This week Kraken Financial became the first crypto company to receive a banking charter under Wyoming's Special Purpose Depository Institution statute. Join CEO David Kinitsky for a look at what it all means and how it'll work with hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
In the early days of Bitcoin, there were no rules, or at least none that people understood. The first batch of companies were focused entirely on functionality; Simply making things possible that before crypto had been impossible.
In the aftermath of the collapse of first MTGox and then later TheDAO, it became obvious that rules did apply, or at least would moving forward. But what wasn't very clear was how they'd apply as different regulatory bodies claimed authority in confusing and often conflicting ways.
As law, if not order, came to the industry, much of crypto's first wave of US based exchanges were crushed as they struggled to get legal, a challenging task with different rules and unique compliance burdens for each state and territory they'd operate in. New York famously introduced the Bitlicense, which in the five years since it's introduction has approved just 25 companies to operate in the U.S. financial hub.
On today's show Kraken Financial CEO David Kinitsky joins the discussion of just how much things have changed as Kraken becomes the first crypto company to receive a banking charter under Wyoming's Special Purpose Depository Institution statute. And more importantly, what happens next.
Episode Art by Doran Erickson on Unsplash
--- Send in a voice message: https://podcasters.spotify.com/pod/show/originalltb/messageA Final Discussion
Update 6/19/2022
SOB #502 When the Referees Play Favorites (Part 1)
SOB #501 When More Is Less
SOB #500 Three Rules to Remember After Mailchimp Breach
SOB #503 The Check Engine Light and the Space Shuttle
SOB #499 New Lessons From the Island of Stone Bitcoins
SOB #498 Rights Versus Privileges in a Global Financial System
Quick SOB Update (More frequent episodes coming... now)
SOB #496 The Ups and Downs of Crypto Loans
SOB #497 A Brief Look at Bitcoin Maximalism
SOB # 495 First Practices Aren’t Best Practices
SOB #494 Bitcoin Security and a Rogue Power Plant
SOB #493 The Endowment Effect, HODLing and the Impossible Self-Appraisal
SOB #492 Can Stablecoins Survive?
SOB #491 The Jokes Wear Thin as Inflation Becomes Normal
SOB #490 Checking in on Bitcoin’s Lightning Network
SOB #489 Big Gaming Signals NFTS Are Closer to Mainstream
SOB #488 How Far We've Come (And How Much Stayed the Same)
SOB #487 If Facebook Can't Run A Global Currency, Who Could?
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