The geopolitics of money infrastructure — sanctions, regulation, and AI-driven enforcement — written from the field by someone who sells into this market for a living.
- Perimeter Report
Keys against courts: when the asset is a private key
The Russia case is an institutional-law problem. The Venezuela crypto narrative is a custody problem — and the difference between a Euroclear ledger entry and a hardware wallet is the difference between a court order and a locked door.
- Perimeter Report
The principal line: sovereign immunity against countermeasures
The argument is not about whether Europe can freeze Russian assets. It is about what the law permits after freezing — and in U.S. law, 'seize' is three different words: blocking, forfeiture, and immunity.
- Perimeter Report
The ladder from freezing to taking
The most decisive weapon in 21st-century geopolitics is not a missile system — it is access to a payment rail. What states may do with an adversary's money runs on a three-rung ladder: freeze, use, take.
- Perimeter Report
Why this publication exists
The transaction graph tells you where money went. It cannot tell you who wanted it moved, or why a state looked away. That gap is the beat.