The FTX Podcast #118 – Joe Bankman

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Welcome to the 118th episode of the FTX Podcast with special guest Joe Bankman and your host Tristan Yver!

What an opportunity it is to have a conversation with Sam’s father! After graduating Yale Law School in 1980 and then working at a Law Firm for four years, Joe became a professor at USC. Joe’s career has given him a unique inside look at the mechanics of social change in the USA and positioned him to be at the heart of business transactions – with his specialty in the field of tax. Joe’s accumulation of knowledge, networking, and expertise has great utility for FTX’s charitable initiatives and navigating regulatory relations for the crypto industry.

Thank you so much Joe! Your time, energy, and insight are appreciated!

Time stamps of key moments:

0:00 : Introduction of Sam’s dad; a law professor among other things.

0:50 : Getting into law; becoming a lawyer in 1980.

1:21 : Law is a great way to stay at the heart of things – like big social movements.

2:09 : Being a lawyer allows you to effectuate certain changes in the world and has great utility in the business & political realm.

4:01 : The reality of coming out of law school and then finding a love for teaching.

5:06 : Making the transition from being a practicing lawyer to a USC professor.

5:58 : The importance of being a research paper producing scholar in school and academia.

7:54 : How one really good teacher helped steer Joe into the field of tax.

9:24 : The history & transformation of the American tax system.

10:26 : The introduction & mechanics of income tax in the USA.

11:24 : Creating a new model: the Progressive Consumption Tax system.

12:22 : The efficiency of the current American Tax System.

13:23 : Ways current tax policies can be improved; leveraging third party data collection.

14:55 : Breaking the chains of the old complicated tax system.

16:40 : The challenges of evolving the current tax process with a bipartisan system.

17:37 : Coming together for a revolutionary new industry; a proposed crypto bill with tax aspects.

19:05 : The importance of stable coin regulation; a stamp of approval from the government.

20:12 : Establishing a ‘taxable event’; ie. moving money from one wallet to another vs staking.

21:52 : A potential budget increase for the IRS; an investment in resources to collect more tax funds.

23:20 : A divide in congress on crypto tax code and upcoming legislation.

24:14 : Advice for new teams seeking lawyers/legal counsel.

27:17 : Structuring time with your lawyer to be efficient.

28:31 : Some of Joe’s illustrious students during his time as a Professor.

32:11 : High value characteristics of a Professor; the human connection element.

35:40 : Helping FTX from the start as the only initial lawyer.

36:43 : Heading FTX Charity missions like “Bank the Unbanked”.

37:34: A mission for FTX Charity is to give bank & crypto accounts to populations in need.

38:16 : Moving from the banking system to the blockchain can be very beneficial.

38:52 : An ambassador with regulatory agencies on bills in congress.

39:06 : Involvement with Gabe, Sam’s brother, on Pandemic Preparedness Acts.

40:20 : A pilot program for justice impacted populations to provide utility & accessories through the FTX app with bank accounts & debit cards for ease of use & international transfers.

42:52 : A couple of ‘silver-bullet’ positive life habits!

Thank you for joining us!
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