December 2022 - cypherpunks - lists.cpunks.org

Re: JPMorgan Introduction
by Gunnar Larson 15 Mar '25

15 Mar '25

Hey William: Thank you for reaching out. It was great speaking with you about the exciting market conditions and prospective opportunities in the bond marketplace. xNY.io - Bank.org sure hopes to be a fellow innovator in space, now and in the future (under regulatory scrutiny). As mentioned, we have been in-touch with JP Morgan. Here is the last memo (attached): https://docs.google.com/document/d/1bxERzXknAFfVW3YsDpNB-GPlVoiLAeeBXUrxwOF… Not exactly sure what JP Morgan thinks of our approach to Green Bonds and others. If you think there is a fit, happy to discuss this more with you. Hope you have a great day. Thank you, Gunnar Gunnar Larson xNY.io - Bank.org 646-454-9107 On Tue, Sep 13, 2022, 3:08 PM Garrity, William <william.garrity(a)jpmorgan.com> wrote: > Hi Gunnar, > > > > I just sent out a calendar invite for 10am tomorrow. Kindly let me know > the best number to reach you and I will give you a call at that time. > > > > All the best, > > > > *Will* > > > > *William Garrity* | J.P. Morgan Private Client Advisor | Vice President | > J.P. Morgan Wealth Management > 277 Park Avenue, New York, NY 10172 | T: 212-272-2920 | > william.garrity(a)jpmorgan.com | www.chase.com/privateclient > <https://chaseprivateclient.chase.com/> | Toll free 888-994-5626 > > *Alternate Contact:* Matthew Curley | T: 212-661-8022 | F: 917-849-0665 | > matthew.curley(a)jpmorgan.com | Toll free 888-994-5626 > > > > *Alternate Contact:* Michael Agoglia | T: 212-622-3871 | Efax: > 917-849-0665 | Michael.Agoglia(a)JPMorgan.com | Toll-Free 888-994-5626 > > Please Note: > > We care about your security & privacy. Please do NOT include or attach any > confidential/personal information in emails to us. Alternatively, please > call or send information/documents by fax, USPS/FedEx, or your Secure > Message Center within your account on Chase.com. Thank you! {Examples > include (but not limited to)- Account #s, SSN/card, Account stmts. & > summaries, Tax Returns, Etc.} > > > > Electronic Mail (E-mail) May Not Be Used for Trades, Transmission of > Personal Information or Messages That Require Immediate Attention. > > J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which > offers investment products and services through *J.P. Morgan Securities > LLC *(JPMS), a registered broker-dealer and investment adviser, member > FINRA and SIPC. Insurance products are made available through Chase > Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business > as Chase Insurance Agency Services, Inc. in Florida. JPMS, CIA and JPMorgan > Chase Bank, N.A. (JPMCB) are affiliated companies under the common control > of JPMorgan Chase & Co. *(See Link to full disclosures > <https://www.chase.com/personal/private-client-disclosures.html>)* > > *INVESTMENT AND INSURANCE PRODUCTS: ● NOT A DEPOSIT ● NOT FDIC INSURED ● > NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ● NO BANK GUARANTEE ● MAY LOSE > VALUE* > > This message is confidential and subject to terms at: > https://www.jpmorgan.com/emaildisclaimer including on confidential, > privileged or legal entity information, malicious content and monitoring of > electronic messages. If you are not the intended recipient, please delete > this message and notify the sender immediately. Any unauthorized use is > strictly prohibited. >

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These whales are on the brink. Now comes climate change — and wind power.
by Gunnar Larson 15 Mar '25

