Secondary Trading Crypto Fraud and the Propriety of Securities Class Actions

Vol. 96, No. 6

Secondary Trading Crypto Fraud and the Propriety of Securities Class Actions

By Menesh S. Patel*

Traders participating in secondary crypto asset markets risk significant loss. Some trading loss will arise simply because of market dynamics, including inherently volatile crypto asset prices. But secondary crypto asset traders also risk considerable monetary injury resulting from fraudulent statements or acts by crypto asset sponsors or others occurring in connection with their secondary transactions. If subjected to such fraud, the affected crypto asset traders may turn to a Rule 10b-5 class action . . .

Data Valuation and Law

Vol. 96, No. 6

Data Valuation and Law

By Jordan Barry* & D. Daniel Sokol†

Data has become an increasingly valuable asset. Numerous areas of law—including contracts, corporate law, intellectual property (“IP”), antitrust, tax, privacy, and bankruptcy—require parties and courts to determine the value of assets, including data. Unfortunately, data valuation has been hindered by a lack of clarity over what data is and why it is valuable. This lack of clarity also increases the chances of legal decisionmakers valuing data in inconsistent ways, which would create further confusion, . . .

The Bankruptcy Court as Crypto Market Regulator

Vol. 96, No. 6

The Bankruptcy Court as Crypto Market Regulator

By Yesha Yadav* & Robert J. Stark†

In the second half of 2022, several large and systemically important cryptocurrency firms, such as BlockFi, Celsius, FTX, and Voyager, collapsed into bankruptcy. Their sudden implosion can be attributed, at least in part, to a scant pre-existing framework for oversight, allowing firms to engage in runaway risk-taking, exuberant opportunism, and, in some cases, outright fraud. Bankruptcy courts adjudicating these cases found themselves in a strange role: serving as a sort of proxy overseer for a maturing . . .

AI-Generated Inventions: Implications for the Patent System

Vol. 96, No. 6

AI-Generated Inventions: Implications for the Patent System

By Gaétan de Rassenfosse,* Adam B. Jaffe† & Melissa Wasserman‡

In 2021, several publicly traded companies, such as GameStop, Bed Bath & Beyond, and AMC, became “meme stocks,” experiencing a sharp rise in their stock prices through a dramatic influx of retail investors into their shareholder base. Analyses of the meme stock surge and its implications for corporate governance have focused on the idiosyncratic creation of online communities around particular stocks during the COVID-19 pandemic. In this Article, we argue that the emergence of meme stocks is . . .

What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule

Vol. 96, No. 6

What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule

By Jill E. Fisch* & Adriana Z. Robertson†

As investor money flows into environmental, social and governance (“ESG”) mutual funds, regulators have raised growing concerns about greenwashing—specifically that a fund’s name will falsely suggest that the fund invests in companies that meet certain ESG standards. To address these concerns, the Securities & Exchange Commission (“SEC”) proposed amendments to the Investment Company Act (“Names Rule”). The amendments extend the scope of the Names Rule to funds whose names include terms such as . . .

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Secondary Trading Crypto Fraud and the Propriety of Securities Class Actions

Menesh S. Patel*

Data Valuation and Law

Jordan Barry* & D. Daniel Sokol†

The Bankruptcy Court as Crypto Market Regulator

Yesha Yadav* & Robert J. Stark†

AI-Generated Inventions: Implications for the Patent System

Gaétan de Rassenfosse,* Adam B. Jaffe† & Melissa Wasserman‡

What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule

Jill E. Fisch* & Adriana Z. Robertson†

Justices on Yachts: A Value-Over-Replacement Theory

Peter Salib & Guha Krishnamurthi

The Justices have it made. On top of their government salaries, guaranteed until retirement or death, they are pampered with luxuries supplied by various wealthy benefactors—billionaire friends, big publishing houses, and well-funded nonprofits. These benefactors make (and forgive) large loans,

The Societal Interest Theory—Preserving the Marketplace of Ideas in the Twenty-First Century

Michelle Kim

With respect to free speech, the good is prior to the right: the goods achievable by the practice of free speech are the reason for protecting speech, and the protection should be shaped with those goods in mind. On January

Squeezed: the Narrow Bank, the Federal Reserve, and the Future of Full-Reserve Banking

Jack Frisbie

To say the U.S. Federal Reserve System (“Fed”) is the most important financial institution in the world is not so much a bold claim as a banal statement of fact. Since the Fed’s initial charter in 1913, the U.S. economy

The Trading Game: An Analysis of Robinhood’s Use of Digital Engagement Practices

Antoinette Petkov

In December 2020, the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth filed an Administrative Complaint against Robinhood Financial LLC (“Robinhood”), a registered broker-dealer, in part, “for violations of Massachusetts law in

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