Essays
2026
- A Reputation System Is a Parameter Problem
- Open Weights Are Necessary. They Are Not Sufficient.
- Agent Graphs: Self-Improvement Is Not a Search Problem - The loop is settled. The judge is not.
- Podcast Episode: Trust And Agents On The Web
- Attribution Is Infrastructure
- What Agents Want
- AGI Makes Intelligence Cheap. It Makes Trust Priceless.
- AI Evolution Is Mechanism Design
- Nadella's Loop Is a Labor Market. The Economics It's Missing Is Decisive
- Crossing Into the Computative Labor Market
- The AI Layoff Trap Is a Trap for Economists, Not for the Economy
- The Banana Problem: Why Autonomous Agents Cannot Learn Without Reputation
- AI is Ungoverned - Here is the Fix
- Updates
2025
2023
2022
- Interview on DAOs in Irish Tech News
- World Economic Forum 2022 - Speaking Engagements
- DAO Governance & Future of the Firm - Interview with Robert Tercek
- DAO FALLACIES
- DIGITAL ASSET VALUATION
- Securities Versus Utility Tokens
- FAIR TOKEN LAUNCH
- How DAOs Optimize Open-Source Code Reviews and Create Open-Source Standards
2021
2020
2019
- Stable Cryptocurrencies - First Order Principles
- BLOCKCHAIN-BASED CORPORATE GOVERNANCE
- Decentralization - Past, Present, and Future
- Blockchain-Based Securities Offerings
- Decentralization -A Primer on the New Economy
- First Order Design Principles for Stable Cryptocurrencies
- Decentralized Underwriting
- Blockchain Solutions for Agency Problems in Corporate Governance
- #1 Rank - University of St. Thomas Law Faculty
- Stable Cryptocurrencies
- BLOCKCHAIN SOLUTIONS FOR AGENCY PROBLEMS IN CORPORATE GOVERNANCE
- Takeaways - World Economic Forum 2019
- Speaking at World Economic Forum 2019
- Top 100 Token Models Compared
2018
- Why blockchain will disrupt corporate organizations
- Presentation on Decentralized Reputation Protocols
- Why Reputation Systems are Needed for the Evolution of Decentralized Commerce
- CRYPTO ECONOMICS - The Top 100 Token Models Compared
- CRYPTO ECONOMICS
- Presentation Semada Research Institute Research Agenda
- PRESENTATION "SEMADA INTERNET OF TRUST"
- Panel on DLT Regulation
- The Future of Smart Contracting
- VOICE OF BLOCKCHAIN
- Keynote on "Crypto Economics" @ Tulip Conference - Blockchain Meets Enterprise
- Kaal on Panels @Blockchain Economic Forum - June 17-19 in San Francisco
- Blockchain Law & the Role of Reputation in Decentralized Autonomous Systems
- Speaking @MastersConference on #Blockchain #Innovation in #Law
- Initial Coin Offerings - 2018 Market Outlook and Regulation
- Blockchain Solutions for Sustainable Development
- Conference Announcement: "Blockchain and the Crypto Economy"
- Initial Coin Offerings: The Top 25 Jurisdictions and Their Comparative Regulatory Responses
- The Decentralized Society and Legal Blockchain Solutions
- The 2018 ICO Market
- Wulf Kaal @ ConsenSys Panel - World Economic Forum - Davos Switzerland 2018.
- Panels @World Economic Forum 2018, Davos, Switzerland
2017
- Innovation and Legislation: The Changing Relationship - Evidence from 1984 to 2015
- International Digital Chamber of Commerce (IDCC - Zug Switzerland)
- Initial Coin Offerings - Emerging Practices, Risk Factors, and Red Flags
- First Annual Toronto FinTech Conference
- Blockchain Technology and Race in Corporate America
- ICO Governance
- Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and Europe
- Blockchain Innovation for Private Investment Funds
- Blockchain Innovation for the Hedge Fund Industry
- Crypto Transaction Dispute Resolution (54 Pages)
- Smart Contract Dispute Resolution – The Need for an Open Source Blockchain Platform Ecosystem
- Blockchain Technology’s Distributed Jurisdiction
- The Need for a U.S. Sponsored Blockchain Platform
- The “Unmediated” and “Tech-driven” Corporate Governance of Today’s Winning Companies
- Interview: "Blockchain Innovation in Law"
- Overcoming the Downsides of Corporate Hierarchies - DAO’s Value to Effort Workflow Optimization
- UCLA Presentation "Blockchain Innovation In Private Investment Funds"
- Blockchain Technology for Horizontal Agriculture Innovation
- 838
- Teaching "#coding for #Lawyers" @TilburgU
- Teaching "#coding for #Lawyers" @TilburgU
- Private Fund Fee Structure and Blockchain Applications
- Dynamic Regulation Via Contingent Capital
- Legal Education in the Blockchain Revolution
- Blockchain Innovation for Private Investment Funds
- Blockchain Solutions for Agency Problems in Corporate Governance
- Future of Innovation and Law
2016
- Dynamic Regulation Via Investment Data as a Remedy for Law’s Diminishing Capacity to React to Innovation
- Empirical Evidence on proposed Investment Advisers Modernization Act
- Dynamic Regulation for Innovation
- Private Fund Investor Due Diligence – Evidence from 1995 to 2015
- Regulation Tomorrow: What Happens When Technology is Faster than the Law?
