21st Century Money, Banking and Commerce

As the chair of the American Bar Association's Subcommittee on Electronic Commerce, I recently reviewed this book for an upcoming issue of the South Carolina Law Review. In that review, I noted that few other works have addressed the intersection of electronic commerce and banking law, and characterized the book as "a consistently impressive combination of a treatise and a client memorandum." I found particularly useful the authors' detailed, informed, and intensely practical surveys of electronic payment technologies, regulatory actions, and judicial decisions. Separate sections, which can be read independently, are devoted to the missions and relevant activities of various regulatory agencies such as the Federal Reserve Board and the Federal Deposit Insurance Corporation. Other chapters discuss security and privacy of online banking systems, the operation of stored-value systems such as Mondex and Visa Cash, online brokerage and insurance services, intellectual property online, and Internet-based jurisdiction. I believe that this book is useful not only for reference but as a survey of developments in this rapidly-moving area. In my opinion, someone who sat down and read 50 pages a night of 21st Century Money, Banking and Commerce could get painlessly in two weeks more substantive information than most seminars on electronic commerce could deliver.

Just an addendum to my previously submitted review: This review reflects my personal opinion and not necessarily that of the American Bar Association or any of its committees or subcommittees. Thanks!