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While it is generally assumed that financial regulations contribute to financial stability and safety, experience shows that they can also be a cause of instability. Sound financial regulatory policy should therefore seek to not merely impose new regulations but to discover and strip away those regulations that can be shown to do more harm than good. It should also favor regulations that encourage financial-industry innovation, including ones that allow nonbank financial technology, or fintech, firms to compete on a level playing field with banks. Finally, to further encourage such innovation, policy should limit the government’s involvement in the direct provision of financial to those (rare) instances in which a clearly identified “market failure” prevents private-sector firms from doing the job with a reasonable degree of efficiency.

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  • July 22, 2022
    Blog
    SEC Chair’s Musings on Crypto Regulation Raise More Questions than They Answer
    Because the SEC’s enforcement first approach to crypto regulation is plagued by uncertainty, any insights into the Commission’s latest thinking, however abstract, are noteworthy. While SEC Chair Gary Gensler’s recent acknowledgement that crypto projects might not require traditional equity security disclosures is welcome, his invocation of exemptive authority as a way to retrofit securities rules to the crypto ecosystem raises at least as many questions as it answers.
    By Jack Solowey
  • June 13, 2022
    Blog
    Cryptocurrency in the Shadow of the Infrastructure Act: An Update
    If Coin Center’s case goes to the Supreme Court, there’s a real chance that the law will not only be ruled unconstitutional, but also that the case will open the door for additional long-needed changes to strengthen American’s constitutional protections.
    By Nicholas Anthony
  • June 10, 2022
    Blog
    Not Securities? Not So Fast: Important Nuances in the Lummis-Gillibrand Crypto Bill
    The bipartisan Lummis-Gillibrand Responsible Financial Innovation Act seeks to clarify the extent to which digital assets ought to be regulated as securities by the Securities and Exchange Commission (SEC) or commodities by the Commodity Futures Trading Commission (CFTC). The question that the Lummis-Gillibrand bill seeks to answer is less “whether” it is the SEC or the CFTC that has a role to play in crypto regulation so much as “when” each agency does.
    By Jack Solowey
  • June 10, 2022
    Blog
    How Inflation Erodes Financial Privacy
    Inflation has helped silently expand the reporting on people’s financial activity, and it’s been doing so for the last half century.
    By Nicholas Anthony
  • June 9, 2022
    Blog
    Old Fallacies Die Hard: Economic Growth Does Not Cause Inflation
    Let’s hope it won’t take another 20-plus years to get members of Congress to admit that price stability should not be the Fed’s mandate. Given our fiat money system, it would be far better to require the Fed to target stable total nominal spending, thus allowing the price level to fluctuate as appropriate, based on the broader economic circumstances.
    By Norbert Michel
  • June 2, 2022
    Blog
    72% of Commenters Concerned about CBDC
    Although the Fed seems to have judged that just two paragraphs were enough to address financial privacy concerns in its CBDC discussion paper, the American people have much more to say.
    By Nicholas Anthony
  • May 27, 2022
    Blog
    Cannabis Banking: A Clash Between Federal and State Laws
    Whether it is a small fix or a sweeping reform, the legal cannabis industry should have access to financial institutions like any other business, and financial institutions should be able to work with the industry as they see fit.
    By Jeffrey Miron and Nicholas Anthony
  • May 17, 2022
    Blog
    Student Debt Data
    Student Debt Data
    There does not seem to be a student debt problem so great that it justifies mass cancellation, especially remembering that taxpayers will have to cover whatever is not repaid.
    By Neal McCluskey
  • May 13, 2022
    Blog
    Yellen, Crypto, and Risk of Loss
    Americans should be able to participate in that process–for better and for worse–without the government’s attempts to protect them from risk.
    By Jennifer J. Schulp
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