Consensus Mechanism
We’re making today’s post free for all readers on Substack, happy reading!
Wow, the usually divided upper house of the US political system has managed unanimity…the Consensus? Lock SBF up. U.S. Senate Unanimously Opposes Clemency For FTX Founder Sam Bankman-Fried (CoinDesk) / Senate Urges Trump Not To Pardon Ex-Crypto Exec Bankman-Fried (Bloomberg) / US Senate Unanimously Adopts Resolution Opposing Clemency For SBF (Cointelegraph).
EI 3530 : ‘The Guy’s A Piece Of ….’: SBF’s Pardon Push Falls Flat In Congress
EI 3605 : Sam Bankman-Fried Officially Asks Trump For A Presidential Pardon
It may be non-binding, but given he used to be the Dem paymaster in chief, the Senate’s unanimity suggests executive clemency may not be looming for SBF.
In the same essential debate, this clemency may have happened already, but some are still angry about it: US Senator Blasts AG Pick For ‘Dismantling’ Crypto Unit, Trump’s CZ Pardon (Cointelegraph)
EI 3409: Trump Pardons Binance Co-Founder Changpeng Zhao, Criticising Biden’s Crypto Stance
Powwow looming results ought to be trickling through today but will it be truly conclusive? Trump To Meet With Senators Over CLARITY Act On Thursday: Politico (Cointelegraph).
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In real world developments, DTCC Turns Tokenization Into Reality: U.S. Trades Successfully Processed Using DTC-Tokenized Assets (DTCC).
In the courts, California Pair Charged With Laundering Crypto Proceeds From Darknet Fentanyl Sales (The Block).
In regulation, MAS Calls For Stronger AML Controls Among Crypto Firms (Fintech Singapore).
In M&A, Crypto Prime Broker FalconX Acquires Blockchain Connectivity Co bloXroute (FX News Group).
In career paths for crypto, Coinbase’s Jesse Pollak Steps Back From Base App Leadership After Admitting His Crypto Social Strategy Failed (CoinDesk).
In news from de facto bankrupt states, Illinois’s Crypto Tax Could Tax You Even If You Lose Money (Forbes).
Sanctions update, U.S. Adds Four Iran Central Bank Crypto Wallets To Sanctions, Tether Freezes $131 Million Of Contents (CoinDesk).
Pakistani investors worry as a leading cleric goes anti-crypto: “Trading Is Haram”: Top Pak Cleric’s Fatwa Against Crypto Spooks Investors (NDTV).
Some fundraising as first Crypto Clearinghouse Glacis Labs Raises $6.8 Million Seed To Expand ZeroDelta Platform (The Block).
Then secondly, Tether Invests $20 Million In Ualá As The Fintech Firm Reaches $3.2 Billion Valuation (The Block).
From our sister publication, EI Weekend:
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Young’s Pyramid Quarterly Update — Tier II
Despite a paucity of positive news — maybe it was that claim of being a very provincial market to try to avoid pan-EU regulation from ESMA, DB1 went up to $50.8 billion in market cap, taking the lead at the top of tier 2 of Young’s pyramid over NASDAQ, which had a quarter of consolidation share price-wise despite excellent results. Otherwise, it was mostly a challenging quarter for exchanges, although one other conspicuous winner was Euronext, adding a couple of billion USD in market cap and thus pushing the exchange closer to being a potential merger of equals / 50:50 acquirer of Euroclear.
AFM Trends Day
Launched at AFM in Taipei, the first AFM Trends Day is coming to Malta on November 13th — watch the launch here.
As AFM members, we agreed last year to expand the recent AFM Tech Days into a broader format. Thus, AFM Trends Day launches this November in the magnificent historic city of Valletta, Malta.
A key theme is simple: how do emerging markets emerge?
Malta is the proof point. In 1970, Malta’s GDP per capita was around $828. Today, World Bank data puts it at $47,906.9 — higher than South Korea and a whisker behind France ($46,103). That is not merely growth. A small jurisdiction has become a high-income European economy and a serious international platform. In the post-war era, it was a net exporter of human capital to Australia, the UK, and elsewhere.
That is why AFM Trends Day will focus on the trends that matter: market structure, clearing resilience, technology, digital assets, sustainability-linked products and the practical choices that build credible markets.
See you in Valletta on November 13th… registration now open.
PLY: Market Movers On FINTECH.TV
Catch me on Market Movers On FINTECH.TV every Monday at 09:20 AM for the latest insights in finance, technology, impact investing, and market trends. FINTECH.TV is available online at FINTECH.TV across multiple US airports.
Finance Book of the Week
“The Rational Optimist” by Matt Ridley makes the case for an economics of hope, arguing that the benefits of commerce, technology, innovation, and change — what Ridley calls cultural evolution — can continue to increase human prosperity.
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled in next week’s Sunday Supplement.
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