Columbia Law School
Sky Blog
David Krause
The Intersection of Cryptocurrency Regulation and Foreign Policy Is Testing Conflict-of-Interest Rules
The convergence of emerging financial technologies and traditional diplomatic relations has created novel challenges for legal frameworks governing digital asset regulation and conflicts of interest in government. Recent developments involving the Trump administration, United Arab Emirates (UAE) investment entities, and …
The GENIUS Act and State-Issued Stablecoins Raise Important Issues of Federalism
The enactment of the GENIUS Act of 2025 marks a watershed moment in American cryptocurrency regulation, establishing the first comprehensive federal framework for payment stablecoins.[1] Yet within this law lies a provision that may fundamentally reshape the balance between …
Do the Anti-CBDC Surveillance State Act and the GENIUS Act Jeopardize U.S. Digital Finance?
In July 2025, the U.S. House of Representatives passed the Anti-CBDC Surveillance State Act (H.R. 1919), legislation prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to the public.¹ Days later, President Trump signed the Guiding …
The CLARITY Act’s Unfinished Business
After nearly two decades of regulatory uncertainty, digital assets stand at a critical juncture in American financial law. On July 18, 2025, President Trump signed the “Guiding and Establishing National Innovation for US Stablecoins Act,” known as the GENIUS Act, …
The GENIUS Act: Countering Criticisms and Charting a Path for Stablecoins
Stablecoins have emerged as a central pillar of the digital asset ecosystem, offering a bridge between traditional fiat currencies and decentralized finance. The GENIUS Act, a stablecoin regulation proposal, is advancing with bipartisan support through the U.S. Senate.[1] Given …
U.S. Banking Agencies’ Shift Toward Crypto Integration
In April 2025, the landscape of U.S. crypto regulation shifted significantly. Three of the country’s principal bank regulators – the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) – jointly …
Should Ethereum ETFs Include Staking?
The approval of Ethereum Spot Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in May 2024 marked a significant step forward for cryptocurrency in mainstream finance (Krause, 2024). This decision followed the precedent set by Bitcoin Spot …
The Upside for Retail Investors of Ethereum Spot Exchange Traded Funds
Investors and regulators are monitoring the impact of two cryptocurrency spot exchange traded funds (ETFs) approved by the SEC in 2024.[1] The Bitcoin spot ETFs, which began trading in January, have garnered substantial interest from both retail and institutional …
SEC Comment Letters for Regulation A Filings Send Quality Signals to Investors
Can the tone or sentiment of an SEC comment letter provide a signal to investors about the quality of an underlying firm? In a new study, I examine that question in the context of Reg A filings.[1]
My study, …
Why Aren’t Reg A Offerings More Popular Among Small Businesses?
Regulation A (Reg A) offerings were revamped under the Jumpstart Our Business Startups Act (JOBS Act) in 2012 to increase the maximum offering size of exempt securities from $5 million to $50 million.[1] However, despite this potential source of …