15 Mar '25

With only about 300 left <https://www.andersoncabotcenterforoceanlife.org/blog/right-whale-population…>, the North Atlantic right whale ranks as one of the world’s most endangered marine mammals <https://www.worldwildlife.org/species-categories/marine-animals/species/dir…>. Nearly annihilated centuries ago by whalers, the slow-swimming species is said to have earned its name because it was the “right” whale to hunt. Old-fashioned harpoons have yielded to other threats. Humans are still killing right whales at startlingly high numbers <https://www.washingtonpost.com/world/the_americas/two-percent-of-the-worlds…> — but by accident. Waters free from whalers now brim with ships that strike them, and ropes that entangle them. But Amy DiSibio, a retired stock trader who has vacationed in Nantucket for three decades, said many are turning a blind eye to noise and other ecological impacts of the energy project simply because it is branded green. “Wind farm sounds really nice,” she said. “It’s a power plant. It really is.” Her group, Nantucket Residents Against Turbines, accuses <https://dockets.justia.com/docket/massachusetts/madce/1:2021cv11390/237553> the Bureau of Ocean Energy Management, which approved <https://www.washingtonpost.com/nation/2021/05/11/interior-department-approv…> the turbines, of failing to protect the right whale in its lawsuit. The effort has attracted support from many conservatives. David Stevenson, a former member of Donald Trump’s presidential transition team, has helped Nantucket Residents Against Turbines with publicity. And the Texas Public Policy Foundation, a right-wing think tank based in Austin, is representing <https://www.courtlistener.com/docket/61618082/seafreeze-shoreside-inc-v-uni…> fishing groups that oppose turbines being built where they work. “If we were talking about an oil and gas platform,” said Robert Henneke, the Texas Public Policy Foundation’s executive director and general counsel, “there’s absolutely no way that the federal government would be allowing that kind of a construction project in this area.” https://www.washingtonpost.com/climate-environment/2022/04/21/right-whales-…

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SpaceX Interlocking Directors’ Intent to Manipulate Markets
by Gunnar Larson 16 Feb '25

16 Feb '25

Dear Attorney General Letitia James: xNY.io - Bank.org, PBC seeks to earn your esteemed approval to engage the New York False Claims Act under urgent pretences. Today's correspondence marks the first time in history, a self-titled "mafia" (aka, the "PayPal Mafia '') is compelled to answer publicly the decision to manipulate both the New York False Claims Act and the Martin Act against one another. - Madam Attorney General, your leadership approach has historical context <https://www.nytimes.com/2019/12/10/climate/exxon-climate-lawsuit-new-york.h…> to logic and ultimate Exxon Mobil vs. New York State <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> case precedent. - xNY.io - Bank.org, PBC research and development notes our hawkish approach to ESG, D&O and LBO innovation. - xNY.io - Bank.org, PBC sees this not a democrat vs. republican concern as Mr. Elon Musk (CEO, SpaceX and Tesla) claims. False pretense to protect free speech are now being debated as party to a $200B pryamid scheme. Ms. James, on May 21, 2022 xNY.io - Bank.org, PBC <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> contacted the SpaceX Corporation with reasonable concern of CEO Musk's intent behind the $44B Twitter LBO. The Orlando Police Pension Fund shared similar concerns to the intent behind Twitter's LBO as illegal. Since, market forces suggest that SpaceX and Tesla directors are part of interlocking directorate, self proclaimed the PayPal Mafia. The racket could waterfall to problem(s) at the New York State Department of Financial Services with Superintendent association to D&O insurance regulation. Ms. James, xNY.io - Bank.org, PBC seeks your office's urgent assessment of this matter. We aim to earn approval to explore the New York False Claims Act to confront SpaceX as a racket. *Like a house of cards, the PayPal Mafia racket could risk a waterfall of D&O interlocking directorate insolvencies. In summary: * 1. xNY.io - Bank.org's May 21, 2022 memo to SpaceX questioned intent behind baseless claims pioneered by SpaceX's CEO, branding ESG a scam via Exxon Mobil. Obviously, Exxon Mobil vs. New York State <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> alludes Mr. Musk party to a false claim. 2. SpaceX has failed to establish a preponderance of evidence and burden of proof not a racket. 3. SpaceX has failed to prove that Twitter's LBO is not false claim to free speech protection. 4. True social innovation cannot sponsor a fake news racket that could jeopardize space exploration and war. 5. Twitter's LBO dealmakers (Goldman Sachs and JP Morgan Chase) company balance sheets, financial statements and other corporate records do not impact xNY.io - Bank.org, PBC holding a racket accountable to false claims. The CEO of SpaceX and Tesla leveraging Exxon Mobil as an ESG securities scam does not preclude the PayPal Mafia's intent to engage false claims at the sacrifice of New York State's financial future. Madam Attorney General James, we hope to hear from your esteemed office and learn assessment of best next steps. Thank you, Gunnar -- *Gunnar Larson * *xNY.io <http://www.xny.io/> - Bank.org <http://bank.org/>, PBC* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001 On Sun, May 22, 2022 at 9:34 AM Gunnar Larson <g(a)xny.io> wrote: > May 21, 2022 > > BY ELECTRONIC MAIL > > SpaceX Corporation > Board of Directors > One Rocket Road > Hawthorne, California > 90250 > Sales(a)SpaceX.com > > Re: Potential SpaceX Interlocking Directors’ Intent to Manipulate > Markets > > Dear SpaceX Board of Directors: > > From our New York headquarters, xNY.io - Bank.org, PBC embodies the notion > that rather than a merry-go-round, the process of change and innovation is > like a slide. > > Today’s memo aims to notify the SpaceX Corporation of concern of potential > market manipulation that could impact cross-border digital asset > innovation, free speech in the United States of America, the global ESG > economy and Moon exploration. > > Please find the attached memo > <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> > addressed to SpaceX's board of directors. > > Respectfully, > > Gunnar Larson >

