Bitcoin is an open source peer-to-peer electronic money and payment system. It is traded at several exchanges and high-frequency trade data are publicly available. We study the contributions of Bitcoin exchanges to price discovery. Our results show that Mt.Gox and BTC-e are the market leaders...

In N. Cent. Rental & Leasing v. United States, the Eighth Circuit Court of Appeals affirmed a district court in disqualifying from Section 1031 nonrecognition an equipment leasing company that bought its replacement equipment from an affiliated equipment dealer. In so doing, the appeals court...

An impressive series of scandals and market crashes, including FTX, Celsius and Voyager, have shown the weaknesses of crypto-economy’s market infrastructures. Crypto-trading platforms have become dominant financial institutions, acting as trading venues, broker-dealers, and lenders at the same...