Head of US Markets at https://teapawt.net/t.co/1ii7QFfxmt
Manhattan, NY
Joined August 2011
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It’ll be interesting to see how onchain data fits into traditional market data distribution.
@AlliumLabs powering this Bloomberg dashboard.
@ltabb, interested in your take on @AlliumLabs’ SEC Rule 611 and FINRA comment letters.
@ethanyish
Good take:
If the token is entirely subordinate to the off-chain mechanisms, it’s just a message - and a goofy one.
one question this line of thinking has been raising for me
--is "tokenization" even a necessary thing?
in its fully custodial, centralized, reversible, freezable, censorable version, I think there is a growing case for 'no'
consider eg stablecoins--why don't they just prove a bunch of facts about $ value of reserves and claims against those reserves, instead of having a 'coin'?
I think you only need a coin/token if you are trying to give the asset at least partial bearer-asset properties--which would mean the issuer has some kinds of constraints on freezing it, reversing transactions in it, etc. vs the asset being arbitrarily censorable. . .
then it makes sense to hold the asset in a wallet on a separate ledger the asset-issuer does not control; otherwise you can just rely on proofs about the state of the asset-issuer's ledger...
Julian Jacobson retweeted
1/6 Markets are evolving faster than the rules used to measure them.
The SEC’s consideration of rescinding Reg NMS Rules 611 and 610(e) is an opportunity to modernize how execution quality is defined and evaluated.
Allium submitted a comment letter supporting the proposal and outlining what should come next 🧵
Julian Jacobson retweeted
Tokenized RWAs crossed an all-time high of $35 billion while open DeFi lending puts about $2.5 billion of that to work.
The explanation is usually KYC, slow redemptions, transfer restrictions. I think the main reason is economic.
Leverage multiplies the spread between an asset's yield and your borrowing cost. Looping is what DeFi does with a yield-bearing token, so when borrowing stablecoins costs more than the RWA pays, the loop loses money. Take the loop away and DeFi utilization has nowhere to come from.
Utilization follows carry, across every class. Public debt, negative carry, 5.5% utilization. Private credit, thin positive carry, 46.7% on the headline definition. Reinsurance at 6 to 12% yield, 83.2%.
Low DeFi utilization does not make these assets useless. They are used differently. DAO treasuries and exchange collateral programs hold the funds, and the yield reaches users through the wrapper instead.
And we are at the stage where these funds are loss leaders, sold rather than bought. The price of being in position before the market structure arrives.
Special thanks to @JacobsonJulian @arjunnchand @GrietLombaerde @plumenetwork for feedback and review.
Ondo RWA is live on @lifiprotocol
Ondo tokenized stocks are now available through LI.FI.
Every LI.FI integration partner can now access and distribute them to their users.
This is where LI.FI is uniquely positioned for the RWA market.
One integration to access the growing universe of real-world assets.
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The world is waking up to the reality that for modern-day finance, money needs to travel at internet speed.
Stablecoins are just that. They are better money technology, period. And they're being adopted by businesses of all types for accepting payments, from neobanks to consumer apps.
But stablecoin payments on blockchains have always come with teething technology issues. Historically there have been challenges with chains, routing, gas tokens, fragmentation, you name it.
As the tech matures, more abstractions are becoming possible, abstractions that make stablecoins the universal money layer and make them easy to embed into any business logic.
That's what LI.FI Intents enables.
Stablecoin payments that abstract all the complexities of the blockchain world, leaving only the efficient bits of the technology.
Gasless flows. 1:1 stablecoin swaps. Pay with any token. All of this and much more becomes possible with LI.FI Intents - so that none of the teething technology problems of blockchains ever go downstream to your users.
If you're looking to add stablecoin payments to your business without the blockchain complexity, come talk to us.
Julian Jacobson retweeted
Philipp Zentner explains why LI.FI wins the cross-chain coordination layer:
"Any fragmented market has a structural winner, the coordination layer. Stripe for payments. Twilio for comms. LI.FI for crypto."
"Everyone is tokenizing stocks with different liquidity depths. Buy Tesla at scale, split the order across Robinhood chain, Ingen chain, Solana. Same stock, different chains."
"We spent five years building this. Tokenized equities, critical minerals, rare earth metals, we aggregate all of it. That's distribution."
Julian Jacobson retweeted
📍 LI.FI → Consensus Miami
Catch the LI.FI team at @consensus2026 all week.
We’re helping teams unlock universal market access for digital assets - come chat.
The custodians can now offer a path into DeFi.
institutional trading across chains in perps and rwa
@lifiprotocol infra makes this happen..
today at noon EST, I’ll break it down.
hosted by @HouseofChimeraX
Julian Jacobson retweeted
From AI to ZK.
Artificial intelligence is the attack.
Zero knowledge is the defense.
AI takes advantage of the slightest slip.
ZK does not let anything slip.
AI decodes all the data.
ZK encrypts all the data.
AI is the surveillance state.
ZK is the sovereign individual.
Julian Jacobson retweeted
an even more thorough explanation of why framing the SEC pivot as surprising or “irregular” is totally misleading
the NYT article spends a while explaining how cases were dropped, and some of those cases were against donors to the president. (it implies impropriety. let alone the fact that in the third image NYT expressly states that they have no evidence of the president intervening or any donor impropriety.)
and it’s not just that. the main thing that the article fails to share, which is game-changing for understanding the last 4 years of SEC policy on crypto, is that the prior administration had a fundamentally different view of the law and the SEC’s own rules than the current leadership. keep in mind both uyeda and peirce were there and loudly and eloquently explaining their disagreements the whole time.
now that uyeda and peirce are 2/3 of a majority of commissioners, rather than 2/2 of a minority, it’s not “irregular” AT ALL for the SEC to drop these cases. why? because they were based on a highly disputed (and now viewed by the commission as faulty) interpretation of law and policy. if you overturn the underlying premises, of course the overlayed cases must fall away. it’s not “irregular,” it’s exactly what everyone expected if the minority commissioners became a majority.
the fact that the SEC under biden advanced novel interpretations of both statute and rule to enact widespread enforcement against otherwise law abiding businesses (not to mention missing a bunch of the worst fraud that occurred) is the reason WHY a change in leadership has led to such a massive change in policy.
the story misses this crucial context and instead frames the current commission, which seeks input from industry to find a workable path forward that promotes innovation while protecting investors, as the radical ones. really they’re doing what responsible regulators should do (in my opinion). but wherever you stand, the authors and times completely fail to offer important context and, in doing so, advance a narrative — not just “facts” — to their readers that is overtly critical of current policy without explaining where it came from.
The adults have taken over at the @SECGov
The SEC’s role is not to resist the market’s transition to on-chain capital markets, nor to force it into legacy definitions, nor to push innovators offshore. Rather, it is to allow market participants to operate and innovate subject to clear guardrails that protect the public.
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Julian Jacobson retweeted
Iterati helps physical art makers tap into the continuity of web3.
iterati.art
