Bank of America admitted it willfully broke the Bank Secrecy Act for seven years, paid $1.2 billion and nobody is going to jail. The Samourai Wallet devs wrote software that never touched a dime of anyone's money and they're sitting in federal prison.
Marty Bent and Thomas Pacchia are live in New York to break down the two-tier justice system, the central bankers' bank admitting money runs on bailouts, and the rest of the week in bitcoin, AI and freedom tech.
On today's show:
⚖️ Bank of America's $1.2B fine vs. Samourai and Roman Storm: FinCEN told SDNY Samourai wasn't a money transmitter. They charged them anyway.
🏦 The OCC's debanking report: banks cut off bitcoin businesses and used SAR secrecy to explain nothing
📜 The BIS says money needs "backstops that socialise the inherent fragility." Translation: bailouts. They also admit bitcoin removes trust in an issuer.
🔓 Ledger drain update: a confirmed hardware implant, $100M+ taken from 300+ wallets, and how to buy and verify a hardware wallet
🤖 If copying is free, what's left to own? AI clones of Word, Xbox embracing decompiles and a dead QuickBooks license
⚡️ DOE puts PJM's backup generators on standby in October, and why miners are the best load on the grid
📉 Measured in gold, the average Brit is poorer than in 1975
Drop your questions in the chat. We'll get to as many as we can.
📰 Read the newsletters behind this episode:
Bank of America & Samourai: https://www.tftc.io/bank-of-america-fine-samourai-two-tier-justice
The OCC debanking report: https://www.tftc.io/occ-debanking-report-megabanks-politics-digital-assets
The BIS paper: https://www.tftc.io/bis-money-architecture-of-trust-bitcoin
Ledger implant: https://www.tftc.io/ledger-cryptobilis-hardware-wallet-implant-authorized-reseller
AI & intellectual property: https://www.tftc.io/intellectual-property-ai-copying-gunpowder-colt-bitcoin
Follow Marty: https://x.com/MartyBent
Follow Thomas: https://x.com/tpacchia
TFTC: https://tftc.io
