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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Leaders discuss Fintech in Washington, DC

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

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.

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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.

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Cryptoassets: Legal Regulatory and Monetary Perspectives

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

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.

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Hamilton vs. Satoshi

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

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

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

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.

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Chris Brummer Discusses Congressional Responses to Facebook’s Global Cryptocurrency

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

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.'

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

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

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.

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