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MIA Coin and POX Kleptocracy: CORRUPTION FIN-2022-A001 - SAR 38(m).
by Gunnar Larson 16 Feb '25

16 Feb '25

Dear FinCEN: xNY.io - Bank.org, PBC thanks you for sending yesterday's advisory on kleptocracy and foreign public corruption. We have made 30 highlights to the FIN-2022-A001 <https://drive.google.com/file/d/1yF3qDQG19J-qN1vUPC36lQfVClq3HPXB/view?usp=…> advisory for reference. *The aim of today's memo is to learn FinCEN's insights into MIA Coin and the consensus algorithm Proof of Transfer (POX). xNY.io - Bank.org, PBC is concerned about potential MIA Coin and City Coin kleptocracy that may be affecting our global enterprise. * *FinCEN may note that NYCCoin is illegal in New York State, given the BitLicense mandate. As such, we are not concerned with NYCCoin's legality given the clear BitLicense mandate. * - On February 4, 2022 we submitted a City of Miami records request for any and all correspondence between the City of Miami concerning CityCoins, MIA Coin and Stacks (STX). Additionally, any and all related correspondence concerning CityCoins, MIA Coin, Stacks (STX), Digital World Acquisition Corp and Harvard Management Company. - Today, April 15, 2022 <https://drive.google.com/file/d/1OyVUBq8PcG7SVZ5lUp_oWyL0IDAR5uTP/view?usp=…> we have yet to receive the 13, 092 records. Attached you will find our latest correspondence with Miami, notifying them of our intention to contact FinCEN concerning MIA Coin and POX. - Conducting independent marketplace research, xNY.io - Bank.org, PBC established a premise to potential kleptocracy between the City of Miami and City Coins, of Iceland <https://who.is/whois/citycoins.co> international registration. Furthermore, MineMiamiCoin.com is registered in Germany <https://who.is/whois/minemiamicoin.com>. - Please find the City of Miami's resolution <https://drive.google.com/file/d/1IrQwP46alrnQXRxIoXxm8kifZMVTRB_x/view?usp=…>approving gifts from City Coins ... Furthermore, City Coins suggests a $25,000 "reward" <https://drive.google.com/file/d/1Eb2Q-LZNApwQRyjbBcD5-_yEW0Id51QD/view?usp=…> (that may be confused as bribery) for Mayors who participate. MIA Coin is powered by POX <https://drive.google.com/file/d/1wL2kN6aMfsyT-T7g01YJSBB8meMn2SWg/view?usp=…>, a computer protocol that may exploit the U.S. and international financial systems to launder illicit gains, including through the use of shell companies, offshore financial centers, and professional service providers who enable the movement and laundering. MIA Coin' POX protocol is a wealth extraction tool that unfairly rewards an inside group of miners, rewarding patronage networks that benefit his inner circle and regime. These practices harm the competitive landscape of financial markets and often have long-term corrosive effects on good governance, democratic institutions, and human rights standards. FinCEN, we are concerned Miami's City Coin <https://drive.google.com/file/d/1IrQwP46alrnQXRxIoXxm8kifZMVTRB_x/view> resolution potentially confirms Miami leaders as kleptocrats, using their position and influence to enrich themselves and their networks of corrupt actors. Finally, we understand that MIA Coin and POX operations are powered by international data warehouses, located in Iceland, Germany and Hong Kong. For these reasons, given FinCEN's alert on kleptocracy and foreign public corruption we kindly seek guidance. Sending you the very best regards. Thank you, Gunnar Larson -- *Gunnar Larson - xNY.io <http://www.xNY.io> - Bank.org <http://Bank.org>, PBC* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001 ---------- Forwarded message --------- From: Financial Crimes Enforcement Network < fincenupdates(a)public.govdelivery.com> Date: Thu, Apr 14, 2022 at 2:46 PM Subject: FinCEN Updates: FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption To: <g(a)xny.io> *You are subscribed to FinCEN Updates. The information below is available at Fincen.gov.* *FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption* The Financial Crimes Enforcement Network (FinCEN) today issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption — a priority for the U.S. Government as it continues to implement the U.S. Strategy on Countering Corruption <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVy…>. The advisory provides typologies and potential indicators of kleptocracy and other forms of foreign public corruption, namely bribery, embezzlement, extortion, and the misappropriation of public assets. *News Release:* https://www.fincen.gov/news/news-releases/fincen-issues-advisory-kleptocrac… <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVy…> *Advisory: * https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2022-a001 <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVy…>

