Popular zero-commission stock trading apps like Robinhood innovate in user-experience design, featuring digital engagement practices and prompts that appeal to investors’ psychology and make it easy and fun to trade. These include leaderboards of popular stock, push notifications, and visual...

Financial regulators can bar or exclude people from various industries. Yet securities regulators tend to impose too many broker bars, and too few against other financial professionals. While scholars have taken this pattern for granted, it presents a puzzle for securities law: what are these...

In this paper, I argue the exhaustive debate about the political safeguards of federalism is too narrow. The enduring nature of the debate, and the lack of resolution of competing claims, rests on an uncompromising definition of "federalism questions." Some federalism questions concern the scope...

Individuals comply with rules for different reasons. Some do so out of fear of punishment, others out of respect for social order, while still others out of a perception that a norm has intrinsic moral force. States, acting through human agents, likewise differ in the reasons they comply with...

We submitted these comments in response to the Financial Crimes Enforcement Network's advance notice of proposed rulemaking on the definition of an "effective and reasonably designed" anti-money laundering program applicable broadly to financial institutions. Our comments highlight...

I submitted these comments in response to the Securities and Exchange Commissions' request for information on "digital engagement practices," sometimes referred to as "gamification" in stock trading apps. This comment letter draws on and briefly summarizes for regulators two of my other accepted...

Zero-commission investing apps like Robinhood have a business model that requires clients to trade as much as possible. To that end, these apps incorporate design features sometimes called “gamification”: behavioral prompts and flashy casino-like design elements that encourage trading....