Regulatory Intelligence Group. Insights on strategic regulatory and political intelligence - financial services. Former @USTreasury @CDFIFund @USDOL @SBAgov.
Washington, DC
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Kalshi has stormed into sports wagers, challenging top online sportsbooks including DraftKings and FanDuel. Its embrace of sports betting is testing the rules for prediction markets. wsj.com/us-news/law/kalshis-… via @WSJ
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Peter Dugas retweeted
US seizes bank accounts of payments group working for Tether’s bank ft.trib.al/IxsiLen
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The Clearing House Taps Quant to Power Tokenized Deposits Network - pymnts.com/blockchain/2026/t…
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Peter Dugas retweeted
Among @Bitwise's 2026 crypto predictions (from @Matt_Hougan and @RasterlyRock), one in particular stood out: stablecoins will be blamed for destabilizing an emerging market currency.
"Blamed" is the key word. Dollarization and capital flight during periods of high inflation and currency instability aren't new. What's new is the vehicle. Bitwise's view is that the blame will be misplaced; the flight is symptomatic of a currency that has already lost confidence. Stablecoins are simply deemed the most rational destination for that money, not the reason it leaves. That's largely true, but stablecoins do change the speed and scale of the flight itself, and that's the part that deserves more attention.👇
Stablecoins' biggest strengths, instant and global access to dollars, are also what can amplify instability at scale. These dynamics are already unfolding, and they raise questions that existing capital flow frameworks were not designed to handle.
It isn't only an emerging market story. For many countries, it's a question of monetary sovereignty. In the US, it's what happens to bank funding and credit creation if deposits migrate to stablecoins at scale.
When the next currency crisis hits, stablecoins will be the most visable exit, which makes them the easiest target. We've already seen early versions of this, like Nigeria's 2024 crackdown on crypto exchanges amid pressure on the naira. The concerns driving those responses are valid, but measures taken mid-crisis tend to be blunt and often fall hardest on the households and businesses using stablecoins to preserve purchasing power.
Getting this right will take banks, policymakers, and industry working through it hand in hand. That's a large part of the motivation behind Runaway Dollarization, co-authored by @0xdirichlet (@sphere_labs) and @A_Vassallo (@SiliconVlyBank). It examines how stablecoin dollarization is unfolding, where the biggest pressure points are, and key considerations for a managed transition.
The goal is to start a conversation, and we want to hear what people think. If you're working on these questions, please reach out!!
Stablecoins are becoming the internet's dollar, and that shift is starting to reshape monetary sovereignty in high-inflation economies.
Our new report with Silicon Valley Bank looks at what is driving that shift, and how controls can keep pace as emerging market adoption scales.
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Sounds safe.
NEW: Crypto exchange Bitget loses $352 million in hack, claims user funds are 'safe.'
@Aoyon_A reports.
coindesk.com/markets/2026/09…
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Peter Dugas retweeted
Exclusive: Tether has some funds stuck at one of its offshore banking partners, which is facing liquidation risks after U.S. seizure of assets.
Tether said its assets held at the bank, EQIBank, are limited and represent less than 0.034% of its assets.
Story with @MichaelRoddan:
theinformation.com/articles/…
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Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act federalreserve.gov/newsevent… via @FederalReserve
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Peter Dugas retweeted
These are devastating charts. Europe is cooked.
The European tech industry has always lagged America’s. But AI turbocharged the gap, and it’s growing by the day.
As AI starts displacing white-collar labor (in other words, as opex on token spend replaces opex on humans), a growing share of European GDP that used to get reinvested in EU economies will instead flow to US frontier labs and hyperscalers. Euros that used to go into the pockets of the continent’s top-quartile workers will instead be converted to dollars and accrue to the retained earnings of Anthropic, OpenAI, NVIDIA, Google, and Meta.
For European tech companies, there’s no catching up. They’re not even playing the same game, let alone competing on the same field. US hyperscalers are projected to spend over $1 trillion on capex every year for the next three years; OpenAI and Anthropic are going to raise—and burn—hundreds of billions of dollars each.
Meanwhile, the EU—with its onerous regulatory burden, high barriers to entry, weak capital markets, and entrepreneurial brain drain—has:
- zero prominent frontier labs (no, Mistral doesn’t count)
- no organic hyperscalers
- minimal data centers construction, much of it owned by US companies simply trying to comply with EU data regulations
- a startup ecosystem comparable to that of a tertiary US market, at best
The continent that once gave the world steam engines, steelmaking, automobiles, synthetic fertilizer, X-rays, aspirin, nuclear fission, jet engines, and even the World Wide Web isn’t even on the map for the most disruptive technology innovation of our lifetimes.
An entire continent’s economy doomed to the permanent underclass.
It’s tragic. And it’s a tragedy entirely of their own making.
Some data we recently assembled on entrepreneurship/compute in Europe: eudata.vercel.app.
We hope that one of the useful roles that Stripe can play is in collecting and publishing empirical data pertaining to entrepreneurship and industry in Europe. There's growing appetite to get Europe on a better footing, and cross-sectional comparisons can often shine light on where opportunities lie. If you're interested in this kind of thing, we publish more at stripeeconomics.substack.com.
