July 2023 - cypherpunks - lists.cpunks.org

Be Bruce
by pro2rat＠yahoo.com.au 28 Jul '23

28 Jul '23

It’s time to scrap AML / KYC entirely. The idea that politicians should know how citizens spend their money is a new and deeply flawed idea. An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an unworkable system. Only 30 years ago when I started my career as a stockbroker/ financial advisor I could call you on the phone and sell you MSFT or IBM stock and I did not need your DOB or your social security number. You didn’t even need to have money in the account. The 1990s to the post 9-11 Patriot Act (which was a horrible law) saw a radical increase in AML /KYC requirements. These seem to get worse every year. In my office when we were first required to take a drivers license, the older brokers were incredulous: “What do you mean we need an ID for someone buying stocks?!? What’s next, you need an ID to buy gas or groceries?” Now, just 25 years later an entire generation thinks this is normal or how it should be. Worse yet, some think the system won’t work without it. The opposite is true — the compliance gums up the works and adds friction where it should not exist. While the regulator class arrogantly acts as if AML KYC is their birthright and ending it is some sort of untouchable rail, the justifications are weak. Why do we have these regimes? To stop “money laundering”? What is that? Who is the victim? Is it to stop “human trafficking” or “terrorism”? If so, how? Is it to “stop” the 12,000 entities on the OFAC list by messing with the 2,000,000,000 people not on the list? Are major criminals somehow stopped by this? Has it stopped crime? Even if it did, is it worth burdening millions of firms and billions of people with paperwork and procedures that slow down commerce? Shouldn’t efforts be made to go after the actual criminals rather than encumbering the entire world with an inefficient compliance regime? Money must be able to flow and move. People must be able to take risks and make investments as they choose. This is the lifeblood of a solid economy and the jobs, growth, prosperity and peace that comes with it. The US (and by extension much of the world due to our influence) is sacrificing jobs, innovation and opportunities by chasing an extremely ineffective and indirect compliance regime. The entire idea belongs back in the dumpster of history. Let the investigators chase terrorists & human traffickers for those actual crimes and let the other billions of us use and move our money as we wish. Bruce Fenton

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CFPB Report Highlights Abusive Consumer Financial Tactics
by Gunnar Larson 28 Jul '23

28 Jul '23

CFPB Report Highlights Abusive Consumer Financial Tactics By Sydney Price The Consumer Financial Protection Bureau has found in its latest supervisory examinations that companies across various sectors are engaging in "unfair, deceptive and abusive" lending and collection practices. 1 document attached | Read full article » | Save to favorites » https://www.law360.com/fintech/articles/1704256?nl_pk=bd316618-088c-4274-ab…

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Objectors Say $725M Facebook Privacy Deal Is Unfair, Unclear
by Gunnar Larson 28 Jul '23

28 Jul '23

Objectors Say $725M Facebook Privacy Deal Is Unfair, Unclear By Caleb Symons Meta Platforms Inc. is facing a slate of new objections over its $725 million settlement to resolve concerns arising from the Cambridge Analytica data-harvesting scandal as litigants cast the agreement as overly broad and unfairly favorable to certain Facebook users. 3 documents attached | Read full article » | Save to favorites » https://www.law360.com/technology/articles/1704678?nl_pk=3a5ab50c-5347-423d…

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The Hurdles Of Class Noticing In Crypto Class Actions
by Gunnar Larson 28 Jul '23

28 Jul '23

The Hurdles Of Class Noticing In Crypto Class Actions Amid the growing number of cryptocurrency-related class action lawsuits, there are challenges relating to notifying potential class members, as the methods for traditional class actions may not work in these cases, say Loree Kovach and Nicholas Schmidt at Epiq. Read full article » | Save to favorites » https://www.law360.com/capitalmarkets/articles/1698538?nl_pk=8da16ff7-f140-…

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Raytheon Supplier Presses 'Secret Sauce' Trade Theft Claim
by Gunnar Larson 28 Jul '23

28 Jul '23

Raytheon Supplier Presses 'Secret Sauce' Trade Theft Claim By Brian Dowling A Boston federal judge on Thursday pressed an aerospace supplier on its claim that Raytheon Technologies Corp. stole its trade secrets for a component in a military project, asking if McDonald's could argue misappropriation by a partner that was offered the five-ingredient "secret sauce" but ended up only using mayonnaise. Read full article » | Save to favorites » https://www.law360.com/governmentcontracts/articles/1704530?nl_pk=fa7fa7d8-…

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Cohen Says Trump's Celebrity Status Can't Halt Spread Of Info
by Gunnar Larson 28 Jul '23

28 Jul '23

Cohen Says Trump's Celebrity Status Can't Halt Spread Of Info By David Minsky Michael Cohen urged a Florida federal court not to grant a protective order stopping him from further disseminating allegedly confidential disclosures about Donald Trump, saying the former president hasn't shown a legitimate basis that he'll be harmed because he's a public figure. Memorandum attached | Read full article » | Save to favorites » https://www.law360.com/legalethics/articles/1704564?nl_pk=a931e1a0-e840-4de…

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Reason Demanded To Unseal Records In Hunter Biden Case
by Gunnar Larson 28 Jul '23

28 Jul '23

Reason Demanded To Unseal Records In Hunter Biden Case By Leslie A. Pappas A Delaware federal judge on Thursday gave the House Ways and Means Committee chair four days to explain why documents he sought to file in Hunter Biden's criminal case, including personal tax information, should be made public, after attorneys for President Joe Biden's son pushed to keep the documents sealed. 4 documents attached | Read full article » | Save to favorites » https://www.law360.com/legalethics/articles/1704573?nl_pk=a931e1a0-e840-4de…

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Real Estate Rumors: JPMorgan, Related, Carlyle
by Gunnar Larson 28 Jul '23

28 Jul '23

Real Estate Rumors: JPMorgan, Related, Carlyle By WaTeasa Freeman JPMorgan has reportedly bought a $1.8 billion mortgage portfolio, Related Cos. is said to have paid $58 million for a New Jersey site and The Carlyle Group is said to have paid $97.5 million for a Brooklyn rental building. Read full article » | Save to favorites » https://www.law360.com/mergersacquisitions/articles/1704422?nl_pk=8bba16ad-…

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Tyson Can't Block NY AG's COVID Price-Gouging Probe
by Gunnar Larson 28 Jul '23

28 Jul '23

Tyson Can't Block NY AG's COVID Price-Gouging Probe By Elliot Weld Meat products giant Tyson on Thursday lost a bid to quash a subpoena from the office of New York Attorney General Letitia James connected to an investigation into complaints about price gouging of meat products during the COVID-19 pandemic. Order attached | Read full article » | Save to favorites » https://www.law360.com/competition/articles/1704756?nl_pk=2063be2d-1a29-43b…

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FTC Cuts Deal Ending Surescripts Monopoly Case
by Gunnar Larson 28 Jul '23

28 Jul '23

FTC Cuts Deal Ending Surescripts Monopoly Case By Matthew Perlman The Federal Trade Commission reached a settlement Thursday with Surescripts to end a case alleging the electronic prescription service provider used contract terms and other tactics to illegally maintain its monopoly over two related markets. Settlement attached | Read full article » | Save to favorites » https://www.law360.com/competition/articles/1704572?nl_pk=2063be2d-1a29-43b…

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