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VOICE ARCHIVE

Todd Phillips

@tphillips
20 posts
2025-12-08
Regulators can stop this by requiring stablecoin issuers to use allow-lists instead of only block-lists. Allowing stablecoins to be used for money laundering is a policy choice. [image]
2025-12-08 View on X
New York Times

How “cash to crypto” swaps allow users everywhere to convert local currencies to stablecoins and then to debit cards, avoiding financial oversight and sanctions

www.nytimes.com/2025/12/07/t... Ken Caldeira / @kencaldeira.com : Is there any purpose to cryptocurrency other than to facilitate criminal activity?  —  www.nytimes.com/2025/12/07/...

2024-11-22
This is big for crypto, but also makes me wonder how strong the rule is. How do we differentiate what PayPal does from p2p transactions on Coinbase. Can PayPal start denominating its transactions in PYUSD, or even “PayPal Bucks”, and evade the rule? [image]
2024-11-22 View on X
Bloomberg

The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks

the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & p...

I'm seeing articles saying that the CFPB is going to treat the likes of Apple Pay and PayPal like banks. I wish. The CFPB is going to supervise these institutions to ensure that these firms comply with the consumer financial protection laws. https://www.bloomberg.com/...
2024-11-22 View on X
Bloomberg

The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks

the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & p...

2024-10-08
.@cryptocom receives a Wells notice from the SEC, files a preemptive lawsuit in Texas claiming the SEC lacks authority to regulate crypto. https://crypto.com/...
2024-10-08 View on X
The Block

Crypto.com sues the US SEC after receiving a Wells notice that the agency plans to bring an enforcement action against it; Consensys sued the SEC in April 2024

- The crypto trading platform said it decided to sue the agency after receiving a Wells notice and said the SEC's actions left them “with no other choice.”

2023-11-30
Also because when the Fed approved SoFi's BHC application it gave SoFi two years to exit the crypto space. And wouldn't you know it, that was in January 2022—almost two years ago!
2023-11-30 View on X
Bloomberg

SoFi tells its crypto customers to liquidate their accounts or move holdings to Blockchain.com by December 19, as it exits crypto due to regulatory scrutiny

or possibly face a big tax bill Mark Matousek / The Information : SoFi Shutting Down Its Crypto Business Jack Kubinec / Blockworks : SoFi shutters crypto trading following Fed regu...

2023-08-17
I'm not concerned about Coinbase having an FCM so much as I am about the fact that it also controls the exchange (and presumably the clearinghouse). If Coinbase wants to prop-trade against customers, this is how it can do it. 1/
2023-08-17 View on X
The Block

Coinbase says the exchange received regulatory approval from the CFTC-backed National Futures Association to offer futures trading services to eligible US users

a ‘watershed moment’—as decision on Grayscale spot Bitcoin ETF looms Emily Tonelli / Crypto Briefing : Coinbase Steps Up, Securing Approval for Listing US Crypto Futures Trading Mu...

2023-08-16
I'm not concerned about Coinbase having an FCM so much as I am about the fact that it also controls the exchange (and presumably the clearinghouse). If Coinbase wants to prop-trade against customers, this is how it can do it. 1/
2023-08-16 View on X
The Block

Coinbase says the exchange received regulatory approval from the CFTC-backed National Futures Association to offer futures trading services to eligible US users

- Coinbase is now allowed to operate as a futures commission merchant and offer eligible U.S. customers access to crypto futures from its platforms, the company said.

2023-06-07
Prediction: Coinbase is the case that goes to the Supreme Court. Don't pay attention to Binance. Stop paying attention to Ripple. Coinbase is what decides the legal issues.
2023-06-07 View on X
Bloomberg

A look at the similarities and differences between the SEC's lawsuits against Coinbase and Binance, as the SEC views every crypto exchange in the US as illegal

SEC v. Crypto  —  “A decent rule of thumb,” I wrote in March, “is that all cryptocurrency exchanges are doing crimes …

2023-04-26
There's trouble lurking in here, and I don't know what it is. Coinbase is not going to get the SEC to write rules from this lawsuit. It's to make a statement. But they hired Eugene Scalia to write it. Scalia is a powerhouse lawyer, very strategic, and very expensive. 1/ https://twitter.com/...
2023-04-26 View on X
Decrypt

Coinbase asks a US federal court to compel the SEC to respond to a petition the company filed in July 2022 asking 50 questions to help clarify crypto regulation

instead of simply swooping in w/ vague and spotty enforcement actions, which has chilling and hostile effect on the space. When you can't get a clear answer on a narrow question, f...

This is a lot of trouble just so Coinbase can tell a court, when the SEC sues it, that it lacked clarity around the rules. They already were able to claim that. So what's the angle here? What does this lawsuit get Coinbase that it didn't otherwise have? I don't know. 2/2
2023-04-26 View on X
Decrypt

Coinbase asks a US federal court to compel the SEC to respond to a petition the company filed in July 2022 asking 50 questions to help clarify crypto regulation

instead of simply swooping in w/ vague and spotty enforcement actions, which has chilling and hostile effect on the space. When you can't get a clear answer on a narrow question, f...

