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.
Bitcoin’s price swung wildly this week, causing many to conclude bitcoin is unstable. But this conclusion misses a key nuance: Bitcoin was designed for systemic stability, not for price stability. Indeed, as a system Bitcoin is highly stable even though its price may not be. Bitcoin is the opposite of fiat currencies, which generally exhibit price-stability but […]
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 […]
On June 5, leaders from government and industry will gather for the annual non-profit ACT-IAC Emerging Technology Forum in Washington, DC. A lineup of state, federal and international leaders will share insights about blockchain technology, both regarding government adoption of it and government regulation of the private sector’s use of it. The event is free […]
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 […]
Here is a text of my speech to the University of Wyoming College of Arts & Sciences awards banquet in Laramie on May 4, 2019, accepting with gratitude and pride the award for Outstanding Alumnus 2019. Thank you, Dean Lutz. Thank you also to the nominators, selection committee, the Arts & Sciences Board of […]
“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 […]