@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.
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.
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.
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.
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
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.
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.”
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.
@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.
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.
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.
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.
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
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.
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.