Does the FinCEN's Rule Break DeFi? | Jake Chervinsky
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 22 December 2020
⏱️ 70 minutes
🧾️ Download transcript
Summary
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Jake Chervinsky on the recent FinCEN Proposed Rulemaking
FinCEN has finally released a long-rumored proposed rule on how crypto-asset custodians like Coinbase, Gemini, or Cash app can compliantly enable their users to take control over their cryptocurrency funds into 'self-hosted' or 'unhosted wallets'.
This new rule would impose new obligations on virtual asset service providers (VASPs) like exchanges & custodians and increase the reporting requirements on outbound transactions to their customers' wallets.
The actual release:
https://home.treasury.gov/news/press-releases/sm1216
We bring on Jake Chervinsky to help us go through some of this news and help us digest what was released!
Read Jake's tweet thread!
https://twitter.com/jchervinsky/status/1340135040399904770?s=20
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Transcript
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| 0:00.0 | Bankless Nation. Do you want to go fully bankless, but in the real world, Monolith is the DeFi account that you need. |
| 0:09.3 | It wraps your ETH address in a bankless visa card, and it does so much more. It closes the loop from Fiat to DeFi. |
| 0:16.5 | So you can onboard Fiat to die on Monolith with zero fees. Then you can convert that die to A-die, which is an interest-bearing savings account. |
| 0:25.5 | Again, zero fees, and then you can spend that interest in the real world on a visa card. |
| 0:31.2 | So you can finally buy your cup of coffee with interest earned in DeFi. Guys, this is magic. |
| 0:37.0 | This is the closest thing to the Holy Grail Crypto card, and Monolith gives you all of it. |
| 0:42.0 | You need to download the app at monolith.xyz to get your bankless visa card. |
| 0:47.0 | It's optimized for European listeners. They'll be coming to the US soon. |
| 0:50.5 | And when you get that visa card, the Monolith card, tweet about it when you do. |
| 0:54.5 | I love seeing people unpackaging their beautiful bankless visa cards. |
| 0:59.5 | It makes me realize that the revolution is here. Search Monolith in the app store. |
| 1:04.5 | If you are looking for the front page of DeFi, look no further than zirion.io. |
| 1:10.5 | Zirion is your home base for managing your DeFi portfolios. |
| 1:15.5 | Zirion offers a central place for you to engage with all of the DeFi protocols and assets that you engage with on a daily basis, but all in one central spot. |
| 1:24.5 | I've loaded up a wallet, and Zirion is giving me the portfolio performance of all the assets in this wallet over time, |
| 1:31.5 | as well as a breakdown of all the assets that I own, as well as all of my transaction history that I've ever done in an easy-to-view fashion. |
| 1:39.5 | Zirion also lets you invest right into DeFi's best-yielding financial opportunities right from their home page. |
| 1:45.5 | Zirion also makes it super easy to access interest in DeFi using applications like Compound and Ava in the background. |
| 1:53.5 | You can also exchange your assets using the Zirion app, using an exchange aggregator in the background to make sure that you always get the best rates. |
| 2:01.5 | You can even use the Zirion mobile wallet to add your Metamask or Argent or another Ethereum address right into your mobile wallet, |
| 2:08.5 | so you can see your portfolio and engage in DeFi on the go. |
| 2:12.5 | Here I just loaded up my Argent wallet, and now I'm going to load up my Metamask as well. |
... |
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