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Ripple series tetragon 10b12/26/2023 ![]() This article tries to examine possible rational payoffs of cooperative and non-cooperative interaction between the financial regulator and companies in the financial technology industry. Problems are particularly important in the rapidly evolving world of crypto, Outcome for all market participants and the Commission itself. As a result, the fabric of cooperationīetween the innovators and the SEC may be broken, leading to a suboptimal SEC used to minimize the downsides of functional definitions and the Successful game strategies and undermine the efficacy of the techniques the Unfortunately, recent enforcement actions may upend these initially Set of well-defined strategies during the first years of its crypto-enforcementĮfforts. Reduce information losses and improved regulatory clarity by following a Suggesting that, despite the underlying indeterminacy associated withįunctional definitions and regulation by enforcement, the SEC attempted to The Supreme Court Howey decision interpreting the term “investmentĬontract.” This Article examines empirical data and develops a model Instead of aįormal rule, the SEC has chosen a more flexible modus operandi ofĮnforcement actions in reliance on the functional definition embedded in Regulated outside of the purview of the securities statutes. Subject to the federal securities laws or something else, like a commodity Rule to digital-asset market participants concerning the nature ofĬryptoassets, namely, how to determine whether an asset is a security The Securities and Exchange Commission (SEC) has not provided a clear
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