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Re: response to FOIl request FOIL-2022-090627-018419
by Gunnar Larson 15 Feb '25

15 Feb '25

Dear Mr. Bogdan: Thank you for the note. We would kindly like to appeal this FOIL records decision. For example, One Million Black Women's board of directors states inclusion of policy and social leadership from Apple. Mr. Bogdan, xNY.io - Bank.org has filed another FOIL request concerning DFS' recent "Apple Card Report." The Apple Card Report and associated DFS investigation focused on financial inclusion metrics for women in New York State. Between the Apple Card Report and One Million Black Women being under DFS' umbrell of oversight, it would appear no records being publicly available would signal potential marketplace spoofing. Furthermore, DFS' "Student Protection Unit" licenses and supervises student loan servicers, monitors student-related financial practices in New York, and educates and advocates for student consumers and their families about available financial products and services. As a "Bill and Melinda Gates Scholar" and a "Blockchain Scholar" and a "Al Neuharth Freedom Forum Scholar" I am aware of a scholarship program funded from New York targeting students in Africa. Mr. Bogdan, from New York this fund advertises over $100M in scholarships for online degrees for students in Africa. Logic would conclude DFS' Student Protection Unit would hold records on this scholarship fund. No records would furthrtmore exacerbate spoofing concern of a potential interlocking directorate. At the very least, DFS records pertaining to mail and/or wire fraud related to the department's financial inclusion oversight would be helpful to our research. Have a great day, Gunnar -- *Gunnar Larson * *xNY.io <http://www.xny.io/> - Bank.org <http://bank.org/>* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001 On Tue, Nov 1, 2022, 3:24 PM <George.Bogdan(a)dfs.ny.gov> wrote: > Dear Mr. Larson: > > My response to your FOIL request is attached. > > Sincerely, > George Bogdan > DFS Records Access Officer > > Tracking Number:FOIL-2022-090627-018419 >

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The Entrapment Controversy
by Gunnar Larson 06 Feb '25

06 Feb '25

Author: Roger C. Park Title: The Entrapment Controversy Source: Minnesota Law Review Citation: 60 Minn. L. Rev. 163 (1976). 212 Highlights by Brody Larson: https://drive.google.com/file/d/1rhPWgd_OniZVLeJIlieDBx5VNC2chenn/view?usp=…

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Meta Platforms, Inc. Board of Directors - USPTO, Digital Assets and Moscow Exchange
by Gunnar Larson 11 Jan '25

11 Jan '25

Dear Meta Board of Directors: Please find the attached memo <https://docs.google.com/document/d/1f_fq1GaKNaAUGEyztdm-oMtIuEW2yXj4C5aoN0G…> addressed to your attention. - Today’s correspondence is to kindly submit xNY.io’s overall concern of Meta Platforms, Inc. and Moscow Exchange mark similarities, specifically, both marks seemingly resemble a geometric design consisting of two loops and/orovals touching or intersecting. xNY.io kindly asks Meta’s Board to respond by Friday, March 25, 2022 at 5:00pm EST. Respectfully yours, Gunnar Larson -- *Gunnar Larson - xNY.io <http://www.xNY.io> | Bank.org <http://Bank.org>* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001

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xNY.io - Bank.org | DOJ Memo #2 - Goldman Sachs Deferred Prosecution Agreement
by Gunnar Larson 29 Nov '24

