Episode 17 – From Skeptic to Believer: Preston Byrne on the cryptocurrency ecosystem — Crypto Critics’ Corner

From Skeptic to Believer: Preston Byrne on the cryptocurrency ecosystem Crypto Critics' Corner

Lawyer Preston Byrne joins Bennett Tomlin and Cas Piancey for a wide-ranging discussion that goes from his own crypto journey (of skeptic to believer) to regulatory and legal risks for stablecoin operators. Visit his Twitter to see more from Preston https://twitter.com/prestonjbyrne

In this episode Cas and I are joined by Preston Byrne of Anderson Kill Law to discuss stablecoins, his perspective on crypto, and the interplay between regulation and decentralized finance.

You can find Preston’s Twitter here.

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Episode 16 – Stablecoins, CBDCs, and the STABLE Act with Rohan Grey — Crypto Critics’ Corner

Stablecoins, CBDCs, and the STABLE Act with Rohan Grey Crypto Critics' Corner

Bennett Tomlin and Cas Piancey are joined by Assistant Professor of Law at Willamette University and one of the authors of the STABLE Act, Rohan Grey. We discuss how stablecoins operate, what he hopes to see from CBDCs and the problems he sees in all kinds of new(er) money markets. Find him on Twitter @rohangrey

In this episode Cas and I are joined by Rohan Grey, Assistant Professor at Willamette Law and one of the creators of the STABLE Act to discuss money transmitters, stablecoins, CBDCs, and the STABLE Act.

You can find Rohan’s Twitter here.

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Episode 15 – Revisiting Enron with David Z Morris — Crypto Critics’ Corner

Revisiting Enron with David Z. Morris Crypto Critics' Corner

Today Bennett Tomlin and Cas Piancey are joined by David Z. Morris to discuss what happened at Enron, the ramifications of its downfall, and how the climate during Enron relates to today. If you'd like to hear more from David visit his website http://www.davidzmorris.com/  his twitter profile https://twitter.com/davidzmorris or subscribe to his substack http://davidzmorris.substack.com

In this episode Cas and I are joined by David Z Morris of Coindesk to discuss Enron and how we think this relates to the current cryptocurrency ecosystem. 

You can find David’s Twitter here, his Substack here, and his book here. (Note: this is an affiliate link which helps support my work.)

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Sunday Reads – Things I Found Interesting 2021-07-18

Stablecoins

Janet Yellen is getting together a whole bunch of regulators and law enforcement to figure out what the heck is happening with stablecoins.

ICYMI

I was able to go on the Grant William’s Podcast to discuss Bitfinex and Tether and he has also made his report on Tether and Bitfinex freely available.

In this episode Cas and I discuss his journey to try to find the offices of Bitfinex and Tether.

In this article I tried to figure out why Tether’s reserves look so…weird.

On this Twitter Spaces I was able to discuss Binance’s current situation with Frances Coppola, Cas Piancey, and David Gerard.

In this article I try to exhaustively document every audit, attestation, consulting memo, and letter meant to prove Tether was sufficiently backed.

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A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual

A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual Bennett's Articles

https://bennettftomlin.com/2021/07/17/a-history-of-tether-and-bitfinexs-audits-attestations-memos-and-letters-both-promised-and-actual/ Amidst all the confusion surrounding Tether and Bitfinex it can be difficult to keep track of what they have actually provided in terms of audits, attestations, and other documents to support their contentions. Here I will summarize, but the important note that needs to be included at the top is that both Bitfinex and Tether once hired an auditor, but neither ever completed the audit. Ever since Tether was founded they have promised to provide a full financial audit. It feature prominently in their whitepaper and on their website for years. They have never provided this audit, but have provided a variety of other documents meant to convince the public that they had sufficient backing for the tethers in circulation. In March of 2015 Tether and Factom announced (archive) they had formed a partnership to provide greater transparency into Tether’s holdings. The partnership never provided any additional transparency into Tether or its operations. In August of 2016 Bitfinex promised (archive) to provide a full financial and security audit after they were hacked. They initially announced that Ledger Labs was hired to perform both. No audit from Ledger Labs was ever released. This was likely in part due to the fact that Ledger Labs was not able to provide financial audits. In May of 2017 Bitfinex announced (archive) they had engaged Friedman LLP out of New York to audit them. As of today in 2021 we have yet to get an update from Bitfinex on the status of this audit. In September of 2017 Tether announced (archive) that they had engaged Friedman LLP out of New York to audit them. This audit would never occur, we would eventually get an update from a Tether spokesperson saying the relationship dissolved, citing the “excruciatingly detailed procedures”(archive) that the auditor wanted to undertake. Also in September of 2017 Tether released from previous attestations from a small accounting firm in Taiwan called TOPSUN. These were monthly attestations attesting to Tether having sufficient backing for the end of the month from December 2016 through March 2017. Strangely these were not completed at the end of the respective months but were all completed on May 23rd 2017. (Strangely approximately two weeks after they announced that Friedman had been brought on to audit Bitfinex) Read more… https://bennettftomlin.com/2021/07/17/a-history-of-tether-and-bitfinexs-audits-attestations-memos-and-letters-both-promised-and-actual/

Amidst all the confusion surrounding Tether and Bitfinex it can be difficult to keep track of what they have actually provided in terms of audits, attestations, and other documents to support their contentions. Here I will summarize, but the important note that needs to be included at the top is that both Bitfinex and Tether once hired an auditor, but neither ever completed the audit.

Continue reading “A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual”

Sunday Reads – Things I Found Interesting 2021-07-11

Binance

Binance in their continual journey to be simultaneously everywhere and nowhere has ended up right back where they started, in Hong Kong.

TrueUSD

I am still worried about the fact that we have yet to get more information from TrueUSD about their acquisition or when attestations may resume. Cas covered it months ago here.

ICYMI

In this article I document the periods where we have definitive proof that Tether was not fully backed.

In this episode Cas Piancey and I are joined by David Canellis of Protos Media to discuss the myriad problems we see with BitClout.

In this Twitter Spaces hosted by ChadSGX and Wolf Financial I am joined by Cas Piancey and Frances Coppola to discuss Tether and Bitfinex

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My Twitter Spaces with Frances Coppola and Cas Piancey

Bitfinex & Tether – Twitter Space CHAD

In this Twitter Space, we covered the Tether & Bitfinex Scandal! What are your thoughts? Let us!   From: https://twitter.com/chadsgx  https://www.instagram.com/chadsgx/?hl=en  Co-Hosted w/: https://twitter.com/WOLF_Financial    Speakers:  https://twitter.com/CasPiancey https://twitter.com/BennettTomlin https://twitter.com/Frances_Coppola https://twitter.com/Bitfinexed   Subscribe for more awesome spaces & conversations like this!

This was a Twitter Spaces that I did a couple weeks ago with chadsgx, Wolf_Financial, Cas Piancey, and Frances Coppola. We discuss Tether and Bitfinex and take a few (heated) questions at the end.

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