Can TradFi use permissionless blockchains, given the Bank Secrecy Act & sanctions laws? This @LawofCodeFM episode is a deep dive into the BSA, crypto compliance and a paper by @RebeccaRettig, @malekanoms and @M_Mosier, which argues that TradFi can embrace blockchains while complying with existing law. Timestamps: 0:00 Intro 3:24 Problems they see 5:39 The router principle 7:13 What permissionless systems get right 11:28 Lessons from the open internet 14:23 Credible neutrality 19:20 A brief history of the BSA 23:55 What OFAC enforcement looks for 26:16 Treasury, Iran and open networks 28:29 The SEC's innovation exemption 34:03 Compliance belongs at the app layer 37:04 "The government will never allow it" 39:39 The paper's nine-part framework 44:12 Network layer vs. transaction layer 46:28 The $50,000 canoe 48:02 Safety, soundness and final settlement 50:29 Why this matters for national security 51:27 Privacy 58:07 What this means for DeFi Thank you to the presenting sponsor of this episode, @altitude. Nothing in this podcast is legal or investment advice.