CBS News Roundup - 12/13/2023 | World News Roundup

Surprise breakthrough at climate conference with agreement to move away from fossil fuels. Pressure to approve Ukraine aid. House to vote on Biden impeachment inquiry. CBS News Correspondent Steve Kathan has today's World News Roundup.

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CoinDesk Podcast Network - UNCHAINED: How Binance Will Open All Its Activity to the U.S. Government

Experts Dorothy DeWitt and Michael Dawson discuss the implications, challenges, and potential outcomes of Binance's compliance monitorship. 


The record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • What exactly is a compliance monitor, and why it's essential in the Binance settlement 
  • Which regulatory agencies do the monitors report to and their significance
  • Why the DOJ insisted on including a compliance monitor in its settlement with Binance
  • how Binance’s compliance monitor is expected to create a “ripple effect across the industry,” according to Michael
  • Why Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor
  • Dorothy's perspective on why more monitorships might be appointed in the crypto industry going forward
  • How much the monitorship will cost Binance and the factors influencing their choice of monitor
  • Whether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI
  • Who might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry
  • What constitutes the SAR lookback and AML program consultancy
  • What could happen when the government gets to look at all past transactions
  • What happens if the monitor discovers any wrongdoing within Binance
  • Whether the monitorship is likely to impact Binance's business operations
  • Advice from Dorothy and Michael for Binance's new CEO on navigating these challenges
  • Why predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy


Thank you to our sponsors!  LayerZero  | Popcorn Network  | Arbitrum Foundation

Guests |  

Michael Dawson, partner, Financial Institutions Group at WilmerHale

Dorothy DeWitt,  founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTC

Links |

Settlement

DOJ Settlement Text

FINCEN Settlement Text

CFTC Settlement Text

OFAC Settlement Text

WSJ: Binance Penalties Include a Number of Crypto Industry Firsts: The Treasury Department’s FinCEN is imposing its first-ever monitorship on the cryptocurrency exchange

CoinDesk: Binance's Future and Other Questions Post-Settlement 

Unchained: Binance to Pay $4.3 Billion to Settle U.S. DOJ Criminal Probe; CEO Changpeng Zhao Pleads Guilty for Violating Bank Secrecy Act 

Law360: Binance's Compliance Chief Is Optimistic About Monitorship


The C FTC's guidance on monitorship:

CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions


Other monitors at crypto companies:

Coinbase (independent monitor):  Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company’s Compliance Program | Department of Financial Services

Robinhood Crypto (independent compliance consultant):  Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti- Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov)

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Unchained Podcast is Produced by Laura Shin Media, LLC.  Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. 

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The Intelligence from The Economist - The Intelligence: good COP, bad COP?

In a landmark agreement, nearly 200 nations have agreed to transition away from fossil fuels. However, that is not the same as phasing them out. Has the deal done enough? For the young trying to invest, the markets look bleak. But they could make better choices (10:42). And, the allure of cookery books (17:18).


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Big Technology Podcast - Intel’s CEO Shares His Plan To Win The AI Chip War — With Pat Gelsinger

Pat Gelsinger is the CEO of Intel. He joins Big Technology Podcast to discuss how the AI chip war is playing out and why it's growing more competitive. In this episode, we break down the various components of the chip business, the difference between CPUs and GPUs, who's ahead in the AI chip war, NVIDIA's underrated weakness, and why Intel is getting back into the foundry business after a couple of failed attempts. Tune in for a vibrant, deep discussion of the state of the AI chip business and the state of Intel's comeback.

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See how Intel is bringing AI Everywhere on Thursday, December 14 at 7:00 – 8:00 a.m. PST / 10:00 – 11:00 a.m. EST for a keynote featuring CEO Pat Gelsinger and other Intel leaders livestreamed on the Intel Newsroom

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Code Story: Insights from Startup Tech Leaders - S9 Bonus: Blake Burch, Shipyard

Black Burch grew up in Fort Worth, attending college at TCU. Prior to his current venture, he wasn't actually a tech person. He wanted to be a music professor, specifically in percussion. But eventually, he moved over to the tech world. But, outside of tech, he plays board games, in the strategy realm, and named one that I hadn't heard of called Terra Mystica.

Previously at PMG, Blake and his company had built an internal tool called forklift, moving data between data warehouses. As it started to grow, he and his co-founder saw lots of opportunities to expand the offering - and make it a product of its own.

This is the creation story of Shipyard.

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Take This Pod and Shove It - How did our Spotify Wrapped 2023 turn out?

Everyone loves to share their yearly Spotify Wrapped, and we decide to get in on the fun. Tyler and Danny share their top 5 artists, according to their Wrapped stats, and talk  about how much of the results are intentional and how much was the result of doing a weekly podcast about country music.

Got a favorite country album from 2023? Let us know what it is, and it might make its way into our annual Best of 2023 episode! Email us at takethispodandshoveit@gmail.com to let us know your favs!

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Money Girl - What’s the Difference Between a 401(k) and Solo 401(k)?

Understand how a regular and solo 401(k) compare, who can have them, and ways to maximize their tax-advantaged benefits.

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.

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The Daily Detail - The Daily Detail for 12.13.23

Alabama

  • Congressman Strong adds language to NDAA 2024 dealing with border materials
  • The ALGOP has removed disbarred attorney Daniel Boman from primary race
  • State lawmakers to bring back law on fentanyl deaths that had technical error
  • Attorneys for Stephen Perkins file lawsuit re: his death in September
  • Judge rules AL Medical Cannabis Commission can issue licenses despite lawsuit
  • An EF-0 tornado confirmed to have landed in Henry & Barber counties

National

  • Full US House to vote on formalizing impeachment inquiry into Joe Biden
  • Joe Biden express disapproval of Israel prime minister handling of Hamas conflict
  • SC Jack Smith had experts extract contents of WH cell phones handled by Trump
  • TN congressman asks House Oversight to subpoena the flight logs of Epstein
  • TN senator outraged at GAO report on Billions of $ going to Planned Parenthood
  • Cambridge University report shows 1 in 4 who took C19 vaccine now have VAIDS