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        <span>MONDAY, SEPTEMBER 14, 2026</span>
        <span>DIGITAL EDITION · VOL. I</span>
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      <a href="/"><h1 class="title">Margin Notes</h1></a>
      <p class="sub">Long-form analysis at the margins of the official record.</p>
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  <main><div class="read page"><p class="stamp">Declassified files</p><h1>Archive</h1><ul class="archive-list"><li><a href="/articles/cbdc-narratives-after-the-consultations.html">CBDC narratives after the digital euro and pound consultations</a><p class="meta">Money</p></li><li><a href="/articles/cross-chain-bridges-as-real-chokepoints.html">Cross-chain bridges as the real chokepoints of a multi-chain world</a><p class="meta">Infrastructure</p></li><li><a href="/articles/dollar-stablecoins-in-emerging-markets.html">Dollar stablecoins in emerging markets — sovereignty versus dollarisation 2.0</a><p class="meta">Money</p></li><li><a href="/articles/exchange-insolvencies-after-ftx.html">Exchange insolvencies after FTX — what the court files actually say</a><p class="meta">Finance</p></li><li><a href="/articles/fatf-grey-lists-and-correspondent-banking.html">FATF grey lists and correspondent banking as crypto policy</a><p class="meta">Geopolitics</p></li><li><a href="/articles/gold-bitcoin-and-central-bank-reserves.html">Gold, Bitcoin, and the composition of central-bank reserves</a><p class="meta">Finance</p></li><li><a href="/articles/how-to-read-a-mica-casp-file.html">How to read a MiCA CASP file without the marketing layer</a><p class="meta">Regulation</p></li><li><a href="/articles/layer-2-sequencers-as-politically-situated-companies.html">Layer-2 sequencers as politically situated companies</a><p class="meta">Infrastructure</p></li><li><a href="/articles/mev-and-the-builder-market.html">MEV and the builder market — who really orders Ethereum</a><p class="meta">Infrastructure</p></li><li><a href="/articles/mica-transitional-regimes-and-forum-shopping.html">MiCA transitional regimes and the quiet art of forum shopping</a><p class="meta">Regulation</p></li><li><a href="/articles/ofac-sanctions-and-neutral-infrastructure.html">OFAC sanctions and the claim of neutral infrastructure</a><p class="meta">Regulation</p></li><li><a href="/articles/on-chain-analytics-as-private-intelligence.html">On-chain analytics firms as private intelligence services</a><p class="meta">Surveillance</p></li><li><a href="/articles/on-chain-gdp-versus-real-economic-activity.html">On-chain GDP&quot; versus real economic activity</a><p class="meta">Economics</p></li><li><a href="/articles/privacy-pools-after-tornado.html">Privacy pools after Tornado — can cryptography satisfy a regulator?</a><p class="meta">Regulation</p></li><li><a href="/articles/privacy-wallet-prosecutions-and-the-developer-question.html">Privacy-wallet prosecutions and the developer-as-transmitter question</a><p class="meta">Regulation</p></li><li><a href="/articles/proof-of-stake-and-the-geography-of-validators.html">Proof-of-stake and the real geography of validators</a><p class="meta">Infrastructure</p></li><li><a href="/articles/russia-sanctions-and-the-crypto-circumvention-that-barely-happened.html">Russia sanctions and the crypto circumvention that barely happened</a><p class="meta">Geopolitics</p></li><li><a href="/articles/stablecoin-freeze-lists-and-the-bearer-cash-myth.html">Stablecoin freeze functions and the myth of digital bearer cash</a><p class="meta">Money</p></li><li><a href="/articles/tether-reserves-as-geopolitical-instrument.html">Tether&#x27;s reserves as a geopolitical instrument</a><p class="meta">Finance</p></li><li><a href="/articles/bitcoin-etf-and-the-capture-of-sound-money.html">The Bitcoin ETF and the capture of &quot;sound money</a><p class="meta">Finance</p></li><li><a href="/articles/cloud-concentration-under-decentralized-apps.html">The cloud beneath the chain — concentration under &quot;decentralised&quot; apps</a><p class="meta">Infrastructure</p></li><li><a href="/articles/fatf-travel-rule-as-identity-layer.html">The FATF travel rule as a de facto identity layer</a><p class="meta">Regulation</p></li><li><a href="/articles/the-imf-world-bank-line-on-crypto.html">The IMF and World Bank line on crypto after the turbulent years</a><p class="meta">Geopolitics</p></li><li><a href="/articles/philosophy-of-money-after-programmable-settlement.html">The philosophy of money after programmable settlement</a><p class="meta">Money</p></li><li><a href="/articles/tokenized-deposits-versus-stablecoins.html">Tokenised deposits versus stablecoins — the banks&#x27; counteroffer</a><p class="meta">Finance</p></li><li><a href="/articles/the-blockchain-surveillance-oligopoly.html">Who writes the risk scores — the blockchain surveillance oligopoly</a><p class="meta">Surveillance</p></li></ul></div></main>
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