before crypto, i worked at some of the top firms on wall street, @GoldmanSachs and @blackstone.
and from speaking to many of my ex-colleagues on wall street, i can confidently say that big banks have never been more scared of crypto eating their lunch.
in fact, they're so scared, that jp morgan, citi and others are planning to launch their own tokenized deposit network to compete with crypto.
but if you like crypto, you won't like the banks' alternative. in fact, you'll want to steer well clear.
here's why:
- with their network, you won't own your money
if the bank fails or faces a run, you lose your tokens (just how you would with your fiat). the main beauty of crypto is that you hold your private keys so you are fully in control of your own money (no one can freeze it).
- it's a permissioned, closed network
access to their network still requires the banks' permission. unlike public blockchains, which are permissionless and let anyone participate.
- run by the banks who've been campaigning against crypto
their network will be run by The Clearing House (payments company owned by JP Morgan, Citi, BofA and other big banks). do you really think they have the consumers' best interests at heart?
- no privacy or transparency
the beauty of crypto is that you can make transactions without a middleman and no one can freeze your funds. however, every transaction on the banks' network will be subject to their oversight and must fall within their KYC / AML processes. this means governments and banks can still freeze your funds for whatever reason they want.
- designed to keep the banks in full control
they want a system that will let them keep their fees and revenue model. stablecoins threaten to pull billions in deposits away from banks - this is their last ditch attempt to stop that.
- limits defi innovation
by controlling their own permissioned blockchain, banks prevent users from using other blockchain protocols that could allow them to get higher yields etc (one of the main attractions of defi for many users).
@amylcris This whole system that takes our taxes is a scam. Laws are only enforced on the poor who can’t afford attorneys to defend themselves while the wealthy can do whatever they want without any accountability.
Aging is arguably the root cause of most major diseases (loss of function in our cells). Four years ago, we made a bet that aging was treatable, and NewLimit was born.
NewLimit now has a prototype drug that reverses the age of some human cells (restores function they had when they were younger), and a clinical trial scheduled for next year (with more drug candidates in the pipeline).
Grateful to Founders Fund, Thrive, Greenoaks, and the rest of the investors for this latest round. @jacobkimmel and the team are just getting started.
To my fellow Angelenos who want change, and are considering voting for Nithya Raman, I can assure you, she is not fit for the job, and she has no path to victory. A vote for Nithya is a vote for Karen Bass. I am ready to earn your vote and make LA feel safe for all.
Pass the CLARITY Act Before Senate Recess!
The Senate is set to recess from June 29 to July 10. We have just 3 weeks left to pass the CLARITY Act, and bring regulatory certainty to digital assets.
Let's get it done before the break. Pass CLARITY Act now.