@MarcGoldich
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Joined March 2012
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πΌπππ ππΌπΉπ±πΆπ°π΅ retweeted
for crypto to win, we need the best ecosystems working together
NEAR is how
trillions
Helius CEO @mert has joined the NEAR Foundation Council, NEAR Foundationβs governing body.
An early NEAR Intents user and leading voice on privacy, Mert brings an operatorβs view to how NEAR builds and grows.
βFor crypto to win, we need connected, unstoppable liquidity at planetary scale. A market of markets. Neither Solana, Zcash, or Bitcoin can win on their own, we must work together. And NEAR is how."
near.org/blog/mert-mumtaz-joβ¦
πΌπππ ππΌπΉπ±πΆπ°π΅ retweeted
THE BLOCK: Treasury's FinCEN is withdrawing a 2023 proposal that would have designated international crypto mixing a "primary money laundering concern," citing concerns the rule could have "a chilling effect on legitimate activity."
The @CFTC just proposed its first crypto market structure rules: Regulation Crypto Asset Transactions (CTX) & Regulation Crypto Asset Markets (CAM)
tl;dr The CFTC is building what it can w the authority it already has now that the Clarity Act seems unlikely
Highlights from @ChairmanSelig WSJ op-ed this morning:
β Covers crypto the CFTC & SEC already agreed are non-securities in their joint interpretation earlier this year (eg bitcoin & ether)
β Sets requirements for CFTC-registered exchanges that list those assets
β It's opt-in. Nothing forces spot crypto onto CFTC venues (Selig concedes that one takes Congress)
β The carrot: these venues could offer retail customers margined, leveraged or financed trading. State-licensed exchanges can't
That last point is the big one IMO. Retail leverage is the one product a state money-transmitter license can never get you, and the CFTC is betting it's enough to pull exchanges into a single federal scheme voluntarily
Also a pretty pointed Gensler callback: the "come in and register" era is over & exchanges no longer have to concede their listings are securities to get a federal home
As @MichaelSelig says himself: agency rules can't substitute for a statute forever, and a future Commission can unwind this. But it's a real federal on-ramp, which is more than we had yesterday
Haven't seen the proposal text yet, so more fun to follow!
cftc.gov/PressRoom/SpeechesTβ¦
πΌπππ ππΌπΉπ±πΆπ°π΅ retweeted
Thanks for the many kind words over the past week & for the engagement over my time at the SEC. Thanks to my many critics too. Vigorous critiques of government officials are part of what makes this country great. No more tweets from this account. Be careful out there: investor.gov/
πΌπππ ππΌπΉπ±πΆπ°π΅ retweeted
1/ We didnβt blow our big moment. This is our moment.
Letβs step back and remember how we got here.
π§΅
A landmark crypto bill collapsed this week after months of protracted negotiations. It marked a spectacular choke by an industry that had just recently begun reveling in its new lobbying clout, with President Trump in its corner. on.wsj.com/4iDH1KI
πΌπππ ππΌπΉπ±πΆπ°π΅ retweeted
Section 10601 of CLARITY without the concessions to Democrats β
The most bullish AMM news today is not the official statement, but the comment letter from SEC Commissioner @HesterPeirce that went along with it
βTruly decentralized systems that are driven by autonomous softwareβ¦ do not need need an exemptionβ (Aka normal permissionless Uniswap)
The exemption applies to permissioned pools on Uniswap v4, creating a pathway for compliant trading in the US for assets and users where this is needed
This can be incredibly useful for amm adoption, and we will be submitting a comment letter with proposed improvements
sec.gov/newsroom/speeches-stβ¦
Congress fails to act on crypto market structure.
CFTC does not.
Devs can ship derivatives front ends without broker registration. The tradeoff is consenting to CFTC enforcement jurisdiction and taking on joint liability with the exchange, among other things.
Congress fails to act.
SECβs response: fine, weβll let stocks trade on permissionless chains.
(permissioned participants and the tokenized stocks have to come with the same rights as traditional shares)
CLARITY failed cloture.
No comprehensive market structure bill. No five years of arguing about implementation.
The SEC and CFTC will keep moving forward with rulemaking.
Crypto will be fine. It has spent most of its existence somewhere between regulatory uncertainty and outright hostility.
Happy Labor Day. Take some time to relax, enjoy your family, and recharge. I genuinely want that for you.
But just know that while youβre sitting by the pool, your competitor is working.
Anyway, enjoy the day. It pains me, but enjoy it.
Does this call for an EMERGENCY MOTION TO STAY STANDING ORDER RE: RESPECT FOR THE BIG MAN PENDING JUDICIAL REVIEW?
The Big Man deserves respect. But that respect cannot be compelled through an undefined scoring regime, an indeterminate effective date, and the threatened administrative conversion of a first-round running back into a defensive tackle.
This guy is a tyrant.
This. One of the things crypto taught those of us who have been in it for a long time is that βthe law isnβt clearβ canβt be the end of the answer. You have to understand the technology, help make a judgment about the actual risk, and find a way for the business keep building. Thereβs a lot from the last decade in crypto that translates directly to AI.
After nearly a decade in crypto law, I am confident in saying we have learned lessons (too many to count!) that are critical for lawyers entering the AI space to keep top of mind. I set out 3 of them in @Law360: law360.com/technology/articlβ¦
(DM me for a full copy beyond the paywall)