29 Nov '24

https://docs.google.com/document/d/10BYgCtCf9F7A4YnhN792cTBU6P-pfdaOg0UTRbt… February 1, 2022 BY ELECTRONIC MAIL Mr. John Marzulli United States Department of Justice Eastern District of New York 271 Cadman Plaza East Brooklyn New York, 11201 John.Marzulli(a)usdoj.gov Re: Memo #2 - Goldman Sachs Deferred Prosecution Agreement <https://www.justice.gov/criminal-fraud/file/1329926/download> Dear Mr. Marzulli: The Department of Justice has yet to respond to Memo #1 with our recent inquiry <https://docs.google.com/document/d/1OsxfjN3TUepftKklopkQDSMwFWstWozuku4IPPu…> to the 1Malaysia Development Berhad Deferred Agreement. Goldman Sachs' Deferred Prosecution Agreement <https://www.justice.gov/usao-edny/pr/goldman-sachs-resolves-foreign-bribery…> with the United States of America is in potential breach, with ethical enforcement being concerned. Memo #2 aims to associate the malfeasance in Malaysia with the Middle East. The Bank of London vs. The Bank of London and the Middle East - November 30, 2021 two New York based firms lead investment in The Bank of London based in the United Kingdom. - July 1, 2007 The Bank of London and the Middle East opened in the United Kingdom. - The Bank of London and the Middle East confirms they have no association with The Bank of London (correspondence referenced here <https://drive.google.com/file/d/1ZLYO6qxOX5TIn0kPd69SQbvG-mn0I5R_/view?usp=…> ). The Bank of London seemingly has been funded from New York to irritate the Middle East. Recently, we made 91 highlights of research <https://drive.google.com/file/d/1O2piNMJ3CI0wbfaFW33to3KhgOgZ8-dl/view?usp=…> associated with The Bank of London and the Middle East's recent sale to a firm in Kuwait. Harvey Schwartz is the Chairperson at The Bank of London, after spending over 20 years at Goldman Sachs Group, where he oversaw sales and trading, finance, technology, and operations. He completed his tenure as the firm’s President and Co-Chief Operating Officer. He joined Goldman Sachs in 1997 and subsequently held numerous senior leadership positions including Chief Financial Officer, Global Co-Head of the Securities Division, amongst other positions. He additionally served as a member of the firm’s Management Committee and co-headed its Risk Committee, Steering Committee on Regulatory Reform and Finance Committee. Mr. Schwartz established the firm’s Investment Policy Committee on which he also served as a member. It would appear that Mr. Schwartz has no friendly diplomatic agenda in London banking, potentially looking to profit off of The Bank of London and the Middle East. Furthermore, Goldman Sachs seemingly has a part in the scheme from New York. Bank of London and the Middle East is listed on the NASDAQ, Dubai. - Mr. Marzulli, during a recent telephone discussion together it was your general assessment that the Deferred Agreement in question was self policing. Can you kindly advise at your earliest convenience what (if any) DOJ systems, processes and control mechanisms are in place to monitor the purity of the Deferred Agreement? - Furthermore, if the Deferred Agreement is self-policing, can the DOJ kindly share any and all supporting material information that would prevent the agreement from being violated without the DOJ's general oversight? - Finally, we have made 28 highlights to Deferred Agreement <https://drive.google.com/file/d/1Yx88RMoeLyyfbNK0RtPl4r-m8N21_1Sp/view?usp=…> as a reference resource tool. Memo #1 and Memo #2 both outline instances that correspond with the associated highlight references. We are concerned that potential breaches to the Deferred Agreement are impacting our global enterprise. We are looking forward to learning more about the DOJ’s approach to assessing any potential breaches to the Deferred Agreement’s mandates. Respectfully yours with anticipation, Gunnar Larson - xNY.io <http://www.xny.io> | Bank.org <http://bank.org>MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107

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Adrienne Harris Is Crypto’s Most Powerful Regulator
by Gunnar Larson 24 Nov '24

