Distributed financial technologies (DFT) and protocols are gaining a foothold in important payment and settlement applications in global markets. The software developed by Ripple is one example of an enterprise solution for financial institutions that improves the efficiency of their cross-border payments. However, robust DFT must be paired with clear commercial rules that define and […]
Through his seminal work on transaction costs, Nobel laureate Ronald Coase highlighted key frictions that prevent organizations from relying exclusively on market transaction to achieve their goals. Uncertainty, asymmetric information and the risk of moral hazard, by undermining the ability to write complete and effective contracts, force organizations to internalize operations and depend on more […]
People involved in FinTech live in a world of “what if?”, “how about?” and “why not?”. They gaze into an unknown future filled with unlimited possibilities for a more efficient and inclusive global financial system. But that future may also pose potentially devastating risks that are beyond the control of policy-makers. Nowhere is this dichotomy […]
As new uses of blockchain technology become more varied and appealing, the issue of appropriate regulatory structure is a common legal theme. Blockchain delivers a secure, tamper-evident digital evidence structure. Blockchains combine distributed computer networks and cryptography to make a better way of storing and proving who did what when. From a functional legal perspective, […]
The Trump administration’s draft contraception rule would not only allow employers to drop contraception coverage for religious reasons. It would also allow employers who have moral objections to do the same. That gives rise to a puzzle. The lawsuits over the contraception mandate have focused on the Religious Freedom Restoration Act (RFRA), which requires the […]
On March 3, 2017, industry leaders, policymakers, and academics converged at Yale Law School to discuss blockchain, a technology that some believe has the potential to disrupt current modes of providing core financial services and transacting in capital markets. Over the course of the day, panelists debated the opportunities created by blockchain adoption, as well […]
The Administrative Conference of the United States will hold its 67th Annual Plenary Session on Friday, June 16th from 10:00 am to 2:00 pm. The Assembly will consider proposed recommendations on two subjects. From the Federal Register notice: Adjudication Materials on Agency Web sites. This proposed recommendation provides guidance regarding the online dissemination of administrative […]
Next Wednesday, June 7, at 10:00AM the Senate Homeland Security and Governmental Affairs Committee (HSGAC) will hold its hearing on the nomination of Neomi Rao to serve as the Administrator of the Office of Information and Regulatory Affairs — a position which is been dubbed the President’s “regulatory czar.” This morning we submitted to HSGAC a letter from […]
Last week’s post discussed the Court’s en banc oral argument in PHH Corp. v. CFPB. This week’s post will discuss the other hugely important administrative law case pending before the en banc Court: Raymond J. Lucia Companies, Inc. v. SEC. The format will be the same — as will be the caveats. Again, I do […]
This looks like a terrific event, with some of my favorite adlaw scholars speaking. From the D.C. Bar website: Administrative Law: Year in Review Date & Time: Wednesday, June 7, 2017 from 12:00 pm to 1:30 pm CLE Credit: No Event Description From key court decisions, to Congress’s unprecedented use of the Congressional Review Act, […]
Yesterday, Dylan Scott and Sarah Kliff at Vox got their hands on a leaked version of a draft rule from HHS that, if adopted, would make it much easier for employers to drop contraception coverage for their employees. The rule is under review at the Office of Management and Budget; it could be approved any […]
Amazon tells me that Josh Chafetz’s new book Congress’s Constitution: Legislative Authority and the Separation of Powers is now available for purchase. Over the last few weeks I’ve been reading the publisher proofs as I’ll be reviewing the book for the Michigan Law Review later this year. It’s a terrific read and an important and timely contribution to […]
The Senate Homeland Security and Government Affairs Committee reported out S. 591, the Regulatory Accountability Act of 2017. The bill’s proposed addition of section 553(c)(6) to the Administrative Procedure Act warrants attention. The provision has already been the focus of consideration in The Regulatory Review: Daniel E. Walters, Ditch the Flawed Legislative Proposal to Police […]
Yesterday, the Court decided Esquivel-Quintana v. Sessions, an immigration case implicating Chevron. Under Chevron, of course, courts and agencies are bound by unambiguous statutes. But if a statute is ambiguous, courts must defer to reasonable interpretations of that statute rendered by the agency charged with interpreting that statute. One issue underlying Chevron is identifying what […]
Prosecutorial discretion refers to the decision made by employees of the Department of Homeland Security (DHS) about whether and to what extent immigration laws should be exercised against a person or group of persons. When DHS chooses to not pursue arrest or detention of an undocumented mother living in the United States for many years […]