Arturo Portilla @Arturo_P_A
Fintech regulatory lawyer. LLM candidate @UChicago Law School, ex Head of Regulatory Affairs @mercadopago. Opinions are my own. Chicago, IL Joined December 2019-
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The TAM for @XPayments 👇
I'm gonna' be ranting about the CZ case for a while, so if you're thinking about pressing the "unfollow" button, this is your moment. Crazy how nobody is talking about this scandal.
Your daily reminder that you're presumed a criminal by financial institutions unless you show an ID, but the real criminals make billions on AML violations and get away with 4 month prison sentences. Thomas Hobbes is spinning in his grave so fast light can't keep up with him.
The CZ case reminds us that AML: • Is insanely expensive for the entire financial system to comply with (costs passed on to clients) • Creates barriers to entry / chills innovation • Leaves people unable to pass KYC behind • Slows down economic growth All . for . nothing
Thanks for giving us some of the wildest evidence I have seen of how poorly and ineffectively KYC/AML rules are enforced. The whole regime is a charade. We're leaving millions behind for nothing.
Thanks for giving us some of the wildest evidence I have seen of how poorly and ineffectively KYC/AML rules are enforced. The whole regime is a charade. We're leaving millions behind for nothing.
The DoJ just gave CZ a 4-month prison sentence for making a business out of violating the exact same rules the Central Banks use as justification to leave millions of people without access to their non-anonymous CBDC systems. They're openly making fun of all of us.
The DoJ just gave CZ a 4-month prison sentence for making a business out of violating the exact same rules the Central Banks use as justification to leave millions of people without access to their non-anonymous CBDC systems. They're openly making fun of all of us.
It's kinda' wild that Pay by Bank at PoS exists only thanks to regulatory intervention. In countries like 🇮🇳 (UPI) 🇧🇷 (PiX) 🇲🇽 (CoDi), PBB at PoS has been spearheaded by Central Banks. In 🇪🇺, PBB at PoS is significantly attributable to antitrust authorities.
It's kinda' wild that Pay by Bank at PoS exists only thanks to regulatory intervention. In countries like 🇮🇳 (UPI) 🇧🇷 (PiX) 🇲🇽 (CoDi), PBB at PoS has been spearheaded by Central Banks. In 🇪🇺, PBB at PoS is significantly attributable to antitrust authorities.
If you are in open banking, payment initiation, pay-by-bank, etc., you should be closely following the Tornado Cash case. Here's why...
If you are in open banking, payment initiation, pay-by-bank, etc., you should be closely following the Tornado Cash case. Here's why...
NOPE
David "JoelKatz" Schw.. @JoelKatz
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Jeremy Hogan @attorneyjeremy1
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Stuart Alderoty @s_alderoty
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🌸Crypto Eri 🪝Ca.. @sentosumosaba
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Matt Hamilton @HammerToe
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XRP_Cro 🔥 AI / Gam.. @stedas
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WietseWind (🪝🛠 .. @WietseWind
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Flare Community ☀�.. @CommunityFlare
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WrathofKahneman @WKahneman
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crypto.Darren🪝 �.. @Fame21Moore
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Digital Perspectives .. @DigPerspectives
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Kevin Cage @Kevin_Cage_
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Mickey_B_Fresh☀️�.. @MrFreshTime
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26 Followers 273 Following C C and all fillps. We Receiver WESTERN UNION BUSINESS Dubai 🇦🇪, China 🇨🇳, America USA 🇺🇸. We Receiver it on the card and on the account.💳💷💵💸🏧
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878 Followers 8K Following Just a PvP OG. PvP Money is now live to the public. NO KYC. Use this link to take you straight to the gaming site: https://t.co/yiTHISJivS
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moralesmoralesjr1970 .. @moralesmor15391
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PityTheFool @kmck3772
500 Followers 3K Following 5 years in crypto been through the downs & the ups. Mainly downs but what can you do, onwards & upwards. 🤑
Andrew Smith @FinTechAndrew
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David "JoelKatz" Schw.. @JoelKatz
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Stuart Alderoty @s_alderoty
164K Followers 288 Following Chief Legal Officer @Ripple. Over 35 years of legal experience with expertise in regulatory affairs and complex litigation.
🌸Crypto Eri 🪝Ca.. @sentosumosaba
244K Followers 3K Following Analyzing the impact of blockchain, with a particular focus on the top digital assets by market cap, XRPL, ☀️Flare and supporter of the 76,000 J Deaton Strong.
Matt Hamilton @HammerToe
67K Followers 2K Following Principal Developer Advocate at @protocollabs. Prev: @bittensor_, @Ripple, @IBMDeveloper. Interested in cryptocurrencies / blockchain / python / AI/ML. He/Him.
WietseWind (🪝🛠 .. @WietseWind
95K Followers 3K Following Building on the XRP ledger. ♥ Wife, kids, 🦜 & programming (TS, nodejs, Linux ..) - BDFL at @XRPLLabs - XRP ledger tools development 🎉 @XummSupport/@XummWallet
WrathofKahneman @WKahneman
62K Followers 589 Following No investment advice, not professor Kahneman. Tracking XRP/Ripple/Xahau developments w/ sources. No conspiracy theories, riddles, prices, giveaways; just work.
Eleanor Terrett @EleanorTerrett
132K Followers 2K Following @FoxBusiness • Journalist • UK export 🏴 • @JMU Alum • Crypto and cat pics 🐈• Views my own • Insta: ell_kate • THIS IS MY ONLY X ACCOUNT •
CryptoLaw @CryptoLawUS
134K Followers 588 Following U.S. Legal and Regulatory News for Digital Asset Holders. Founded by the Deaton Law Firm.
