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...

This literature review asks three questions of the scholarship on the regulatory networks that have so transformed global governance. First, what are these networks good for? We summarize the state of the literature on regulatory races, the fit between networks and the process of globalization,...

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...

In an era riddled with critiques of the relevance of classic international law, some have loudly given up on the subject, while others have placed their hopes in alternative mechanisms of global governance. One alternative is “soft law,” and nowhere is soft law more successful than in...

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...

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...

The global financial crisis was a challenge to three of the most promising, and seemingly effective, institutions of international law - the World Trade Organization, the International Monetary Fund, and the international network of regulatory agencies - and it was a challenge they failed to...

This article posits that the creation and development of international regulatory regimes has so far required a choice between rulemaking and adjudication. Regulators that wish to make policy broadly and prospectively have done so informally and through rules. More elaborate and powerful...

This literature review asks three questions of the scholarship on the regulatory networks that have so far transformed global governance. First, what are these networks good for? We summarize the state of the literature on regulatory races, the fit between networks and the process of...