Todd Phillips

Banking and administrative law. Klaros. Fmr @RobinsonCollege @amprog @fdic @acusgov.

[Todd Phillips @tphillips]

@Jeremy_Kress @robblackwellAB @amacker I gave her staff questions about substantive issues, and instead we got a garbled mess of a question about process issues that won't help anyone in the real world. Convince a community bank to sue and make the argument in court.

[Todd Phillips @tphillips]

Link: https://t.co/dt0TpAL6gB

[Todd Phillips @tphillips]

I spoke with @jangelooff @AP about how crazy it is that George Santos may have engaged in insider trading / market manipulation on contracts about himself on Kalshi.

[Todd Phillips @tphillips]

Getting lost in the crypto AML discussions is that FinCEN has dormant authority to put into law practically all of Clarity's AML provisions--if it wanted.

The debate is whether we limit future FinCEN efforts to get rules on the books today or wait for Treasury to act.

[Todd Phillips @tphillips]

It was a good thought to put out this letter, but the inclusion of these names kills any power it might have had with Warner and Cortez Masto. Not saying it backfires on crypto, but it doesn't move the needle the way they wanted.

[Brendan Pedersen @BrendanPedersen]

Crypto advocates sent this “law enforcement” letter to Congress last night supporting Clarity

Cursory search and you’ll find dozens of folks here who are currently paid by or repping the crypto industry. I found nine Coinbase employees in like 15 minutes

[Todd Phillips @tphillips]

@BrendanPedersen I look forward to the day when the CFTC brings a prediction markets insider trading case on its own.

[Todd Phillips @tphillips]

@Aarondklein Yet for some reason we decided to treat USDT as a foreign stablecoin not subject to US regulation and not the commodity pool that it is.

[Todd Phillips @tphillips]

Link: https://t.co/J1HcAGt9TQ

[Todd Phillips @tphillips]

Just horrible. This is absolutely not what the CFTC needs when it's taking on oversight of all-new markets. If I was conspiracy-minded, I'd think this is new leadership trying to hollow out the ranks of those who'd push back against the enormous changes they're pursuing.

[Todd Phillips @tphillips]

Very pleased to see this article in print! Here's hoping its arguments will be adopted by courts!

[Nicholas Bednar @NicholasBednar]

Very excited to see our article on Commission Quorums in print with Stanford Law Review. @tphillips

https://t.co/MCw78oCNTV

[Todd Phillips @tphillips]

@PJSobkowski Congrats, Pat!

[Todd Phillips @tphillips]

The next frontier of the CLARITY Act fight on Capitol Hill is BSA/AML

[Brendan Pedersen @BrendanPedersen]

Jamie Dimon, complaining about the Clarity Act and Coinbase CEO Brian Armstrong this AM: “He’s spending hundreds of millions of dollars in Washington in this thing.”

Maria: “He said he’s representing the whole —”

Dimon: “He’s full of shit.”

Maria: “…well.”

[Todd Phillips @tphillips]

@FormerCFTCGC @DustinGouker That is 100% my pet peeve.

[Todd Phillips @tphillips]

It seems like @CFTC just did several things. It:

1) Allowed @Kalshi to list BTC perps.
2) Allowed @coinbase to offer crypto derivatives on a foreign exchange (Deribit).
3) Asked nicely that non-BTC perps be submitted for CFTC review.
4) Authorized 24/7 trading.

[Todd Phillips @tphillips]

@AlexH_Johnson @RogueCfpb Because I got slapped down on the internal Slack by saying Bowman was doing things, I am required to inform you that Waller is the governor in charge of reserve bank operations, so it's likely him making these decisions.

[Todd Phillips @tphillips]

They're supposed to also refer the suspected trades to the CFTC, since it has the subpoena power that Kalshi lacks. The CFTC can figure out if anyone with inside info tipped the traders.

[Kate Knibbs 🏄🏻‍♀️ @Knibbs]

Asked Kalshi how they look into whether users have a relationship to the show. Answer: "Social media, public records, employment info."

[Todd Phillips @tphillips]

This week I start a new role at Klaros!

It's bittersweet to be leaving academia, but I'm excited about the prospect of using my knowledge to help banks, fintechs, and other financial institutions navigate regulatory challenges.

[Todd Phillips @tphillips]

The preamble by FFIEC to this proposal to rewrite the CAMELS ratings is unbelievably short. Nothing about the motivation or consequences to financial stability or society.

Notice and comment isn't required for this, so that they're even putting it out is a good thing, but still.

[Bank Reg Blog @bank_reg]

Proposed CAMELS changes out today show how the hodgepodge of FFIEC regulators are trying to square this circle. Management rating would stick around but... (1) would no longer receive outsize weight in determining composite rating and (2) would focus on material financial risk

[Todd Phillips @tphillips]

Join me in DC on June 5 for the @theOpenBanker Salon!

It's at the Aspen Institute, and will include a room full of smart people who care about financial policy.

If you're not yet registered, use the discount code SPEAKER15 for 15% off.

[Todd Phillips @tphillips]

@corychansen No, I hadn't. It's a good movie! The ending is just unrealistic.

[Todd Phillips @tphillips]

After having watched The Devil Wears Prada for the first time, my take away is this: It's well done, passes the Bechdel Test, and unrealistic because Andy would never get a good recommendation as a body-person who left her boss as they were going into a big media event.