The Facebook Diem Project: Can Big Tech Create Its Own Currencies?
Jo-an Chen Cryptocurrencies are rising in popularity as both a means for investment and a medium for exchange for goods and services. In 2019, Facebook announced its intent to create a new stablecoin cryptocurrency called Libra as a means to promote financial inclusion and access to the unbanked population. After its initial failed launch in 2019 due to heavy regulatory criticism over data privacy, money laundering, and financial instability concerns, Facebook is once again seeking to relaunch the Diem Project in 2021. This Essay discusses the potential social benefits, the disruption to financial institutions, and the regulatory challenges that the...
Reform of H-1B Visas
Jamin Xu Originally, H-1B visas were intended to allow United States (hereinafter “U.S.”) employers to address shortages of skilled labor in the workplace by temporarily hiring highly skilled foreign workers only when they are unable to obtain employees with needed skills from the U.S. workforce. In the 1990’s, Congress raised the initial cap of 65,000 H-1B visas a year to 115,000 for fiscal years 1999 to 2000, and to 107,500 for fiscal year 2001 to address a shortage of computer science specialists, but there is now a growing number of U.S. workers who are highly skilled in science, technology, engineering,...