Ten years ago the cryptocurrency market did not exist and blockchain technology was unknown to the world.1 As of the date of writing, the total cryptocurrency market cap stands at $364.5 billion and there are over 1,515 different cryptocurrencies.2 The growth in cryptocurrency markets is “without a doubt one of the fastest explosions of wealth…
Year: 2018
Imposing Market Maker Obligations on Liquidity Providers
The historical practice of stock exchanges providing specialists started on the floor of the New York Stock Exchange in 1872.1 Up through the twentieth century, these specialists operated as market makers, ensuring market participants had timely and fair access to trades.2 The specialists had an affirmative obligation, in good times and in bad, to provide liquidity…
Is the End of Tax-Funded Subsidies for Professional Sports Stadiums Near?
Amidst polarizing protests by figures such as Colin Kaepernick, the National Football League and other professional sports organizations have stood at the center of political discussions surrounding free speech, racial inequality, and the role of social media in government in recent years. Amidst contentious debate, however, a closely related topic of advantages and monetary support…
Fintech Companies and Regulatory Problems
Historically, the financial services industry has been protected from significant market disruption based on new technological innovation.1 Incumbent companies in the industry have a number of economic moats to rely on: “ubiquitous distribution through branches”; “unique expertise such as credit underwriting”; and “the special status of being regulated institutions that supply credit . . ….
Opaque Chandeliers and the Need for Greater Art Auction Regulation
The art world is notoriously secretive and opaque. Common business practices across the spectrum of collectors, galleries, and auction houses can seem highly idiosyncratic to people on the outside, thereby presenting some interesting legal challenges. As the art market rose to unprecedented heights during the 1980s and 1990s, and on into the early 2000s,…
Related Impact? Support for Public Art by Private Developers
When real estate developers assess the financial viability of a project, many different variables come into play. Of chief importance are the tax breaks and incentives doled out by municipalities for highly desired developments, but the expense of public art does not always enter into the equation. Impact fees for art and the required inclusion…
The Online Gambling Landscape
In 2006, Congress passed the Uniform Internet Gambling Enforcement Act (“UIGEA”), which “prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law;” failure to comply with the UIGEA…
Sanctions on Russia and Impact on Investment Activities of U.S. Companies
On July 27, 2017, Senate passed the Countering America’s Adversaries Through Sanctions Act (the “Act”), a piece of bipartisan legislation imposing new sanctions on Russia.1 It imposes a sectoral sanction that bans Russian banks from obtaining outside credit and bans certain types of partnerships with oil and gas companies in Russia.2 For example, ExxonMobil terminated…
Bankruptcy Exemptions Law Considerations
Bankruptcy Exemptions Law Note: This post is an outline of a few topics and is not intended to be exhaustive or a substitute for research or legal advice regarding bankruptcy. A basic understanding of bankruptcy exemptions law and its purposes is essential to analyzing its benefits and its complications. Bankruptcy exemptions allow debtors to retain…
The DOJ’s Input Foreclosure Challenge to the AT&T-Time Warner Merger
On November 20, the Department of Justice (DOJ) filed a lawsuit under section 7 of the Clayton Act to enjoin the merger between AT&T and Time Warner. According to the government, the deal—which has been in the works since October of last year—is worth $108 billion and would have a deleterious effect on consumer prices…