Note this post was written July 11, 2025 and does not reflect subsequent developments. EXECUTIVE SUMMARY INTRODUCTION During the Biden administration, the SEC cracked down on cryptocurrencies by asserting that all tokens—regardless of their function—were unregistered securities. This aggressive stance left crypto issuers and exchanges in regulatory limbo. The SEC refused to issue clear rules … Continue reading
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Debt / Economy / Technology
Stablecoin Issuers as a Growing Class of Treasury Buyers: Implications and Risks
Executive Summary Introduction Congress’ recent passage of the GENIUS Act, the first significant regulatory framework for stablecoins, opens the door for increased crossover between traditional finance and cryptocurrency, or decentralized finance. The law sets a framework for future stablecoin regulation and prohibits interest-bearing stablecoins and prevents big tech and retail firms from issuing stablecoins without … Continue reading
The Costs of Submarine Cable Disruptions to the United States
Executive Summary Introduction The buffer while you are binge-watching Netflix may be due to the disruption of submarine cables, which lie on the bottom of the sea floor. Submarine cables form the backbone of global digital and energy infrastructure, carrying 95% of international data traffic and supporting offshore energy operations. These cables are typically owned … Continue reading
Regulating in the Dark: eSLR Reform Without Precedent
A June 27 joint proposal by the Federal Reserve, FDIC, and OCC to lower the enhanced supplementary leverage ratio (eSLR), a capital constraint on large banks, aims to remove regulatory disincentives to Treasury security intermediation. While myriad studies and analyses conclude that the eSLR disincentivizes intermediation, removing these constraints equally benefits competing low-risk activities that may offer higher returns. Banks may deploy freed capital toward higher-yielding activities rather than Treasury intermediation, potentially undermining the rule’s intended purpose. Continue reading
The Trade-Off Behind the Trade Deficit
Executive Summary Introduction President Trump has long called for the U.S. to impose higher tariffs to reduce the trade deficit, which he has declared a national emergency. His administration announced unprecedented unilateral tariffs to reverse what it alleges are unfair trade practices. This strategy ignores the accounting principle known as the balance of payments: The … Continue reading
‘Golden share’ of U.S. Steel extends president’s reach into the private sector
Executive Summary Introduction On June 18, the Japanese firm Nippon Steel finalized a “historic partnership” with U.S. Steel (USS), acquiring the company for nearly $15 billion. This came after years of Biden and then Trump blocking the purchase due to national security concerns. The deal was finally allowed soon after President Trump was promised a … Continue reading
We Know Little About Post-2012 Oil Shocks
Note this post was written on June 17, 2025 and does not reflect subsequent events. EXECUTIVE SUMMARY INTRODUCTION High oil prices are top of mind these days for good reason. Brent oil prices have spiked more than 12% from $64 per barrel at the beginning of June to $72—mostly on fears of a Strait of … Continue reading
The Tech Industry’s Transition to 24/7 Carbon-Free Energy
Executive Summary Introduction The digital economy is rapidly evolving due to artificial intelligence (AI), which is leading to an expansion of its energy footprint. Major technology companies, including Google, Microsoft, Amazon, and Meta, have led the private sector in consuming clean electricity, from purchasing renewable energy certificates (RECs) to utilizing 24/7 Carbon-Free Energy (CFE). A … Continue reading
The Real Price of Clean Air: Evidence from Ozone Emissions and U.S. Manufacturing
When the Environmental Protection Agency (EPA) revised current ozone emission standards in 2015, the agency’s regulatory impact analysis failed to quantify production losses for manufacturing. This study leverages the EPA’s attainment threshold to show that current ozone regulations lower revenues for manufacturing firms by an average of $277 million annually. Findings indicate that the EPA’s impact analysis underestimates realized economic effects, generating both economic and regulatory policy implications. Continue reading
Impact of AI on Healthcare
Executive Summary Introduction Artificial intelligence (AI) has had a large impact on healthcare by streamlining clinical workflows as well as medical research. Unlike many consumer-facing AI models such as ChatGPT, medical AI solutions are designed to assist with specific purposes such as electronic health record (EHR) documentation, radiological image analysis, and protein structure prediction. A … Continue reading
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