- UNCONSTRAINED MUTUAL FUNDS AND RETAIL INVESTOR PROTECTION
- How to Regulate Disruptive Innovation
- Investment Advisers Modernization Act of 2016
- "Where is the Private Investment Funds Industry Going?" - Keynote Address at Bocconi University, Milan, Italy
- Spring 2016 Speaking Tour - Japan & Europe
- Implications of Mutual and Private Fund Convergence
2015
- The Eighth Annual Roundtable Discussion on Investment Funds
- Private fund Performance After the Dodd-Frank Act – Evidence from 2010 to 2015
- What Drives Dodd-Frank Act Compliance Cost for Private Funds?
- Stock Price Response to Non- and Deferred Prosecution Agreements
- Book Project Presentation - "Dynamic Regulation" - Tilburg University Netherlands - June 22-23rd, 2015
- AALS Section on Securities Regulation - Call for Papers - 2016 AALS Annual Meeting
- ISNIE 2015 - Harvard Law School
- 2015 National Business Law Scholars Conference
- American Law and Economics Association - Twenty-Fifth Annual Meeting
2014
- The Seventh Annual Roundtable Discussion on Investment Funds - Harvard Law School - December 8, 2014
- The Effect of Non- and Deferred Prosecution Agreements on Corporate Governance: Evidence from 1993-2013
- Conference Announcement
- Conference Announcement
- Presentation: Effect of Dodd-Frank Act on Hedge Fund Performance - at European Financial Management Association - 2014 Annual Conference - Rome Italy
- The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance - Evidence from 1993-2013
- Corporate Governance Implications of Non- and Deferred Prosecution Agreements at AALS Midyear Meeting in Washington DC
- Hedge Funds and Private Equity Presentation at Upper Midwest Securities Litigation and Enforcement Forum
- 6. Liechtensteinischer Fondstag Produktregulierung: Fondstypen und Anlagestrategien
- Conference Update: Initiatives for Sustainable Financial Regulation
- Conference Announcement: Beyond Crises-Driven Regulation - Initiatives for Sustainable Financial Regulation
- The Effect of the Dodd-Frank Act on Hedge Fund Performance - Presentation at George Washington University Law School
- New Hedge Fund Data on SEC Form PF - Presentation at Investment Fund Roundtable
2013
- Hedge Fund Advisers’ Systemic Risk Disclosures in Bankruptcy
- Hedge Funds - A New Era of Transparency
- HEDGE FUND REGULATION SYMPOSIUM
- Hedge Fund Performance after the Dodd-Frank Act - Presentation at the Midwestern Law & Economics Association
- Presenting on "Dynamic Regulation" at Canadian Law & Economics Association in Toronto
- Presenting on "Hedge Fund Compliance Cost" at Canadian Law & Economics Association in Toronto
- Form PF Survey 2013
- Addressing the Regulatory Sine Curve
- The Hedge Fund Industry after the Lift of the Ban on General Solicitation
- Lifting the Ban on General Solicitation for Private Funds
- The Effect of the Dodd-Frank Act on the Hedge Fund Industry
- A Bright Future for the Hedge Fund Industry and its Impact on Policy Making
- Dynamic Regulation of the Financial Services Industry
- Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework
- The Return of CDOs - Do We Need Dynamic Elements in Financial Regulation?
- Balancing German Power in Europe
- Political opportunism in Germany deepens the gap in trust and political cultures between northern and southern Europe
- Improving Debt Bonus Programs for Executives
- Improving UBS's Executive CoCos
- Summary of Recent Study on Hedge Fund Manager Registration under Title IV of the Dodd-Frank Act
- January 6, 2013: Paper Presentation at Annual Meeting of the Association of American Law Schools