Aa fly now pay later8/17/2023 He had the sense of “this is getting bigger, and we should start looking into it.” There was another prosecutor, Christopher Brown - you know, the other Chris Brown - and he had taken an interest in this when we were both working on financial crime in the Washington, D.C. It’s when I was a prosecutor that I really learned about it. This conversation was edited for clarity and brevity. Crypto lawyers have drawn on his prior decisions in the context of the Tornado Cash sanctions, for example.įaruqui spoke with Protocol about the power of his position, and what people in crypto should understand about the law. But the ways Faruqui has weighed on cases that have come before him can give lawyers clues as to what legal frameworks will pass muster. Bitcoin’s immutable ledger was used to find the perpetrators.Ī magistrate judge doesn’t set precedent in the same way as a Supreme Court justice - stare decisis only must be obeyed by lower courts, and Farqui’s is not the highest. Particularly well known was a case involving a dark-web site called “Welcome to Video,” which had facilitated some 360,000 downloads of sexually exploitative videos of children to 1.28 million members worldwide using bitcoin. There, Faruqui prosecuted cases that involved terrorism, child pornography, and weapons proliferation. Attorney’s office in Washington, D.C., that called themselves the “Bitcoin Strikeforce,” and worked with agencies like the IRS and FBI in federal investigations. Rather, before taking the judge position Faruqui was one of a group of prosecutors in the U.S. His knowledge isn’t the product of spending time on crypto Twitter. How do BNPL providers handle all of these?" "You have standard cancelations, which are somewhat analogous to returns, but you also have flight changes, switching fees, rebookings, etc. "Airlines present some unique challenges in this area," Johnson said. Airlines have different policies around whether tickets can be refunded. BNPL providers are typically able to work with merchants to facilitate returns and exchanges, he said, but those are typically for hard goods. Johnson said BNPL financing in travel can also be complicated in one key area: cancellations and refunds. Melody Brue, principal fintech analyst at Moor Insights & Strategy, said that while the American Airlines deal gives Affirm an edge over rivals like Klarna and Afterpay, it is also entering a space where major credit card companies are already "offering their version of BNPL" and where " consumers have so many choices with payment methods they may already be using," she told Protocol. Wall Street giants like American Express and Goldman Sachs, through its Marcus digital bank, have made big moves into pay-later travel. Uplift, a smaller BNPL company, specializes in travel, with 17 airlines listed as partners on its website. He said "the airline industry has been a bit under-penetrated by the big BNPL providers so far." "I'd expect Affirm to try and expand its presence in the space now that it has this win." Photo: AffirmĪlex Johnson, fintech research director at Cornerstone Advisors, called the American Airlines deal a "good win for Affirm."Īffirm hasn't "done much in air travel before this," Johnson told Protocol. Geoffrey Kott said the American Airlines deal is the company's first pay-later partnership with a major airline. "Consumers never owe a penny more than what they agree to at checkout, even if they're late missing payments," Kott told Protocol. The American Airlines deal is the company's first pay-later partnership with a major airline, said Geoffrey Kott, Affirm's chief revenue officer.Įligible travelers will be able to book airfares of $50 or more on American and have payment options from three to 12 months with fixed interest ranging from 10% to 30%, with no late payment penalties. Affirm has formed partnerships with travel companies, including Expedia, Priceline and Delta Vacations.
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