Glossary — Crypto

These are the jargon, acronyms, and constructs a non-expert hits in the Crypto whitepaper. Use this as a reading companion; the filing remains the source of truth.

• On-chain volume vs payments
  Raw blockchain transfer totals versus genuine payments for goods and services — the filing's $350–550B vs multi-trillion gap.
• FTX / Celsius / Voyager
  Mega-loss cases the filing root-traces to custody, leverage, and corporate failure — not to 'crypto-native' magic.
• SEC / CFTC perimeter
  Which agency's statute covers a token, exchange, or derivatives product — the core U.S. jurisdiction fight.
• CLARITY Act
  Named market-structure legislation scored among competing regulatory architectures.
• GENIUS Act
  Named stablecoin / payments legislative vehicle in the same scorecard set.
• Stablecoin / reserves
  Dollar-linked tokens and the banklike questions (FDIC-style, audits, redemption) they raise.
• Money transmitter
  State licensing regime that already touches many crypto businesses outside federal securities law.
• Self-custody
  User-held keys versus exchange/custodian accounts — different failure modes and regulatory hooks.
• SHED
  Survey of Household Economics and Decisionmaking — household exposure evidence used in the loss/distribution story.
• FEC / PAC crypto money
  Political-finance constructs for tracking industry influence without confusing donations with use-case size.
• BIS / payments share
  Cross-border and central-bank research frames for sizing crypto against real payment systems.
• Adjusted volume methodologies
  Vendor 'adjusted' on-chain figures that filter differently and over different windows — a source of circulating number fights.

Scope note: docs/glossary-scope.md. Challenge a definition: [email protected].