221–230 of 489 posts
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I think you just found four ways to describe money laundering and sanctions violations. Which admittedly is a market crypto has been trying and succeeding for quite a while to own.
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Putting this here in case it's useful. Please correct if it's wrong. What is the Howey test for whether something is a security? """ The Howey Test asks whether a transaction constitutes an "investment contract," which is a type of security. If it is an investment contract, it must satisfy four criteria: It is an investment of money. The investment is in a common enterprise. There is an expectation of profits from th…
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Other then the legal definition.....
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https://www.sec.gov/corpfin/framework-investment-contract-an...
Coinbase and the Howey test https://www.coinbase.com/blog/coinbases-staking-services-are...
Like if the exact same thing was accomplished by people it's obviously a security but since it's done by code (which was magically and immaculately conceived, presumably) then it's different somehow.
It's not different. Coinbase wants people to give them money, have them do [complicated thing] then give them a return on that money.
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Not having a bank account is a race issue? People who are not white cannot get a bank account? Poor people can't get a bank account and all non-white are poor therefore bank accounts are racist? What is your message?
I remember the last post from Fred Wilson: "The Freedom To Innovate" [1]. Even if the SEC is right about Binance and others, and there are without doubt blatant and huge frauds in Web3, there are huge problems with the financial modernization within the US (and the world). Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina. The SEC is…
Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina Do you think the US is incapable of sending an immediate message transferring money? Of course the US has that technical capability. AML, BSA, KYC, Anti-Fraud. These are a few of the things that slow down the transfers and add to the cost. A lot of people think they're a feature, not…
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> Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina Fedwires take minutes and cost nickels [1]. If you use wires frequently, get an account that doesn't charge anything for them. (The Fed is launching FedNow [2]. It will cost 4.5¢ per transfer [3].) [1] https://www.frbservices.org/resources/fees/wires-2023 [2] https://www.federalrese…
I am aware of this option but it happen than not every financial service use them. Also, it is wondering than other countries where faster. Immediate payment account in Argentina exists since the late 90s and we are not talking precisely about a country with a good economy and financial system. Also take a look at the Brazilian Pix payment system [1] that provides a neutral code for payment where other services built…
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The government has done a pretty good job of making the process very easy: https://www.foia.gov/ But, just like with ChatGPT, you'll likely have to do a bit of "prompt engineering" to get a specific document. "Give me all the stuff you guys got on UFOS1!!" will likely be less fruitful then "I am requesting the email correspondence between X and Y related to the documented observation of an atmospheric event occurring…
How broad can the request get? Can I ask for any communications that are related to a decision made or drafting of something that goes into the CFR? How much should I expect to pay for these requests, especially while figuring out the prompt engineering?
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My theory is that Binance execs were having these chats in an encrypted medium (e.g. WA or Signal) but didn't secure themselves against a defector. I think someone on the inside took screenshots and went to the feds (or started cooperating under legal pressure). There's even a leading candidate [0]. What's funny about this is it's a fine metaphor for what ails crypto as a whole. The technology is cryptographically se…
> but didn't secure themselves against a defector Still a surprisingly amateur move. Once worked for the Federal Government where literally everything you write is potentially subject to a FOIA request. The message all new hires were told was, very clearly: "Never put anything into writing you wouldn't be happy to be see published on the front page of the Washington Post" Anything that was even vaguely close to faili…
And that's "dear junior sales team members, please don't put your opinion of the client in writing, in the unlikely event they ask for a data dump they might be a bit miffed", not "dear compliance chief, please don't write confessions to breaking laws our lawyers might be able to argue we attempted to comply with when we inevitably have to defend ourselves in court..."
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Isn't that one of the benefits of a lawsuit? The law is tested and needs to hold up under scrutiny.
Definitely not when the party who is suing you is the one that defines the rules. Thinking about the scenario of this lawsuit makes me really angry. It's some sort of power demonstration backed by a political strategy.
> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.