​​FINANCIAL SERVICES POLICY—GOVERNANCE—ECONOMIC STATECRAFT

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The Recovery of the City of London’s Competitive Edge in Global Financial Markets: Renouncing Inherited EU Law to Restore English Common Law, 62 Va. J. Int’l L. Online 33 (2021) (with R. Tenconi): This paper illustrates the benefits of the abrogation of EU legacy law in the UK post Brexit.

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Deterrenza e fuoco amico. L’effetto delle sanzioni internazionali sul debito estero della Russia e l’ordine finanziario globale

[Deterrence and friendly fire. Effects of International sanctions on Russia’s foreign debt and the global financial order], Dialoghi Dir. Econ. (4 Apr. 2022) (with A. Lupoi)

This article explains that international sanctions prevent Russia from repaying its foreign debt in roubles instead of U.S. dollars. When the bond terms include a fallback option allowing rouble payment, the sanctions regime simultaneously blocks credit default swap holders from delivering Russian sovereign bonds to protection sellers, thereby preventing them from collecting on their CDS contracts.

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Un passo di lato e un balzo in avanti. La Brexit ha incentivato il Regno Unito ad abbracciare le “transizioni gemelle”, ma sono le riforme legali e regolamentari a rendere Global Britain un successo [A step aside and a leap forward. As Brexit incentivised the United Kingdom to embrace the “twin transitions”, legal and regulatory reforms are making Global Britain a success], Dialoghi Dir. Econ. (12 July 2022) (with R. Tenconi)

This article explains that Brexit has been a vehicle to reposition the British economy atop a highly disruptive transformation of the world economy, powered by the ‘big six’ digital technologies (blockchain, big data, artificial intelligence, virtual reality, cloud, e-commerce).​

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Contratto sociale, redistribuzione ed efficienza: il caso per la Flat Tax. Una tassa da terza via?, [Social contract, redistribution, efficiency: the case for a flat tax. Taxation for the Third Way?], 4 Innov. Dir. 4 (2022)

This paper critiques public debates on the Flat Tax for focusing narrowly on redistribution while overlooking the reform’s objectives of simplification, efficiency, and transparency. Complex progressive tax systems create distortions that discourage saving and investment. The paper also highlights the potential to design the reform to curb excessive government spending. It evaluates the costs, benefits, and economic effects—both micro and macro—of adopting a Flat Tax from the standpoint of overall efficiency.

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La caduta dei Titani (bancari): storia idiosincratica o rischio sistemico? [The Fall of the (Banking) Titans: Idiosyncratic story or Systemic Risk?], Dialoghi Dir. Econ. (9 May 2023)

This article argues that recent bank failures reflect specific institutional weaknesses rather than a looming systemic crisis. Silicon Valley Bank collapsed due to its highly specialized business model and accounting arbitrage, while Credit Suisse’s downfall followed years of mismanagement. Yet systemic risk remains latent: after two decades of expansionary monetary policy, central banks now face a dilemma between curbing inflation and safeguarding financial stability.

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Surviving the Stampede: Market-Based Resolutions Vis-à-Vis Overregulation, 64 Va. J. Int’l L. Online 1 (2023)

This paper compares the resolution mechanisms for bank failures in the United States and Switzerland through the cases of Silicon Valley Bank, Credit Suisse, Signature Bank, and First Republic Bank. It identifies key causes of collapse, including SVB’s excessive exposure to endogenous risk and Credit Suisse’s governance and compliance failures. The analysis contrasts U.S. deposit guarantees with Switzerland’s corporate law interventions, underscoring the need to balance regulation and market discipline to prevent future crises. Strong risk management, sound governance, and rigorous compliance emerge as essential for financial stability.

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ESG: From Hype to Scrutiny. Legal Challenges to Fiduciary Duties and Shareholder Value, 40 Or. J. Envt’l L. & Lit. 43 (2025)

This paper posits that ESG investing, once a darling of socially responsible capitalism, is now facing increasing challenges from investors. A pending class action in the Eighth Circuit is contesting the SEC’s climate disclosure rules. The work critiques the ESG concept on two fronts: it argues that ESG disguises political objectives under the guise of governance and that it shields underperforming companies. It notes that in finance, trends shift rapidly, and as the meteoric rise of ESG gives way to skepticism, its future now appears more uncertain than ever.

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Training Without Shackles: Copyright, U.S. Courts, and the Growing Transatlantic AI Divide, 47 Eur. Intell. Prop. Rev. 604 (Issue 10, 2025)

This paper analyzes the first two U.S. court decisions on whether training generative AI models on copyrighted works constitutes fair use: Bartz v. Anthropic and Kadrey v. Meta Platforms, both issued in June 2025 by the Northern District of California. It argues that the rulings set a defensible standard: training qualifies as fair use when it is transformative, non-substitutive, and does not displace existing markets. The article grounds this view in economic reasoning, emphasizing reduced transaction costs, innovation, and U.S. technological leadership, while contrasting it with the EU’s restrictive AI Act. It concludes that by refusing to bind AI to outdated copyright doctrines, U.S. judges effectively advanced innovation policy and reinforced America’s global lead.

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CRYPTO FINANCE​

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Innovation Trumps Control: The Presidential Pivot in U.S. Digital Assets Policy, 40 J. Intl. Banking L. & Reg. 178 (Issue 5, 2025) (with M. Vincenti)

This paper analyzes President Trump’s Executive Order No. 14178 dated 23 January 2025 on Strengthening American Leadership in Digital Financial Technology, which bans a U.S. Central Bank Digital Currency (CBDC) and prioritizes private-sector innovation over government control. It argues that rejecting CBDCs protects financial privacy, prevents systemic risks, and strengthens U.S. leadership in blockchain technology. It concludes that the order promotes regulatory clarity and public-private collaboration, while the build-up of a national digital asset stockpile counters de-dollarization.

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President Trump’s Digital Fort Knox: Reasserting American Financial Leadership Through the Commodification of Bitcoin, 40 J. Intl. Banking L. & Reg. 225 (Issue 6, 2025)

This paper examines President Trump’s Executive Order No. 14233 dated 6 March 2025, on the Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile and posits that it challenges the traditional role of fiat currency in national security and economic sovereignty. The analysis vets its geopolitical ramifications, potential to counter central bank digital currencies and implications for U.S. fiscal policy. It holds that by positioning Bitcoin as a hedge against inflation and financial weaponisation, President Trump reshapes the debate on monetary autonomy. Finally, it highlights risks, feasibility and the broader shift towards decentralised financial power.

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Reforming Retirement Investment: Bitcoin and Alternative Assets in the American Fiduciary Framework, Barry L. Rev. (publication pending, May 2026)

This paper examines President Donald J. Trump’s Executive Order No. 14330 dated 7 August 2025 on Democratizing Access to Alternative Assets for 401(k) Investors. The executive order expands permissible retirement account investments to include private equity, infrastructure, real estate, and digital assets such as Bitcoin. It is part of President Trump’s broader cryptocurrency agenda, which also includes banning central bank digital currencies, creating a Strategic Bitcoin Reserve, and enacting the GENIUS, CLARITY, and Anti-CBDC Acts. The analysis finds that while risks related to liquidity and transparency persist, they can be managed through proper fiduciary oversight. Overall, the order modernizes ERISA’s framework, broadens investor access to alternative assets, and reinforces dollar dominance by integrating decentralized finance into regulated investment channels.​

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