24 Nov '24

THE MONEY GAME MAR. 30, 2022 Crypto’s Most Powerful Regulator Is Here Adrienne Harris, New York’s financial watchdog, has enormous sway over the industry’s future. By Kevin T. Dugan, staff writer at Intelligencer, who covers money and business Photo: Victor Llorente Thirteen years after the birth of cryptocurrency, it was supposed to be time for Washington to rein it in. Instead, the White House punted, and the Securities and Exchange Commission is still hashing out how it’s going to oversee the $2 trillion industry. State watchdogs have filled that vacuum, making Adrienne Harris, the head of the New York State Department of Financial Services, by default the most powerful crypto regulator in the country. While states such as Florida and Wyoming have adopted a laissez-faire approach to regulation, attracting a sizable chunk of the booming industry, more money and jobs are still flowing into New York than any other city, making it the de facto crypto capital of the U.S. “There’s a misconception that having rigorous regulation turns off innovative companies,” Harris tells me during an hour-long interview at her office looking out onto the Statue of Liberty last month. “That hasn’t been our experience here.” Sign up for Dinner Party A lively evening newsletter about everything that just happened. SIGN UP Harris was tapped as the first Black woman to lead DFS last year. She came into her position after a turn working in Silicon Valley and representing Wall Street banks, a résumé that critics have used to paint her as too close to the industries she is regulating. She’s eager to dispel any criticism that she’s soft as a regulator, especially when it comes to crypto. Harris says she’s looking to expand the agency’s remit, hire new regulators, and possibly watch over lending and asset management in decentralized finance, a.k.a. DeFi, one of the fastest-growing crypto industries, which has been prone to very large hacks. The agency’s power over the industry lies mostly with the BitLicense, a required if unloved permit for crypto exchanges to operate within state lines. When it was first introduced in 2014, it was meant to be a model for the country, but the crypto industry has attacked the license for being too strict, limiting what people can trade, and requiring expensive anti-money-laundering operations, which, it should be noted, most traditional financial institutions are required to maintain. For Harris, the problem isn’t that it’s too restrictive — it’s that the process of getting one, which has stretched years for some companies, is too slow. “If you think about the companies that are BitLicensees, and even the companies in the queue, having the imprimatur of ‘Have you passed regulatory muster with a stringent regulatory regime?’ — I think the good actors see that as a good thing,” she says. Created in 2011, DFS has been a regulator feared more than any of its counterparts in other states for the power it has over banks, insurance companies, and a host of other financial institutions. It brought ambitious money-laundering cases against banks like BNP Paribas (a settlement that resulted in several bankers losing their jobs), fined Deutsche Bank for its relationship with Jeffrey Epstein, and levied a $2.5 million fine on the National Rifle Association for selling its so-called murder insurance in the state. “DFS has a lot of teeth, and the sky’s the limit if the agency is exercised properly,” says state Sen. John Liu of Queens, a member of the state finance committee. “DFS compelled multinational banks to cough up $15 billion. We were able to build a couple bridges with that money. We still have much infrastructure in the state of New York that might benefit from DFS’s vigorous functions.” But part of DFS’s mandate is to keep the state’s economy healthy, a balancing act when it means protecting consumers from predatory, but also lucrative, companies. “For me, it’s an opportunity to bring my lived experience as a woman of color,” Harris says. So far, she has established the agency’s first climate division, frozen fees for check-cashing businesses that target the poor, and looked into non-bank lenders for evidence of redlining. “It’s important to me that those voices are at the table and being heard,” she says. “I bring a sort of pragmatism. It’s one thing to sit in our offices with nice views and make policy, but it’s another thing, in my mind, to really run the water through the pipes.” In 2008, Harris joined Sullivan & Cromwell, a law firm so close with Goldman Sachs that it has long sent its lawyers to work in-house at the investment bank. It was there that she worked for H. Rodgin “Rodge” Cohen, then the law firm’s chairman and the so-called trauma surgeon of Wall Street. Cohen remembers Harris working late into the night writing near-flawless memorandums so they’d be ready on his desk in the morning. “She just brought what I’d call a penetrating intelligence to the problems that were at hand,” Cohen tells me. “Many of the problems we get, you cannot just look up the answer in a book. It’s a question of judgment and trying to apply rules written often for other circumstances.” Still, it was clear that corporate law wasn’t for her. “Her heart was really in public service,” he says. From there, she went on to work for the Treasury Department, then the Obama White House, where she focused on policies around the then-upstart fintech industry. After the administration turned over, Harris took a spin through the revolving door between government and business. Her New York financial-disclosure forms show a superabundance of work with the tech and finance industries: She sat on the boards of six companies and nonprofits, including LendingClub, which had recently settled with the Federal Trade Commission over claims it had misled users on fees. She also advised 11 companies, owned two, and invested in or on behalf of two others. “I just thought, well, if you’re going to make policy about it, you should do the thing — run the company, build the company,” she says. “At the time, I felt very comfortable going to a start-up because I thought, well, coming out of government, you’re not making a ton of money. And if this start-up blows up, I’ll probably be no worse off, financially speaking.” It seems Harris did well enough. One real-estate tech company at which she worked went public last summer, and Harris appears to have cashed out. Since the disclosures were for 2020, they didn’t include her stake in Forethought, a private A.I.