Iain Murray (Competitive Enterprise Institute) on the history of Operation Choke Point (EP.169)
On The Brink with Castle Island
Release Date: 01/18/2021
Isha Varshney (Celo) on Stablecoin Adoption Across Markets (EP.631)
On The Brink with Castle Island
Wyatt sits down with from the to talk stablecoins. Covered in this episode: Payments in Kenya and Sub-Saharan Africa Stablecoin usage and USDT The future of non-stable tokens
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Weekly Roundup 05/30/25 (Bitcoin Access Vehicles, GME buys BTC, Pangea Fund) (EP.630)
On The Brink with Castle Island
Matt and Nic are back with another week of news and deals. In this episode: Warning signs for the Bitcoin access vehicles? Has Bitcoin lost the MoE battle? Is OCP 2.0 over? The Dept of Labor rescinds their anti-crypto 401k guidance Cantor Fitzgerald is launching a bitcoin/gold fund Is it mathematically possible to give Bitcoin upside and gold downside? Content mentioned:
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Anthony Yim (Artemis) on Stablecoin Payments from the Ground Up (EP.629)
On The Brink with Castle Island
We sit down with Anthony Yim, cofounder, to talk about the from Artemis, CIV, and Dragonfly, providing brand new estimates of stablecoin payments volume. In this episode: Why we decided to work on the new report How we obtained the estimates Why we decided to put together a bottom-up estimate Stablecoin b2b volumes compared to traditional b2b How do you measure stablecoin transactions? Download the report at
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Markus Franke and Denney Kwok (Mento Labs) on Stablecoins for FX (EP.628)
On The Brink with Castle Island
and from join the show. In this episode: Non-USD stablecoins On-chain FX Microlending and financing for emerging markets
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Weekly Roundup 05/23/25 (Genius Cloture, Sui hack, $Trump dinner) (EP.627)
On The Brink with Castle Island
Matt and Nic are back for another week of news and deals. In this episode: Trump’s crypto dinner reviewed Bitcoin access vehicles NYT stablecoin coverage Sui is hacked and censors the blockchain Kraken is launching tokenized stocks Circle in acquisition talks The GENIUS Act passes Cloture in the Senate Hong Kong passes stablecoin legislation
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Andrew MacKenzie (Agant) on British Pound Stablecoins (EP.626)
On The Brink with Castle Island
Wyatt sits down with , founder of the issuer of GBPA, a pound sterling stablecoin. In this episode: The potential emergence of non-USD stablecoins The prospect of a GBP-backed stablecoin The British crypto regulatory environment How global financial institutions are positioning around stablecoins
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Weekly Roundup 05/16/25 (GENIUS is back, Coinbase data breach, Big Tech stables) (EP.625)
On The Brink with Castle Island
Matt and Nic are back with another week of news and deals. In this episode: Why is Boston such a good sports city? Price inflation in dinosaur skeletons Cryptopunks IP is sold Machinsky is sentenced Nakamoto Holdings launches Meta wants to add stablecoins to its platforms Exchanges are honeypots for KYC data Coinbase suffers a data breach The GENIUS act is going to a vote next week GENIUS act new provisions More Movement shenanigans Thailand is launching a $150m crypto token Content mentioned in this episode: Tuongvy Le and Austin Campbell published a paper, "", which...
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Alex Cutler (Aerodrome) on DeFi’s Next Steps (EP.624)
On The Brink with Castle Island
Wyatt sits down with Alex Cutler, founder of for another episode in our stablefi series. In this episode: DEX trading advantages Building on-chain FX DeFi as a backbone
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TN (Pendle) on Stable Yield (EP.623)
On The Brink with Castle Island
Wyatt sits down with TN, cofounder of . Covered in this episode: How Pendle works The evolution from alt yield to stable yield DeFi's future core assets
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Weekly Roundup 05/09/25 (GENIUS stalls, Coinbase buys Deribit, Bessent on stables) (EP.622)
On The Brink with Castle Island
Matt and Nic are back with another week of news and deals. In this episode: We have a new Pope The etymology of ampersand The GENIUS act collapses spectacularly Coinbase consummates its acquisition of Deribit Did World Liberty Financial’s USD1 torpedo the GENIUS act? Did “pro crypto” democrats snake on the industry Scott Bessent thinks stablecoins could reach $2T The OCC says banks can provide crypto custody and execution Stripe is launching stablecoin financial accounts The SEC explores a sandbox for tokenized securities Tariff the L2s
info_outlineIain Murray, VP of Strategy at the Competitive Enterprise Institute, joins the show to discuss the history of Operation Choke Point, a 2011-2015 program used to exclude legal businesses from banking led by the DoJ and FDIC. In this episode:
- How Iain Murray came to be one of the main historians of Operation Choke Point
- The roots of Choke Point in the crackdown on poker sites in 2011
- How Choke Point was started on a whim by two midlevel DoJ lawyers in 2011
- How OCP targeted completely legal but politically disfavored industries
- How mechanically the DoJ was able to get banks to comply with their informal guidance
- Why the closed nature of banking means that alternatives financial service providers for these industries couldn't be created
- How bank consolidation meant that OCP was easier to instrumentalize
- How successful was Choke Point in marginalizing targeted industries?
- Did OCP have buy-in from the highest levels of the Obama administration?
- How regulations should have implemented the rules they sought to create with Choke Point – and why they chose not to
- How OCP was an end-around the administrative procedure act, and why it was done covertly
- Was there any accountability for the individuals behind OCP? Was anyone fired?
- Why individuals on any side of the political spectrum should be concerned about OCP
- Did Choke Point ever really end?
- The long term enduring effects of OCP
- How the Wyoming SPDI is a reaction to Choke Point
- Whether Iain agrees with the OCC's 'Fair Access' rule
Content mentioned in this episode:
- Iain Murray at CEI, Operation Choke Point: What it is and why it matters
- OCC, 'Fair Access' rule