Coin Center appears to have lost its lawsuit against OFAC over its Tornado Cash sanctions.

storage.courtlistener.com/recap/gov.usco…
Interestingly, out of the 91 addresses that OFAC sanctioned, Coin Center only challenged 29 of them, specifically those which make up the "core software tool." These were Tornado Cash's non-upgradeable contracts.

The 2020 collapse in interest rates really savaged stablecoin revenue.

There were $11 billion USDC stablecoins in March 2021, up an incredible 16x from $600 million in 2020. But USDC's quarterly interest income didn't jump by 16x. It went from $1.3m to $3.2m, a measly double. Source is Circle's S-4: sec.gov/Archives/edgar…

I wrote about the transparency of second-largest stablecoin USD Coin, focusing on the nature of its "approved investments." What are these investments? How many does it own? Circle, USDC's issuer, has never disclosed much information on them.

coindesk.com/circle-is-not-… @CoinDesk Because Circle is regulated by 44 state licensing boards, and each board has its own permissible investment rules (some very lenient), it's very difficult to reverse-engineer what USDC's "approved investments" might be comprised of.

Nick has an interesting theory about why banknotes replaced coins. Technology made coin counterfeiting easier, he says, so people fled into banknotes. Otherwise they would have stuck with coins.

But it's wrong. 1/4

https://twitter.com/NickSzabo4/status/1185417190641565697

Government policies—not innovations in counterfeiting—explain the prevalence of fakes. In the UK the Royal Mint refused to coin copper, so the supply of change was worn-out & easily counterfeited. It didn't hire foreigners or adopt new technology, so its work was shoddy. 2/4