Zachary Gubler

An op-ed piece, “Inventive Funding Deserves Creative Regulation,” by Associate Professor Zachary Gubler, recently was published in The Wall Street Journal.

The Feb. 1 piece discussed “crowd funding,” the use of the Internet to sell securities to ordinary investors. Congress passed a law last year that effectively removed the securities law barriers to crowd funding and left it to the SEC to adopt rules to regulate this new market. The SEC has asked for more time to create the applicable rules.

In his article, Gubler argues that, because of a lack of precedent, less time should be spent trying to get the rules right in advance. Instead, he says, an experiment should be set up that will make it more likely that the rules are right in the future.

He suggests that the SEC adopt rules that would expire in a few years with the goal of generating data that could then be used to decide on future policy.

Gubler joined the ASU law faculty in 2011 after having spent two years at Harvard Law School as a Climenko Fellow. Earlier in his career, he worked as a corporate associate at Cravath, Swaine & Moore, a New York-based law firm.