Xaman (formerly Xumm).. @XummWallet
98K Followers 24 Following Xaman (formerly Xumm): the #1 self-custody wallet for the XRP Ledger. By @XRPLLabs For support, please use the in-app Support xApp. https://t.co/s2Uv0e4bqg
Santiago Velez ☀️.. @Santiag78758327
39K Followers 28K Following Co-Founder & R&D Division Lead - Block Digital, Co-Founder & VP of R&D at Sindric Solutions, LLC Former Nuclear Engineer and VP of UWUA L590 Engineers Union
RippleX @RippleXDev
108K Followers 230 Following The Blockchain Built for Business Join the XRPL Developer's Discord: https://t.co/qigoTMaZno
Kieran Kelly 🏴.. @kieranmlkelly
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74K Followers 17 Following Chair for @America250, the US Semiquincentennial Commission to plan & orchestrate our nation’s 250th anniversary. 43rd Treasurer of the United States.
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25K Followers 5K Following product at @stripe. tiny angel investor. led @wagonhq (acq by @box) and @hyperpublic (acq by @groupon). i reply to good cold emails.
Mike Selig @MikeSeligEsq
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6K Followers 745 Following Come for FinTech/FinReg policy. Stay for MoCo ramblings. Senior Fellow @brookingsecon Former @USTreasury @SenateBanking. Always Maryland, banned by Russia.
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A stablecoin reporting $4.5 billion in profits in Q1 with just a few dozen employees is a great illustration of how insanely profitable it can be to engage in regulatory arbitrage of the U.S.'s AML framework.
It's one thing to do "regulation by enforcement," as we've arguably seen from the SEC. It's even worse to see the DOJ engage in regulation by criminal prosecution. That's exactly what is happening with the unlicensed money transmission charges against Tornado Cash and Samourai…
Read our full analysis on the Samourai Wallet indictment and related actions here: coincenter.org/dojs-new-stanc…
@Arturo_P_A Visa should let us see the unadjusted volumes for each stablecoin so we can gauge how much of the difference in charted volume is due to their adjustments.
Wow. The Visa/MC merchant settlement announced last month will be challenged … by er merchants (specifically the largest ones) Pretty stunning that the NRF (major merchant advocacy group) was only informed of the settlement after the fact. Perhaps they didn’t want to engage…
About a month ago, Visa and Mastercard both announced they had reached a historic settlement with the merchant community in their almost-20 year legal saga over interchange rates and card rules. It seemed like this case, which has been around for most of the careers of people now…
In however many years, civil liberties organizations and champions will finally manage to map their principles to what’s happening in this space, wake up and ask “what the hell has been happening here”
It's one thing to do "regulation by enforcement," as we've arguably seen from the SEC. It's even worse to see the DOJ engage in regulation by criminal prosecution. That's exactly what is happening with the unlicensed money transmission charges against Tornado Cash and Samourai…
@ahopebailie is correct here. Products should be helping people to make the best of their situation. Not making them overwhelmed to the point that don't do anything. @fynbosdev wants to change this for everyone
Co-founder @ahopebailie has some thoughts on retirement plans. #fynbos #decomplicated #retirement #financialplanning
First they came for the ICOs, and I didn’t speak out bc I was a retroactive airdrop… Then they came for the airdrops, and I didn’t speak out bc I blocked US IPs… Then they came for the VPNs…
@Arturo_P_A He absolutely can get stuff done, but I think there's a limit to how thin he can spread himself (we may be starting to see it with Tesla) and the controversy angle might sink him with prudential banking regulators (who have a lot of power to say no if they don't like you).
@jp_koning This case is why I'm surprised the gov't has been saying they need Congress to pass legislation requiring crypto to follow AML/KYC laws. This prosecution is premised on the fact that no legislation is necessary.
The SBF case got all the attention but the Tornado Cash case may end up being the seminal crypto court case. Which is why you should read the government's response to the defence's motion to dismiss, published last night. storage.courtlistener.com/recap/gov.usco… 👀👀
Where's Ilya?
learning how to say something in 30 seconds that takes most people 5 minutes is a big unlock
@MJenkins88 As of now, I’d doubt. But you can exchange more information (than the networks allow) between merchants and banks to improve auth and decrease fraud rates.
@Arturo_P_A Like you don’t have to lock yourself into a specific card, can decide on each transaction. Love it!
If you want privacy you're not going to get it hoping for mass adoption of some private coin, you're gonna get it defending the cash people know and use as it goes digital. Which means the battleground is Treasury and to a lesser extent the fed not the margins of private payments
But of course when it comes to privacy this leads to uncomfortable realities, like that the most important fight for digital financial privacy isn't some crypto coin but ecashact.us, but crypto is generally still too anti-public sector to acknowledge this
que dijo su mamá que siempre si. la @FCC vota por re instaurar reglas de #NetNeutrality
Crypto projects have just one viable way to proactively seek regulatory clarity from the SEC today: sue it.
Today, Consensys filed a lawsuit against the Securities and Exchange Commission. The goal behind this is to ensure that Ethereum remains a vibrant and indispensable blockchain platform and to preserve access for the countless developers, market participants, and institutions…
There is "the question of who would be allowed to hold the CBDC and how much they could hold. Unlike physical cash, where it is not feasible to control who can hold it and how much they could hold, it would be possible to control these with a CBDC." - RBA rba.gov.au/publications/b…
@darin4really Yeah, why have people who know about this stuff fix it once in a consistent manner when we can theorize a fictional world in which fifty legislatures all do it to an equivalent or better level on a timeline before the end of the world. Sounds super smart
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