Facebook’s Cryptocurrency, Libra: Senate Banking Testimony

The Senate Banking Committee staff reached out last week regarding Facebook’s Libra project, pursuant to my recent Forbes.com article. During a conference call, they indicated interest in receiving formal written testimony from me. Here it is. A pdf version, with citations, is available here.

What Facebook’s Cryptocurrency Means: 6 Predictions

What does Facebook’s new cryptocurrency mean? According to news reports, Facebook will shortly launch Libra, a global cryptocurrency available to users of its suite of platforms (including Messenger and WhatsApp). Presumably any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts—for anything, such as online purchases, and physical-world […]

Naked Shorting In The Uber IPO: It Couldn’t Happen On A Blockchain

A curious thing happened during Uber’s troubled initial public offering last week: naked short selling of UBER shares by the banks involved in placing Uber’s IPO, according to several sources who confirmed this to CNBC. Normally, naked short selling is illegal. But it was legal in this case, and it gave the banks a chance to profit–as investors […]

Seismic News About State Virtual Currency Laws: ULC Urges States To Withdraw Model Act

“States are urged to refrain from enacting legislation pending the result of the committee’s work.” –Uniform Law Commission The Uniform Law Commission today asked states considering its proposed model act regarding virtual currencies to refrain from enacting it and competing legislation while a newly-established committee considers the impact of emerging technologies on the Uniform Commercial Code (the model […]