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carlp • Sep 18, 2024, 12:12 pm EDT

World Liberty Financial: Trump’s New DeFi Platform

Former President Donald Trump’s embrace of the bitcoin and crypto industries has officially spanned to the world of decentralized finance (DeFi). On Monday, he took to X (formerly Twitter) for a Spaces event, announcing World Liberty Financial (WLF)—a new crypto banking platform that promises to reshape borrowing, lending, and investing in the digital economy. A New Financial Frontier World Liberty Financial, as outlined during the two-hour event, aims to empower everyday users by offering a platform where people can borrow, lend, and invest in crypto assets. Trump was candid in his remarks, admitting that while he was “not overly interested”

4 minutes

johnd • Aug 23, 2024, 12:53 pm EDT

Weaponized Financial Regulation: A Global Threat

Introduction: In a stark reminder of the unchecked power wielded by financial institutions, Deutsche Bank recently terminated the account of Mohamad Safa, a UN-accredited human rights activist. His alleged crime? Speaking out against war crimes in Gaza. The latest in a long line of individual debanking exposes the darker side of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws, which, despite being crafted with the intent to protect the public, often serve as tools for governments to silence dissent and curb civil liberties without due process. The Global Reach of U.S. Financial Regulation: The troubling trend of

3 minutes

satoshin • Aug 9, 2024, 3:21 pm EDT

The War on Crypto is Alive and Well, Unfortunately

The Fed’s Power Grab: Operation ChokePoint 2.0 Still in Full Swing Yesterday, August 8th, a 13-page enforcement action was issued against Customers Bank, one of the few remaining crypto-friendly banking institutions in the United States. The move has raised significant concerns about the future of financial services available to the bitcoin and cryptocurrency industry. The enforcement action is characterized by vague language and complex requirements that obscure its true impact. A close reading of the document reveals a concerning development: the Federal Reserve now requires Customers Bank to provide 30 days’ advance notice before establishing any new banking relationship with

2 minutes

johnd • Jul 12, 2024, 2:07 pm EDT

AT&T Data Breach Highlights Need to Rethink Data Collection Practices

In a stark reminder of the risks in the digital age, AT&T has disclosed a massive data breach exposing the call and text records of tens of millions of its cellphone customers and many non-AT&T customers. The breach, which occurred between May 1, 2022, and October 31, 2022, brings to light critical issues in how and why data is collected and stored, raising questions about the necessity and security of such practices. The Scope of the Breach AT&T’s announcement revealed that the compromised data includes the telephone numbers of “nearly all” of its cellular customers, as well as those of

3 minutes

arusso • May 31, 2024, 11:51 am EDT

Mastercard Launches Crypto Credential for Simplified Transactions

Mastercard has introduced a new feature known as the Mastercard Crypto Credential, which allows crypto exchange users to send and receive cryptocurrency using easy-to-remember aliases or usernames, instead of the traditional long and complex blockchain addresses. This new system is aimed at simplifying blockchain transactions while enhancing security and verification standards. The Rollout and Participating Exchanges The Mastercard Crypto Credential is currently live on several exchanges including Bit2Me, Lirium, and Mercado Bitcoin. These platforms facilitate blockchain transactions across locations in Latin America and Europe. Additional crypto wallet providers like Foxbit and Lulubit have also joined the Mastercard Crypto Credential ecosystem,

2 minutes

carlp • Apr 5, 2024, 1:35 pm EDT

Big Banks Reaching Out To Bitcoin Miners to Acquire Bitcoin

Hut 8, one of the leaders in Bitcoin mining in the United States, has reported significant interest from major banks. These financial institutions are looking to purchase bitcoin directly from miners. This is a direct consequence of the growing interest in Bitcoin spot Exchange-Traded Funds (ETFs), which have amassed an investment inflow exceeding $12 billion since their inauguration on January 11. Record Investment Inflows The launch of Bitcoin spot ETFs on Wall Street has attracted over $12 billion in investments in less than three months. This massive influx has translated into more than 211,000 bitcoins being converted into shares. Such

2 minutes

johnd • Jan 11, 2024, 1:01 pm EST

Spot Bitcoin ETFs to Trade on US Markets: What Happens Now?

The U.S. Securities and Exchange Commission (SEC) has recently approved the listing of spot Bitcoin Exchange-Traded Funds (ETFs) What can we expect moving forward?

3 minutes

arusso • Dec 4, 2023, 11:53 am EST

Argentina’s Path Out of Economic Ruin

Amid profound economic disarray, Argentina undergoes a significant political transition as the Peronist duo hands over power to libertarian economist Javier Milei. Milei inherits a troubled economic landscape characterized by high inflation, a bankrupt central bank, and a poverty-stricken population. His proposed solutions, including dollarization and sweeping deregulation, aim to address the country’s economic challenges. However, Milei faces formidable opposition and the need to navigate a complex fiscal and regulatory environment as he seeks to transform Argentina’s economic trajectory.

3 minutes

carlp • Nov 16, 2023, 11:43 am EST

The Bank Secrecy Act & Financial Surveillance

The Bank Secrecy Act (BSA) has long been a cornerstone of financial regulation in the United States. Congress first passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. Originally targeting insured banks, its scope has widened over the years, now encompassing a broad category of entities termed “financial institutions.” This expansion, while seemingly straightforward, raises significant constitutional and legal questions. The BSA grants the Secretary of the Treasury sweeping powers, including the ability to expand or narrow the range of entities under surveillance and to exempt certain parties from obligations.

3 minutes

carlp • Oct 20, 2023, 1:41 pm EDT

Major Banks Accelerate Closure of Branches Nationwide; BofA Leads with Over 50 Shutdowns in a Single Week

Consolidation within the banking sector continues to accelerate as major financial institutions across the United States are rapidly shuttering physical bank branches, raising concerns among consumers and highlighting the shifting landscape of banking in the digital age. October Bank Closures Based on a recent bulletin released by the Office of the Comptroller of the Currency (OCC), Bank of America has taken the lead in this trend, closing down a staggering 21 branches within the first week of October. Wells Fargo closely followed with 15 closures, while US Bank and JPMorgan Chase reported the closure of nine and three branches, respectively.

3 minutes