This article analyzes the current frictions, and opportunities for evolution, in the U.S. dollar payment system, by viewing money through the lens of network effects, interoperability, and their legal underpinnings. It gives a lawyer’s perspective on the workings of the U.S. payment system and...

Over the last few years, interest in the potential issuance of a general-purpose central bank digital currency (CBDC) has increased. Introducing and operating a CBDC would require actions by many stakeholders and not just the central bank. In view of the far-reaching implications of introducing...

New market practices and business models are emerging around so-called stablecoins, a type of crypto asset with certain features that seek to stabilize the price of the coin. Stablecoins have the potential to offer a borderless and more accessible way to pay, addressing many shortcomings in...

Banking organizations in the United States have long been subject to two broad categories of regulatory standards. The first is permissive: a "positive" grant of rights and privileges, typically via a charter for a corporate entity, to engage in the business of banking

This Fintech Note specifically considers the challenges that tax law systems face to achieve neutrality in taxing transactions in one specific type of crypto asset: stablecoins. Stablecoins are a category of crypto assets that aim to maintain a stable value relative to a specified asset or to a...