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Footnote 9 belongs in the main text
by Conrad Kraft on Oct 20, 2026, 9:30:00 AM
What the ECB's AI speech reveals about the future of money and payments.
MiCA after the licence: what the first enforcement data shows, and what it cant
by Conrad Kraft on Oct 15, 2026, 3:22:26 PM
ESMA's first MiCA enforcement figures are small: 10 measures in 4 countries and one fine of EUR 600,000 in 2025. Read next to ESMA's own CASP register, they show a regime that spent its first year policing the perimeter. ESMA's opinion of 8 October 2026 points to the next phase, the s …
When Speed Approaches Infinity: Why Stablecoins Aren't Just "Faster Payments"
by Conrad Kraft on Nov 12, 2025, 7:40:04 AM
I keep getting asked the same question at conferences, on panels, and podcasts: "What are the use cases of stablecoins?" And inevitably, someone in the audience will answer their own question before I can: "Oh, it's just faster and cheaper payments. But we already have Paypal, instant …
Passports and Payment Rails: How Platforms and Protocols Outrun State Control
by Conrad Kraft on Aug 27, 2025, 11:52:28 AM
In the corridors of power across the globe, an uncomfortable reality is settling in: the traditional levers of state control are increasingly disconnected from the digital flows that shape our world. When YouTube's content moderation policies effectively determine what billions of peo …