2023-04-25
There's trouble lurking in here, and I don't know what it is. Coinbase is not going to get the SEC to write rules from this lawsuit. It's to make a statement. But they hired Eugene Scalia to write it. Scalia is a powerhouse lawyer, very strategic, and very expensive. 1/ https://twitter.com/...
2023-04-25 View on X
Decrypt

Coinbase asks a US federal court to force the SEC to respond to a petition Coinbase filed in July 2022, demanding clearer crypto regulations

The cryptocurrency exchange filed the petition along with a long list of questions last July. … Coinbase Chief Legal Officer Paul Grewal wrote …

This is a lot of trouble just so Coinbase can tell a court, when the SEC sues it, that it lacked clarity around the rules. They already were able to claim that. So what's the angle here? What does this lawsuit get Coinbase that it didn't otherwise have? I don't know. 2/2
2023-04-25 View on X
Decrypt

Coinbase asks a US federal court to force the SEC to respond to a petition Coinbase filed in July 2022, demanding clearer crypto regulations

The cryptocurrency exchange filed the petition along with a long list of questions last July. … Coinbase Chief Legal Officer Paul Grewal wrote …

2023-03-21
“The FDIC estimates the cost of the failure of Signature Bank to its Deposit Insurance Fund to be approximately $2.5 billion. The exact cost will be determined when the FDIC terminates the receivership.” That's not great, but not terrible either. https://twitter.com/...
2023-03-21 View on X
Reuters

The FDIC plans to sell all of Signature Bank's 40 branches to Flagstar Bank, as well as some Signature loans and deposits not in its digital banking business

Bloomberg reports:  —  “Signature Bank's crypto-related deposits will be returned to customers directly … Michael Farrell : I am pleased to announce that Signature Bridge Bank, N.A...

2023-03-20
“The FDIC estimates the cost of the failure of Signature Bank to its Deposit Insurance Fund to be approximately $2.5 billion. The exact cost will be determined when the FDIC terminates the receivership.” That's not great, but not terrible either. https://twitter.com/...
2023-03-20 View on X
Reuters

The FDIC plans to sell Signature Bank's deposits to Flagstar Bank, excluding those in its digital banking business, some loans, and Signature's 40 branches

A subsidiary of New York Community Bancorp (NYCB.N) has entered into an agreement with U.S. regulators to purchase deposits and loans …

2023-03-14
Was just reminded that Barney Frank is on Signature's board, and supported S. 2155 (the 2018 Dodd-Frank partial rollback law)
2023-03-14 View on X
New York Times

Signature's and SVB's collapse was aided by GOP-led Dodd-Frank reforms that raised the “stress test” threshold from $50B to $250B, pushed for by SVB executives

Officials with Signature and Silicon Valley banks, which regulators seized in recent days, called for looser financial requirements for midsize banks.

2023-01-31
“On a stand-alone basis [Celsius] has been insolvent since inception,” the report finds. Jesus. This is all so, so bad. Celsius engaged in maturity transformation. That alone is risky enough for supervision. And supervision would have caught the rest of this ponzi. https://twitter.com/...
2023-01-31 View on X
CoinDesk

Independent examiner: Celsius misled investors and sometimes used new customer funds to pay for withdrawals, CEO Alex Mashinsky made false claims, and more

Shoba Pillay was appointed by a New York bankruptcy court to look at whether the crypto lender operated as a Ponzi scheme

2023-01-05
Celsius was a bank. Taking ownership of assets to re-lend them out to borrowers is what banks do. The fact that Celsius and similar companies were permitted to operate without capital, liquidity, and other requirements is a huge failure of public policy. https://twitter.com/...
2023-01-05 View on X
Axios

A US judge rules that the crypto deposits in bankrupt crypto lender Celsius Network's yield-bearing accounts belong to Celsius and not the individual holders

Celsius Network's bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.

2022-07-06
Today @FlitterOnFraud writes about How Wall Street Escaped the Crypto Meltdown. Bank regulators did a very good job of keeping crypto out of the traditional financial system. But Emily quotes a Celsius depositor who says “I just don't see how what they did is not illegal.” 1/
2022-07-06 View on X
New York Times

As crypto markets tumbled, strict US regulatory rules on risky assets mostly insulated Wall Street from the chaos, while retail investors had no such safeguards

As cryptocurrency prices plunged and funds failed, strict rules on risky assets helped Wall Street companies sidestep the worst. Tweets: @drewharwell , @ianguider , @tphillips , @g...

2021-09-23
I highly recommend folks read @STOmarova's article “The Quiet Metamorphosis,” on how the OCC changed the law allowing banks to use derivatives. She understands not only banking but the history of banking. And that's unbelievably important. https://twitter.com/...
2021-09-23 View on X
Bloomberg

Sources: Biden plans to nominate Cornell law professor and cryptocurrency critic Saule Omarova to run the Office of the Comptroller of the Currency

Bloomberg :

2021-09-12
Good! Even if stablecoins aren't now a threat, the stablecoin model certainly is (much as how money market funds are). Cash-like products need insurance, prudential regulation, or to not exist. https://twitter.com/...
2021-09-12 View on X
Bloomberg

Sources: US officials are considering a Financial Stability Oversight Council review into whether Tether and other stablecoins threaten financial stability

Bloomberg :