One Regulation E, Two Very Different Regimes
How consumer protection in payments works, why it was designed that way, and why it’s being contested today.
About the modern financial infrastructure that the world sits atop of.
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I write roughly biweekly on the intersection of tech, financial infrastructure, and systems thinking. It's free.
Recent editions of BAM
The gift card accountability sink
The gaps scammers exploit in gift cards are the result of deliberate policy tradeoffs.
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Crypto’s most popular product offers capital efficiency for professionals, leveraged exposure for the masses, rich yields for market makers — and a poorly understood failure mode.