The “R” and “C” words, rehypothecation and commingling, are as antithetical to how Bitcoin works as they are integral to how Wall Street works. But they’re coming to bitcoin, thanks to Wall Street’s entry into the market via ICE, parent of the New York Stock Exchange.
Last of the 3-part series on Forbes.com is available here! The race to fix Wall St now includes ICE, parent of NYSE, which is embracing cryptocurrencies. This renders many of Wall St’s enterprise blockchain projects obsolete as ICE moves to natively-digital blockchain assets, a big positive.
ICE has announced it is building Bakkt–a new cryptocurrency platform and ecosystem. This is positive for cryptocurrencies in many ways, but it’s also negative.
Here’s my latest post on Forbes.com — the second of a 3-part series on the building rivalry between crypto capital markets and Wall Street. Liquidity arising from the good type of financialization is a big positive for cryptocurrencies, owing to exponential network effects, but liquidity arising from leverage-based financialization—which creates claims to cryptocurrencies out of thin […]
Here’s my latest post on Forbes.com — the first of a 3-part series on the building rivalry between crypto capital markets and Wall Street. The ICO market was 45% of the IPO market in Q2 2018, up from 40% in Q1 2018. Institutional investors are seeing opportunities in a market that is becoming institutionally-investable. Investment […]
Digital privacy law experts predict a flood of litigation testing the constitutionality of government data collection practices after the Supreme Court’s Carpenter decision on cell phone data. This article discusses potential Bank Secrecy Act challenges originating from blockchain companies. It’s also my piece on Forbes.com! Click to see the story here.
Speech available here. Outline of the speech + slides, which contain links to materials referenced: * Bitcoin is history’s first (and probably only) universally honest ledger. * PROBLEMS: 2 fundamental problems are solved by blockchain: the “moneyness” of credit and inaccuracies in Wall St’s ledgers. * Most credit creation today happens outside of the traditional […]