding to this reality is to empower a council of financial regulators to designate...

This essay, done for a symposium sponsored by the Transatlantic Law Forum, speculates as to how legal and regulatory institutions will respond to the next financial crisis. To be sure, much of the governing done during that crisis will be by actors making political decisions that will either be...

How does global financial regulation work? I propose six principles that organize its current practice: 1) a national treatment principle, 2) a most favored nation principle, 3) a preference for rulemaking over adjudication, 4) a subsidiarity principle of enforcement, 5) a peer review model of...