The Dodd-Frank Act, enacted after the global financial crisis, requires U.S. financial regulators to define and regulate systemically risky firms and activities — a truly Sisyphean task. In this Essay, we identify two paths regulators have taken: a “descriptive approach,” which involves...

The centerpiece of U.S. regulation of money managers — the Investment Advisers Act of 1940 — is perhaps best known for its brevity. Particularly when compared to its companion statute, the Investment Company Act of 1940, the Advisers Act places relatively few substantive burdens on entities...

Disclosures in initial coin offerings (ICOs) have ranged widely from informative to incomplete to fraudulent. Consequently, advocates for the investing public have, understandably, called for the registration of ICOs as securities to facilitate better disclosures. As this article shows, however,...

The Volcker Rule's proprietary trading provisions prohibit any banking entity from engaging in proprietary trading, which is defined by the Volcker Rule to encompass short-term trading and dealing activities in financial instruments for the banking entity's own account. Because the term...

Much of the blame for the current financial crisis is attributable to problems in the subprime mortgage market. In this Article we argue that changes in the nature of the mortgage contract make it both legally plausible and normatively desirable that subprime mortgages brokers be treated as...