Banking and administrative law. Klaros. Fmr @RobinsonCollege @amprog @fdic @acusgov.
Joined March 2008
- Tweets 6,314
- Following 731
- Followers 3,295
- Likes 2,372
434 Photos and videos
Jun 12
Read my Atlantic Council blog post arguing that Congress should look across the pond to Europe, where the sale of event contracts to retail investors is generally prohibited.
With the rise of prediction markets, Congress is facing a new challenge: how should we regulate them?
As @tphillips explains, the answer may lie across the Atlantic. What can the US learn from Europe, and where can the US do better? ⬇️
atlanticcouncil.org/blogs/ec…
1
12
2,391
Jun 11
Good for Kalshi.
Jun 11
Kalshi petitioned the federal government to crack down on offshore exchanges like Polymarket, its top rival, in a portion of a letter to the CFTC that flew under the radar.
There's no indication the CFTC will listen to the request.
sportico.com/business/sports…
1
14
4,578
Jun 11
As a reminder, CFTC staff was prepping a lawsuit against Polymarket for facilitating trades by US persons in 2024. The Trump CFTC nixed that lawsuit before it could be filex.
Jun 11
It estimates that 30 percent of the trading volume, or around $11-27 USD annually, comes from US traders
Read more here: wired.com/story/polymarket-s…
1
2
16
5,897
Jun 10
Alright, the CFTC's prediction market rulemaking appears to be exactly what one would expect: A down-the-line definitional rulemaking (what do "involve" and "gaming" mean?) that ignores that retail treats so much of prediction market trading as gambling.
2
1
3
1,636
Jun 10
This is a wild position for the CFTC to take: We'll allow trading on when someone is convicted of securities fraud but not whether someone has committed securities fraud.
6
5
20
5,458
Jun 10
This definition is contrary to the view the CFTC has offered in ongoing litigation, and will certainly hurt Kalshi in the ND Ga case alleging ongoing violations of Rule 40.11.
Jun 10
Finally a definition of gaming!
Gaming would mean an *activity* that (i) participants typically engage in for recreation or to entertain others, (ii) is governed by rules, and (iii) includes measurable outcomes depending on participants' luck, skill, or athletic ability.
3
1,206
Jun 10
There goes my morning.
.@CFTC Seeks Public Comment on Notice of Proposed Rulemaking Concerning Event Contracts Involving Enumerated Activities: cftc.gov/PressRoom/PressRele…
1
5
3,630
Jun 9
This will be of interest to maybe two people, but FDIC Chair Hill proposed a VERY significant change to its deposit insurance assessment framework.
If a bank works with the FDIC in advance of failure to facilitate its resolution, it'll get an assessment discount. 1/
2
3
18
4,673
Jun 9
Now, some bragging: Last year, I published an article in the Marquette Law Review encouraging the FDIC to do exactly this sort of thing. If you're interested in a deep dive into the FDIC's legal authority, read about it here: scholarship.law.marquette.ed… 5/5
1
5
210
Jun 9
Morpho is entirely regulatory arbitrage.
If it ran funds where it used customer cash to buy digital assets, it'd be regulated as a Commodity Pool Operator under the Commodity Exchange Act.
Jun 9
JUST IN: MORPHO RAISES $175 MILLION IN ROUND LED BY A16Z CRYPTO, PARADIGM AND RIBBIT CAPITAL
13
3
33
23,372
Todd Phillips retweeted
Jun 8
Can someone remind me how this is possible when the NCUA has *checks notes* just one board member & lacks a legally required quorom?
Today NCUA adopted an interim final rule related to non-interest charges and fees. To learn more, visit:go.ncua.gov/4uxlQMM.
3
1
10
2,671
Jun 8
Supreme Court appears open to deciding (actually this time, not like with Cantero) whether the National Bank Act preempts state interest-on-escrow laws.
Jun 8
In 2017, I litigated a case about whether federal law preempts state interest-on-escrow laws as applied to national banks.
In 2024, the Court took that case and said (basically) “this is hard, we don’t know, don’t make us do our jobs 😭😭”
Shockingly, the issue has returned 🙄
581
Todd Phillips retweeted
Jun 8
The CFTC's proposal to regulate prediction markets should be out soon.
The White House wrapped up its review of the measure on Friday, according to an update on OIRA's website.
9
27
94
35,969
Jun 4
I spoke with @jangelooff @AP about how crazy it is that George Santos may have engaged in insider trading / market manipulation on contracts about himself on Kalshi.
1
6
1,100
Jun 4
426
Jun 3
Getting lost in the crypto AML discussions is that FinCEN has dormant authority to put into law practically all of Clarity's AML provisions--if it wanted.
The debate is whether we limit future FinCEN efforts to get rules on the books today or wait for Treasury to act.
5
1,173
Jun 3
It was a good thought to put out this letter, but the inclusion of these names kills any power it might have had with Warner and Cortez Masto. Not saying it backfires on crypto, but it doesn't move the needle the way they wanted.
Crypto advocates sent this “law enforcement” letter to Congress last night supporting Clarity
Cursory search and you’ll find dozens of folks here who are currently paid by or repping the crypto industry. I found nine Coinbase employees in like 15 minutes
1
7
3,600