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Main Articles, Volume 14

A Meeting of Minds on Central Bank Digital Currencies for the United States: Commentaries from Participants in the Harvard National Security Journal’s October 14, 2022 Symposium on Digital Currencies and National Security

by Howell Jackson[*], Antionette Schoar[†], and Timothy Massad[‡] [Commentaries in PDF is available at this link] [*] James S. Reid, Jr., Professor of Law, Harvard Law School. [†] Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship, MIT Sloan School of Management. Ph.D. in Economics, University of Chicago. [‡] Director of the Digital Assets Policy Project at the Harvard Kennedy School Mossavar Rahmani Center for Business and Government. Former Chairman of the Commodity Futures Trading Commission and former Assistant Secretary of the Treasury.

Main Articles, Volume 14

An Apparent Trilemma for Cross-Border Central Bank Digital Currencies

Giulia Fanti [*] [Full text of this Article in PDF is available at this link] Introduction Today, most central banks worldwide are exploring some form of central-bank digital currency (CBDC), a digital form of central bank money accessible to the public.1 There has been particular interest in cross-border CBDCs (also commonly called multi-CBDCs), which can be used to transfer assets from a CBDC ledger in one jurisdiction (typically one country) to another.2 Important open questions surround how to design multi-CBDCs. For example, how should the system be architected? How should data flow? How should transactions be processed and settled? How should the

Main Articles, Volume 14

Cryptocurrencies and National Security: The Case of Money Laundering and Terrorism Financing

Shlomit Wagman [*] [Full text of this Article in PDF is available at this link] Introduction Cryptocurrencies can be a haven for criminals, terrorists, and sanction evaders. The early, romantic ideology underlying blockchain technology envisioned a decentralized currency without geographical boundaries, governmental supervision, central bank control, or any identification required. Cryptocurrency was meant to be a fast, cheap, and reliable way of transferring value among strangers. In 2014, the Financial Action Task Force (FATF), an international organization dedicated to combating money laundering and the financing of terrorism, identified the risks associated with cryptocurrency. By 2018, it developed an overall strategy to manage

Main Articles, Volume 14

Symbiotic Security and Free Speech

Michael J. Glennon [*] [Full text of this Article in PDF is available at this link] Introduction It has long been axiomatic that the Constitution limits only action by the state. Private actors cannot abridge freedom of speech; only the government can be charged with that. It has more recently become accepted that the government’s own speech is insulated from constitutional constraints; government could hardly promote its policies if it were limited, say, by First Amendment viewpoint neutrality requirements. The “state action doctrine” and the “government speech doctrine,” so-called, are now settled principles of American constitutionalism. Whether the speaker is

Main Volumes

Advantaging Aggressors: Justice & Deterrence in International Law

By Paul H. Robinson* & Adil Ahmad Haque** — Click here to read the full text of the Article Current international law imposes limitations on the use of force to defend against unlawful aggression that improperly advantage unlawful aggressors and disadvantage their victims. The Article gives examples of such rules, governing a variety of situations, showing how clearly unjust they can be. No domestic criminal law system would tolerate their use. There are good practical reasons why international law should care that its rules are perceived as unjust. Given the lack of an effective international law enforcement mechanism, compliance depends

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