regulation

Every card fee argument eventually reaches interchange: the fee the merchant's side pays to the cardholder's bank on every transaction. This lesson decomposes the merchant discount rate, explains why rewards cards exist and who really funds them, covers the EU caps of 0.2 and 0.3 percent and their loopholes, and shows why the same purchase costs a merchant triple on a corporate card.

Competition law was built to catch people agreeing in rooms. What happens when the coordination has no agreement, no communication, and no human intent, and how regulators are responding anyway.

The 2025 GENIUS Act turned stablecoins from an unregulated experiment into a defined instrument with reserve rules, permitted issuers, monthly attestations, and a ban on paying holders yield. This lesson covers what the law requires, why the yield ban shapes the whole business model, and the risks the rules do not remove.

Two internets, same technology, different shapes. Learn the operating requirements that platforms in China work under, from licensing and real-name accounts to filing recommendation algorithms with the regulator, how compliance became a core product function rather than a legal afterthought, why micro-dramas became a format with no Western equivalent, and what all the differences add up to.

The phased structure of drug development from preclinical work through phase IV surveillance, what each phase actually establishes, the 90% attrition rate and where it lives, the difference between surrogate and hard clinical endpoints, and what regulatory approval pathways guarantee.

How the US, Dutch, and Japanese export-control regimes for advanced semiconductors actually function — the legal instruments, the parameter thresholds in published regulations, the extraterritorial Foreign Direct Product Rule, and the licensing-and-enforcement mechanics.

Navigate the world's most complex games market: Tencent and NetEase's dominance, the ISBN licensing system and its freeze years, the 2021 minors' play-time rules, how WeChat and Douyin mini-games work, and what it actually takes for a Western studio to earn revenue in China.