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Are local governments potentially causing a financial crisis? "Data centers have an insurance problem" semafor.com/article/09/24/20…
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Fintech Avant applies for OCC charter bankingdive.com/news/fintech… via @bankingdive
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CFTC Staff Releases Updates to FAQs Concerning Registrants and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies
cftc.gov/PressRoom/PressRele…
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Peter Dugas retweeted
Recommended reading for those interested in China’s development of alternatives to legacy financial infrastructure.
The other CCP. Read this week's Hegemoney: hegemoney.com/p/the-other-cc…
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Peter Dugas retweeted
Some incredible reporting by @RoryWSJ, @JonathanEmont, @VeraMBergen, and @summer_said on many facets of China’s support for Iran.
One particularly interesting section provides new detail regarding Treasury’s targeting of the Egyptian state-owned bank Banque Misr’s five UAE branches last month and how they were recently being used to facilitate payments related to exports of Iranian petrochemical products to Egypt. According to the report, U.S. authorities raised the issue with Egyptian authorities, leading Banque Misr to attempt switching the payments to yuan and clearing the funds through China’s alternative to SWIFT, the Cross-Border Interbank Payment System (CIPS). Those payments never happened as U.S. authorities reportedly became aware of the scheme before it could be effectuated.
But here’s where it get even more interesting. Beijing apparently became concerned that Egyptian authorities provided American officials with information on these dealings, leading Xi to bring the matter up with the Egyptian president earlier this month.
Read the @WSJ piece here: wsj.com/politics/china-iran-…
FYI, it appears some of these details were previously reported by the Egyptian outlet Mada Masr earlier this month: madamasr.com/en/2026/09/03/f…
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Traders on the prediction market Kalshi have made almost one million trades in a single market since August that were in nearly identical amounts, unusual activity that has caught the eyes of traders wsj.com/finance/currencies/5… via @WSJ
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Peter Dugas retweeted
🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: Revolut customers are being notified about ANOTHER data incident 🤯
This time, the breach happened at DriveWealth, the US broker that previously handled Revolut’s US share trading.
DriveWealth says an unauthorised party accessed its systems on September 4–5, exposing historical customer data.
Potentially affected:
→ Name, email, phone number + address
→ Employment information
→ Citizenship, age + gender
→ Partial account number
Importantly, DriveWealth says passwords, cards, bank details and identity documents were NOT accessed: lnkd.in/d-Ua4zVg (nice catch Max Karpis 👌)
No unauthorised trades or withdrawals were made.
Revolut says its own systems, customer accounts and funds were not compromised.
For EEA customers, Revolut stopped sending new data to DriveWealth in December 2023 - so only historical records from before then can be involved.
The big unknown?
How many Revolut customers were affected.
Neither Revolut nor DriveWealth has disclosed a number yet, and DriveWealth says it has no reports so far of the exposed data being misused.
And yes, this is completely separate from last week’s Revolut incident involving around 680 customers, where scammers used a compromised Italian government email account to obtain sensitive customer information.
Two different incidents. Two completely different attack vectors.
But two major data-security headlines involving Revolut customers in just over a week.
The bigger question: how should fintechs manage customer data that remains with former third-party providers?
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Pretty unbelievable, but increasingly common.
Absolutely wild.
“The U.S. Department of War, Secret Service and other federal departments and agencies unwittingly purchased digital forensics software from a Virginia-based firm that was owned by Russian nationals and developed in Russia, according to a complaint filed by the Justice Department, following the arrest of two of the company's officers.
Oxygen Forensics is one of the top firms in the digital forensics industry and has contracts with several U.S. federal agencies and departments, including the IRS, U.S. Army, DHS, and the Justice Department, according to its web site, which became inaccessible earlier this week.
But prosecutors now say the company’s owners deceived federal customers not only about foreign ownership but also about where their forensic software was developed.
The U.S. Attorney’s office in Los Angeles announced today that it had arrested two of its officers and charged them with conspiracy to commit wire fraud. Lee Reiber, the 55-year-old American CEO of the company, was arrested on Sunday in Idaho. Oleg Sergeyevich Davydov, a 52-year-old Russian national from Moscow who is co-founder and chief technology officer of the company, was arrested in London at Heathrow Airport before boarding a flight to Turkey.
Prosecutors are not alleging that the company’s software was embedded with malicious code or that anyone was able to gain unauthorized access to the computer systems or data belonging to customers. The charges focus on their alleged deception to federal agencies about ownership of the company and where the software was developed.

Oxygen Forensics sells software used to by law enforcement and other government agencies to extract data from mobile phones, computers and other digital devices, including drone data from cloud platforms. Its customers are not only in the U.S. but also in Russia. The Russian Federal Security Service (also known as the FSB), are a customer, as are the Russian Investigative Committee, and the Russian Ministry of Internal Affairs, according to the federal complaint.”
DOJ press release: justice.gov/usao-cdca/pr/tec…
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Peter Dugas retweeted
JUST IN: US to promote dollar-backed stablecoins worldwide
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Peter Dugas retweeted
AI agents will absolutely wreck the insurance industry, and no one but insurance industry executives will be at all sad about it!
Interesting breaking news during my panel today. When I asked the head of AI at @insurify how they felt about muse he announced that they had just blocked it! Doubt that’s a great strategy but I don’t think legacy fin svcs realizes how disruptive consumer agents will be.
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