Hidden Surface

Privacy breaks at enforcement, not at encryption Most privacy debates still ask for a verdict: is the system private or not, anonymous or not. That framing works right up until the moment privacy stops being a product claim and becomes an enforcement question. A withdrawal gets blocked. An issuer gets

Compliance fails when enforcement has nowhere to live Most compliance conversations start in the wrong place. They start with rules: sanctions lists, thresholds, reporting obligations, prohibited counterparties. They assume the hard part is writing policy and the rest is implementation. In practice, the hard part is deciding where enforcement is