🔥Fintech Biz Weekly just dropped
New research: How credit card rewards programs redistribute $15 *BILLION* in wealth from poor to rich, from less to more educated, from high- to low-minority areas
Read: fintechbusinessweekly.substack.com/p/credit-card-
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Salman Banaei 
@salmanbanaei
policy | fmr | safe + fair + equitable markets | deadlifts | *personal account*
20002Joined April 2011
Salman Banaei 👷🏾🦄’s Tweets
Just noticed #TradFi #blockchain use case volumes are nearing (maybe exceeding) #crypto volumes. Tokenized financial asset repurchase agreement (repo) volumes on and Onyx alone >$36b a day. On chain $ETH and $BTC volumes account for around $29b a day.
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My friend and former colleague bringing transparency to opaque private markets - and media coverage of private markets.
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Eager to work with and staff to explore how public policy goals are best achieved using blockchain technology. This includes a better balance between privacy, national security, and financial inclusion. 7/7
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The US' Bank Secrecy Act's purpose is to "promote financial transparency and deter and detect those who seek to misuse the U.S. financial system to launder criminal proceeds, finance terrorist acts, or move funds for other illicit purposes." 6/n
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If anything, we should be looking at how to leverage public blockchains more, e.g., by encouraging digitization of financial assets, to achieve the purposes of AML laws and regs better. 5/n
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In contrast, In contrast, according to (2022) , 26.7% of illicit funds were “seized” by law enforcement. SEIZURES OF ILLICIT FUNDS ARE >26x MORE LIKELY IN CRYPTO. 4/n
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According to the Global Coalition to Fight Financial Crime, less than 1% of illicit proceeds globally are ever seized or frozen by law enforcement agencies in the traditional financial system. 3/n
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Permissionless, public blockchains do a BETTER job of helping law enforcement seize illicit funds than traditional financial system with its thicket of AML regulations. Far from being unregulated, exchanges and cash on/offramps are subject to AML. 2/n
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If only there was a technology that, if embraced by policymakers, could reduce reliance on exploitive intermediaries that extract a tax (rents) that falls hardest on American consumers and small businesses...
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Fascinating to see how US banks profit off of credit cards users. For customers with low credit scores, the majority of bank revenues are in the form of interest. For sophisticated customers (i.e. high credit score), revenue is mostly from interchange.
federalreserve.gov/econres/feds/f
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On-chain foreign exchange (FX) is a new model of global value exchange that offers a faster, cheaper, and more efficient alternative for cross-border payments.
Our recent research paper with has it all 🧵
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Larry Fink from Blackrock just said on CNBC: "I look forward to the day when all stocks and bonds are tokenized so we know every beneficial owner of every stock and bond"
Surprising coming from Blackrock! Seems to acknowledge that we don't know BOs today - too much obfuscation.
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Important message from Treasury: Overly broad de-risking + preemptive over-compliance “not only hurts...communities but can pose a NatSec risk by driving financial activity outside...”
Notably talking to tech infra too, which is fundamental to "access."
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everything is fine until it isn't
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4/4 "And arrangements that would be expensive or impractical to enforce in the real world become possible—allowing artists to retain a stake in the profits from the resale of their digital works, for instance."
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3/4 "Interoperable, open-source functions can be built on top of them, including self-executing smart contracts that are guaranteed to function as written. A system of tokens, and rules governing them, can collectively offer a clever way to incentivise open-source contributors."
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2/4 "This is expensive and is often captured by insiders who take a cut. Public blockchains, by contrast, are built on a network of computers, making their transactions transparent and, in theory, trustworthy. "
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1/4 "Amid the wreckage of the past week, it is worth remembering the technology’s underlying potential. Conventional banking requires a vast infrastructure to maintain trust between strangers."
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In today's post, the authors examine whether migrating crypto activities from centralized platforms to decentralized finance (DeFi) protocols might afford investors better protection, especially in the absence of regulatory changes.
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I look forward to participating as a speaker on the #DEX panel as part of the 1st annual Digital Assets at Duke Conference () on Jan. 20-21 . See all panelist and speakers including & at:
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If you are interested in DeFi research and working at , we just posted a new post for PhD fellowship. If you have questions, feel free to reach out!
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CFTC complaint against SBF out: cftc.gov/PressRoom/Pres
It goes after SBF and FTX/Alameda, and the counts are related to customer harms, unlike the SEC complaint.
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