Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel database (made available with this paper) on retail use of crypto exchange apps at daily frequency for 95...

Over 50 countries have introduced regulatory sandboxes to foster financial innovation. This paper conducts the first evaluation of their ability to improve fintechs' access to capital. Exploiting the staggered introduction of the UK sandbox, we compare firms in earlier to those in later cohorts....

Over fifty countries have introduced regulatory sandboxes to foster financial innovation. This article conducts the first evaluation of their ability to improve fintechs’ access to capital and attendant real effects. Exploiting the staggered introduction of the UK sandbox, we establish that...

This paper studies how the California Consumer Privacy Act (CCPA), a comprehensive privacy law that grants users control over their data, affects fintech lending. To develop hypotheses we build a parsimonious screening model. Consumers apply for loans with banks and a fintech that has a superior...