New Book on Fintech Law

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

New Book on Fintech Law

Book cover of "Fintech Law in a Nutshell" by Dr. Chris Brummer

Minilateralism’s author, Professor Chris Brummer, has authored a new guide for students and experts alike that are seeking to learn about, or deepen their understanding of, fintech law. Technology is redefining financial services―including the way actors make and settle payments, raise capital, extend loans, and memorialize increasingly complex relationships. At the same time, new innovations―from cryptocurrencies to marketplace lending, robo-advising, and mobile payments―are creating novel regulatory issues for anti-money laundering requirements and cybersecurity. Professor Brummer’s Nutshell provides an overview of some the key developments reshaping finance―and the rules deployed to oversee them.

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A New Take on the History of the Bank for International Settlements

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

A New Take on the History of the Bank for International Settlements

Dr. Chris Brummer, speaks in a suit with a white backdrop on the topic of Fintech

Minilateralism author Chris Brummer has released a new essay, written on the occasion of the 90th anniversary of the creation of the Bank for International Settlements, offering a new take on the Bank for International Settlements and the evolution of soft law in Finance.  In "A Theory of Everything" Professor Brummer argues that soft law’s origins in financial regulation lay in the particular institutional evolution of the BIS prior to the articulation of bank capital standards.

Specifically, Professor Brummer argues that institutional innovations tied with the Bank’s navigation of the politics and economic particularities of World War I reparations would enable the informality and expert-driven systems that would one day characterise today’s modern ‘Basel Process’ of technocratic decision-making. Furthermore, soft law, far from being an entirely radical break with the economic diplomacy of the times, was in fact merely the next step in an evolution of the Bank that in its deployment would not only enhance the credibility of non-binding understandings and accords in international economic diplomacy, but also help to solidify and elevate the very stature of the BIS.   For more, see the draft essay on SSRN.

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China to launch a CBDC—but will it improve the yuan’s internationalization?

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

China to launch a CBDC—but will it improve the yuan’s internationalization?

A pile of scattered Chinese 100 Yuan bills

As reported by the City Journal, the Chinese government recently announced its intention to launch the first-ever central-bank-directed digital currency, or CBDC. The press release, accompanied by a speech from the project’s head, Central Bank Deputy Director Mu Changchun, caused a stir in tech-oriented media circles, especially in the U.S. and other developed nations.  But it’s not clear that a CBDC will have a major impact on the internationalization of the RMB.  Story here.

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