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Fincen

central bank / CBDCCryptodecentralized financeopen sourcephilosophyregulation & compliancestablecoins
·Dec. 21, 2020

Crypto regulatory wargames with FinCen, FCA, and the US House of Reps, impacting Paxos, Compound, BBVA, and Northern Trust

This week, we look at:

  • Proposed US regulation from FinCEN, legislation from the House of Representatives, and UK FCA registration requirements that would impact the crypto industry

  • The difference between competition for share within an established market, and competition between market paradigms (think MSFT vs. open source, finance vs. DeFi)

  • The crypto custodian moves from BBVA, Standard Charters, and Northern Trust

  • The bank license moves from Paxos and BitPay, as well as the planned launch of a new chain by Compound, in the context of the framework above

Permissionless finance is a paradigm breach. It pays no regard for the very nature of the incumbent financial market. Without banking, it creates its own banks. Without a sovereign, it bestows law on mathematics and consensus. Without broker/dealers, it creates decentralized robots. And so on. It tilts the world in such a way as to render the economic power of the incumbent financial market less important. Not powerless -- the allure of institutional capital is a constant glimmer of greedy, opportunistic hope. But the hierarchy of traditional finance does not extend to DeFi, and thus has to be re-battled for the incumbent. This is cost, and annoying.

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FintechNews RoundupUSA
·May. 21, 2018

U.S. Banks Struggle to Comply with Worldwide Data Regulations

U.S. banks are struggling to comply with new regulations both here in the U.S. and in Europe; U.S. regulators are...
Read Full Story

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