-based customer-service company that announced in December that it had attracted such investors as Harris, Ashton Kutcher, and Gwenyth Paltrow. When I asked her about Forethought, Harris said her investment in the company predated her time at DFS, that all her investments are now in a blind trust, and that she would recuse herself from any dealings with companies she has conflicts with. So when Hochul appointed Harris to lead DFS, she was attacked by the left. Zephyr Teachout and Cynthia Nixon both criticized Harris as being insufficiently independent, thanks to her connections in tech and finance. The American Prospect dug up a speech in which she characterized regulators as looking for “no-nos” and “icky things.” Harris has also advised the cash-advance companies Earnin, Brigit, and SmartWage (based in South Africa), according to her disclosures. In 2019, DFS led a multi-state investigation into the cash-advance industry over whether they created debt traps and state banking and anti-usury laws, since equivalent interest rates for the fees they charged would reach as high as 469 percent. A person directly familiar with the investigation told me that Harris’s predecessor was presented with multiple options for furthering the investigation, including reaching a settlement, but ultimately never made a decision. DFS wouldn’t comment. So, of all the companies to work for, why them? “My role, when I was working with those companies, was not to dictate price pricing or business model. It was more to say: Here’s how regulators would view this. Here’s why you should engage with them. Let me help you engage with them and figure out these issues and how you can also serve customers. Less pricing and business model, but, as an adviser who’s not in the day-to-day, helping to sort of guide a culture and mentality,” she says. Did she disagree with those arguing that these companies created debt traps for consumers? “I think it’s hard to paint with a broad brush,” she says. “I think we should always always be careful with any new products and services, that they are affordable and non-predatory, not creating debt traps, and that they’re solving a real problem for consumers. And I think some do that and some don’t.” Last summer, after Andrew Cuomo resigned as governor, many of his appointees went with him, including then-superintendent of DFS, Linda Lacewell. Soon Harris’s old boss, Cohen, had recommended her to Kathryn Wylde, the president and CEO of the Partnership for New York, a business-advocacy group that has advised DFS. “The folks at Sullivan & Cromwell thought that Adrienne would be a terrific candidate to field for that job given her eight years of experience in the Obama administration and the fact that she was somebody who understood industry,” Wylde says. “On the theory that a regulator should know something about the industries they’re regulating — which may be a novel concept but struck me as a valid one — I thought she sounded like a terrific candidate.” Harris sailed through her confirmation, with 63 senators voting for her and nine against. “When the regulated are complaining that the regulator is being too aggressive, that generally means the regulator is doing their job.” said Michael Gianaris, the state senator from Queens who voted against Harris’s nomination and, in 2019, tanked Amazon’s proposed HQ2 in New York. “Cuomo was a prick, and the people he appointed tended to share his bare-knuckles approach to the world. In some cases, that’s actually not a bad thing.” While the crypto industry doesn’t appear to be getting the reprieve it had been hoping for, other industries will surely lobby Harris to make similar gestures toward the business community. For instance, Wylde says that insurance companies are hoping that Harris will lower the reserves they are required to have on hold, which they claim are higher than what’s required by other states. “There are some long-standing issues that the industry has that they feel that they’ve got a fresh start on with Adrienne’s leadership,” she says. Still, crypto is going to play a major part in how Harris’s tenure is defined. “It’s clear that New York is doing well now and the companies that came and started here five to ten years ago are doing well,” says Matt Homer, a former deputy superintendent at DFS and the current executive-in-residence at the venture-capital fund NYCA Partners. “It’s not totally clear what the future will look like five to ten years from now.” New York is the home base for major exchanges such as Coinbase and Gemini, and it’s also home to shady NFT front-running scandals and alleged rapping billionaire money launderers. That such a volatile industry could implode and damage New York’s economy is apparent. “I understand that other states may have gone the opposite way of the BitLicense, but there are things we can do here in New York that will hopefully inform the federal regulators as they continue to think about this space,” Harris said. “It’s a new world with crypto, with DeFi, with NFTs.” SIGN UP FOR THE INTELLIGENCER NEWSLETTER Daily news about the politics, business, and technology shaping our world. Email SIGN UP TAGS: THE MONEY GAME CRYPTOCURRENCY LEAVE A COMMENT 12/12/2022 CRIME Sam Bankman-Fried Has Been Arrested in the Bahamas By Kevin T. 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The consequences can be miraculous or disastrous. 12/9/2022 THE NATIONAL INTEREST Kyrsten Sinema Is Playing Chicken By Jonathan Chait Declaring herself an independent is a way to force the Democratic Party into embracing her. 12/9/2022 FINDINGS Why Spending Time With Kids Might Actually Help Protect You From COVID By David Zweig Two studies find an immunological downside for adults who stay away from children. 12/9/2022 FIRST PERSON I Lost My Brother Twice By Alex Brook Lynn First to schizophrenia, then forever to the city. 12/8/2022 SPORTS Brittney Griner Is Coming Home From a Russian Prison By Margaret Hartmann And Nia Prater The WNBA star is headed home after being released in a prisoner swap for the notorious international arms dealer. 12/8/2022 STOP THE PRESSES Just What Did the Times Walkout Change? By Shawn McCreesh Some employees have said they are ready to vote on a strike authorization as soon as tomorrow. Others worry this has all gone too far. 12/8/2022 TREMENDOUS CONTENT Do the Trumps Want to Crop Kimberly Guilfoyle Out of the Family? By Margaret Hartmann Eric Trump felt compelled to announce that, despite the rumors, he doesn’t hate his brother’s fiancée. Ivanka Trump’s silence may say more. 12/8/2022 SAM BANKMAN-FRIED Sam Bankman-Fried’s Parents Are No Longer Teaching Law at Stanford By Kevin T. Dugan His mother says her sudden decision to retire now has “nothing to do with anything else going on.” 12/8/2022 TREMENDOUS CONTENT Donald Trump Cost Lara Trump Her Fox News Gig By Margaret Hartmann Nepotism giveth, and nepotism taketh away. 12/8/2022 And now the House 258-169-1, House passes bill to protect same sex marriages. 39 Rs vote for it. Bill heads to Biden —@mkraju 12/8/2022 BRITTNEY GRINER The 7 Craziest Facts About Arms Trafficker Viktor Bout’s Career By Matt Stieb Getting to know the “merchant of death” the U.S. just sent to Russia in a prisoner swap for basketball star Brittney Griner. SIGN IN TO COMMENT Like Us Follow Us ABOUT INTELLIGENCER ABOUT NEW YORK MAGAZINE NEWSLETTERS HELP CONTACT PRESS MEDIA KIT WE’RE HIRING PRIVACY TERMS AD CHOICES DO NOT SELL MY INFO ACCESSIBILITY INTELLIGENCER IS A VOX MEDIA NETWORK. © 2022 VOX MEDIA, LLC. ALL RIGHTS RESERVED. Holiday Sale: Save up to 70% and get two exclusive gifts with any annual plan. SUBSCRIBE NOW " https://nymag.com/intelligencer/2022/03/adrienne-harris-is-cryptos-most-pow…

