Chris Brummer – Page 2 – Minilateralism by Chris Brummer – a book on finance, trade and monetary diplomacy

November 12, 2019June 17, 2020

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

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.

October 29, 2019June 17, 2020

Leaders discuss Fintech in Washington, DC

Mark Zuckerberg, Founder and CEO of Facebook, testifies before congress in a suit on Libra, the new cryptocurrency from Facebook — Image courtesy of C-SPAN

The fall brought more than just Mark Zuckerberg’s testimony concerning Facebook’s Libra cryptocurrency to Capitol Hill. At the same time, leaders convened in Washington to discuss fintech and its implications for the global financial system at various conferences from the IIF’s Annual Membership Conference to Washington DC’s fintech week. Overviews of the events can be seen here and here. Mr. Zuckerberg’s testimony is available on C-span.

October 14, 2019October 14, 2019

FinCEN CFTC, SEC Issue Statement on Crypto

Image of various cryptocurrency symbols floating on black background — Image courtesy of https://www.wealthmanagement.com

In an usually explicit act of cross-agency collaboration, the heads of the Commodity Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN) and Securities Exchange Commission (SEC) signed a statement reminding actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens. In the statement, the agencies referred to the Bank Secrecy Act (BSA), which outlines how different financial services businesses should register with regulators. More information is available here.

September 23, 2019June 17, 2020

Cryptoassets: Legal Regulatory and Monetary Perspectives

An image of a cover of a the book "Cryptoassets", which features golden bitcoins and the text "edited by Chris Brummer" — “Cryptoassets” available now on Amazon!

Minilateralism author Professor Chris Brummer has edited a new book with Oxford University Press on the global regulation of cryptoassets. Enjoying contributions from many of the leading technologists and regulatory authorities in the world, Cryptoassets: Legal, Regulatory and Monetary Perspectives provides a cutting-edge account of how the new products are impacting the financial economy.

September 6, 2019June 17, 2020

Hamilton vs. Satoshi

Alexander Hamilton and Satoshi Nakamoto engage in a rap battle standing across from each other in front of an audience — Image provided by Youtube Account Rhyme Combinator

Want to learn about the global financial system—and the debate about cryptocurrencies? One group has condensed the issue to a (rap!) song: Hamilton vs. Satoshi. Fans of either, can listen here.

August 28, 2019June 17, 2020

Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset

Mark Carney stands pensively in dark suit while listening to woman speak at economic symposium — Image provided by Bloomberg.com

The Bank of England’s governor, Mark Carney, the Bank of England governor, has said that the world’s reliance on the US dollar “won’t hold” and needs to be replaced by a new international monetary and financial system based on many more global currencies. Part of the solution could come from a multilateral digital currency. The Financial Times story is here.

August 5, 2019June 17, 2020

Chris Brummer Discusses Congressional Responses to Facebook’s Global Cryptocurrency

Chris Brummer Discusses Congressional Responses to Facebook's Global Cryptocurrency

Dr. Chris Brummer speaks about Facebook's new digital currency on Washington Journal C-Span segment — Image taken from C-SPAN Interview

Minilateralism’s author Chris Brummer appeared on Washington Journal, C-span’s morning call in show, to discuss Facebook’s Libra cryptocurrency and the state of crypto regulation in Congress. It follows from his testimony before the House of Representatives, entitled ‘99 Problems.’

July 22, 2019June 17, 2020

Minilateralism’s Author Discusses Libra, Facebook’s Proposed Global Cryptocurrency

Minilateralism's Author Discusses Libra, Facebook's Proposed Global Cryptocurrency

Screenshot of Facebook webpage providing overview of cryptocurrency Libra — From Georgetown Law: Professor Chris Brummer, the faculty director of Georgetown Law’s Institute of International Economic Law, testified on the Hill on July 17, raising concerns about a white paper describing Facebook’s cryptocurrency Libra.

On July 17, 2019, Georgetown Law Professor Chris Brummer — the faculty director of the Institute of International Economic Law (IIEL) and author of Minilateralism — testified before the House Financial Services Committee with respect to Libra, Facebook’s proposed cryptocurrency. The hearing was chaired by Rep. Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).

The hearing can be found here. The written testimony can be found here. Georgetown’s coverage is here.

July 9, 2019June 17, 2020

Professor Brummer Delivers Talk at the Bank of England

Minilateralism’s author, Chris Brummer, delivered a talk at a conference sponsored by the Bank of England and Queen Mary’s Centre for Commercial Law Studies exploring regulatory perimeter, cross-border dimension and virtual currencies.

Professor Brummer’s remarks centered on the tradeoffs involved in the regulation–and deregulation–of financial innovation, and the challenges posed to international financial coordination.

June 24, 2019June 17, 2020

Non-Banks aren’t the Same as Banks in Mortgage Lending

Non-Banks aren't the Same as Banks in Mortgage Lending

Lending from non-bank institutations is increasingly affecting housing, Professor Chris Brummer comments — Professor Chris Brummer discusses non-bank lending’s effect on the housing industry

Minilateralism author Chris Brummer had the opportunity to appear on CNBC to discuss the rise of non-banks in the mortgage lending. Among the points he highlights–the potential for non-banks to offer lending services in ways that require them to carry less capital than their more heavily counterparts in the banking industry.

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

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Leaders discuss Fintech in Washington, DC

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Cryptoassets: Legal Regulatory and Monetary Perspectives

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Hamilton vs. Satoshi

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Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset

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Chris Brummer Discusses Congressional Responses to Facebook's Global Cryptocurrency

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Minilateralism's Author Discusses Libra, Facebook's Proposed Global Cryptocurrency

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Professor Brummer Delivers Talk at the Bank of England

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Non-Banks aren't the Same as Banks in Mortgage Lending

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