BlockProf
Fire Drill, Sherlock, Lucy, & Yes Minister
Fire Drill: Treasury would be granted Emperor Palpatine level power to destroy crypto in new legislation
Coin Center has the latest on legislation recently introduced to grant the Treasury Department power to ban crypto on exchanges at will, without notice and comment rulemaking. Scary stuff. Support your local HODL PAC!
Another Newsletter? What is Verret thinking? But Sherlock Holmes is cool.
I started another newlsletter, Mycroft: A Sherlockian Chronicle of Financial Forensics. This one will be only monthly. Mycroft was Sherlock’s older brother, who he admitted was his superior in forensic analysis. My day job is crypto fin reg professor, my side hustle is forensic accountant in litigation. Learn about what forensic accountants do, from fraud examination, to valuation, to damages calculation. Will there be crypto forensics and crypto valuation? Of course. And you will be transported back in time to 221B Baker Street.
The Federal Reserve is Lucy, Charlie Brown is Banks, and the Football is Stablecoins.
Remember when Lucy would promise Charlie Brown she would hold the football so he could kick it, then every time he went for it Lucy would move the ball? The latest is that Facebook’s Libra initiative failed in part because the Federal Reserve pressured the bank that Facebook partnered with not to move forward. Then in the President’s Working Group Report on Stablecoins, we are told stablecoins should only be issued by banks. Good Grief!
Rumor Has It
The President is planning to issue an executive order on crypto. Lots of reports will ensue. I’m reminded of a great clip from Yes Minister about government reports.