What is money? Who creates it? Who can spend it? Although these might seem like simple questions, the answers are complex and have far-reaching consequences. In a world of Bitcoin millionaires, the law is struggling to keep up with technology. Fintech companies, decentralized organizations, and others outside the traditional banking industry hope to provide faster, more accessible payments. But can they do it without introducing new risks that could destabilize our financial system? How should regulators respond? At the same time, financial service provides are increasingly hesitant to provide payment services for some customers. For example, state-legal marijuana-related businesses have struggled to find reasonably priced payment services. Canadian truckers protesting as part of the “Freedom Convoy” had their bank accounts frozen. And OnlyFans, an online provider of adult entertainment, temporarily lost its bank account over reputation risk concerns. To what extent should financial service providers and their regulators be able to limit access to money and payments? This seminar will examine all these questions as well as other legal issues related to money and payments. The class requires a written paper. There is no final exam.
