incentive problems of professional blockchain participants who contribute to the development and sales of the product. We argue …

regulation is regulatory systemic risk …

Blockchain-based tokens are widely acknowledged as a new asset class. Tokens allow new ventures to raise financing from … largest financial database in the world, the Ethereum blockchain. Our findings suggest that investment success, measured as …

current financial regulation. How do fiduciary standards apply to algorithms? How does online finance affect the behavior of … autonomous, dispersed computer networks? This Article argues that current financial regulation is inadequate to address the … concerns about the ability of financial regulation to promote three inter-related financial goals: the efficient allocation of …

. The bitcoin mining pool has largely escaped regulation. This paper argues that the mining pool should be regulated under … the existing federal securities regulation regime …

innovative service-platforms. Cryptocurrencies are increasingly scrutinized by regulators, and the literature on the regulation … protocol changes by interfering with the operators' choices. Regulation may induce the development of regulatory …-compliant cryptocurrency protocols, but also protocols specially designed to circumvent regulation …

regulation, I introduce four novel propositions for the regulators. First, the cryptocurrency technology and its peer … utilized as an identification tool. Third, the active regulation should include a mandatory reporting provision of …

This file contains additional analyses to support Feinstein & Werbach, "The Impact of Cryptocurrency Regulation on … Trading Markets," Journal of Financial Regulation (forthcoming) …