Topic “Market manipulation”
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Who should write the rules of block building? BuilderNet as a policy test case
Every public-blockchain transaction must be included and ordered in a block, giving block builders power that can improve efficiency, extract value, or censor transactions. This article uses BuilderNet to examine who should set the rules governing that power. It asks whether verifiable technical constraints or regulatory intervention offer the better approach. continue reading
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Crypto Law Seminar #5 (28 June 2024): “Regulatory Implications of MEV Mitigations”
Discussing a paper by Yan Ji and James Grimmelmann, the seminar explored the legal implications of MEV (Miner Extractable Value) practices, focusing on distinguishing between beneficial and harmful MEV, regulatory challenges under MiCA, and the evolving norms in DeFi. Key discussions included user expectations, liability standards, and the impact of emerging technologies like MEV-Boost. The need for nuanced regulation to balance innovation and fairness was emphasized, alongside the importance of further research and education in this rapidly evolving field. continue reading
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Crypto Law Seminar #3 (24 May 2024): “Crypto-Asset Market Abuse Under EU MiCA”
Notes from a recent Crypto Law Seminar discussing a paper on crypto-asset market abuse under the EU's Markets in Crypto-Assets Regulation (MiCA). We covered the scope of MiCA's market abuse rules, the definition of market manipulation and the role of intent, the complex question of whether MEV activities constitute market abuse, the broad potential scope of the obligation to detect and report abuse, and the challenges posed by the lack of safe harbors for buyback programs. continue reading