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Breaking News: Robinhood Rebrands as 'Libra'
by Gunnar Larson 17 Nov '24

17 Nov '24

With the news this week, from the archive: https://thecapital.io/article/breaking-news-robinhood-rebrands-as-libra---M… *Breaking News: Robinhood Rebrands as 'Libra'* SILICON VALLEY - Embroiled in the naturally malevolent evolutionary controversy of brand fakery <https://thecapital.io/article/robinhoods-brand-fake-vs-paypals-crypto-corru…> in the name of manipulating humanity, Robinhood Markets (a financial services company) rocked the brand marketing world by finally coming to its senses while vindicating Mr. Hood’s legacy. The company has distanced itself from the old Robinhood firm image of “we take advantage of our customers” with a fresh rebrand as ‘Libra.’ Celebrated humanitarian Richard Simmons applauded the name change. “Mr. Hood’s story of altruism is loved by young and old alike world-wide. Today Mr. Hood is vindicated from association to the former Robinhood’s tricky company shenanigans. The new ‘Libra’ image is a super smart act of serving our country well... I hope the all-stars at Bear Stearns will join me in congratulating the new ‘Libra’ brand,” Simmons said. *The nature and timing of the brand change raised eyebrows in New York, a recent familiar reaction to news from our pals <https://thecapital.io/article/robinhoods-brand-fake-vs-paypals-crypto-corru…> from the Valley.Gleefully contemplating the long term impact on society, this reporter touts the courage of the real Mr. Hood for opposing forces similar to that of the former Robinhood.* History will celebrate the newly minted Libra, which will be hailed for its valor in rebranding, even though it did so to escape the regulatory cloud that has hung over the Robinhood project since it first came into the public domain. (A Satirical Monograph on the News)

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