We tease aside the info vs buzz round current information — that the U.S. Treasury sanctioned Twister Money for allegedly laundering proceeds of cybercrimes, after which later the Dutch Fiscal Info and Investigation Service acknowledged that they arrested a suspected developer of Twister Money Twister Money — together with what’s novel and what’s not right here, in addition to the broader regulatory and compliance backdrop.
However we additionally share an evergreen explainer that goes effectively past current occasions, to assist crypto founders and others navigate numerous regulatory and compliance necessities for builders… whereas nonetheless guaranteeing innovation.
– The primary third covers a ton of study past the information round Twister Money — from broader backdrop to specifics to gamers to what’s novel or not in current actions; in addition to going into the variations between sanctions and nationwide securities legal guidelines, to civil enforcement actions, prison legal responsibility and cash laundering, and Financial institution Secrecy Act (BSA) and anti-money laundering (AML) program compliance necessities.
– We then do a quick interlude on the distinction between obfuscating vs privateness preserving applied sciences, and why that issues within the huge image.
– After which the SECOND half of the episode dives deep into understanding and navigating compliance and authorized for builders, protecting: completely different frameworks, rules, frequent myths & misconceptions; when and how you can useful resource (tooling to hiring); a lightning-round primer on the alphabet soup of presidency entities related to this house; recommendation for BOTH entrepreneurs & authorities companies on participating with one another
Our knowledgeable company (in dialog with Sonal Chokshi) are:
– Michele Korver, head of regulatory at a16z crypto, former federal prosecutor who was additionally on the Division of the Treasury’s Monetary Crimes Enforcement Community as their chief digital forex advisor; she additionally hung out within the U.S. Departmentt of Justice, the place she was the primary devoted material knowledgeable in cryptocurrency-related prosecutions and forfeitures; and
– Jai Ramaswamy, chief authorized officer at Andreessen Horowitz, the place he oversees authorized and compliance; he was additionally previously chief threat and compliance officer at cLabs, which launched the decentralized protocol Celo; Jai additionally headed (or suggested) on AML compliance & threat administration at main banks (Capital One, Financial institution of America); and beforehand spent over a decade in authorities together with important time within the U.S. Division of Justice prison division, the place he targeted on cybercrime, asset forfeiture, and cash laundering.
As a reminder: Not one of the following is authorized, enterprise, funding, or tax recommendation; please see a16z.com/disclosures for extra essential info, together with a hyperlink to a listing of our investments.
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