I sort of knew this week would be a banger with the Coindesk Consensus virtual conf happening. I tried to watch as many sessions as possible between my own packed schedule, and there’s plenty of backlog ground for me to cover.

But one of the bigger conversations to come out of it was the new U.S. Treasury OCC Director, Brian Brooks, dropping huge smoke signals that should be bullish for the crypto market. Brooks was appointed several weeks ago out of his previous post as Chief Legal Officer for Coinbase. When that happened I was like… awww hell nawww it’s ON!

Check out this Coindesk articke with some highlight clips: https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms

VISA WHAT ARE YOU TRYING TO DO?

The BIGGER NEWS… VISA VISA VISA… what are you trying to pull here?

It seems they’re out over their skis on this one.

https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-submits-patent-application-for-digital-dollar-using-blockchain/#51d71bd25b63

I’ve been digesting the patent filing and it’s not exactly “blockchain” in the trustless sense, in fact it says central computing throughout.

But interesting nonetheless to see them chasing a patent for what would constitute seigniorage – “right of the lord (seigneur) to mint money”.

This highlights what many people have been saying for quite some time, the patent system is anachronistic and… well a garbage dump. The mere notion that a government would have to pay VISA to mint a digital form of fiat money is ludicruous.

But ludicrous is sort of where we’ve arrived at in today’s business and policy climate.

About Michael Hiles

Founder CEO of 10XTS. Developing enterprise software and information architecture since 1979. Managing director of Founder Institute Cincinnati. Bourbon, coffee, Legos, things that explode. Husband & daddy.

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