moomoomimo ∞/21m

Crypto regulation must not prioritise memes over matter ft.com/content/1ceaa1… via @ft

memes over matter, lessons from the Titanic, more open.substack.com/pub/a16zcrypto…

Two Securities and Exchange Commission lawyers resigned after a federal judge sanctioned and sharply rebuked the Wall Street regulator for “gross abuse” of power in a crypto case. trib.al/5MjCTFK

@leomschwartz @RebeccaRettig1 @NYcryptolawyer Impossible is the point ofc.

I attended a talk last night with recently departed SEC crypto litigation leader Ladan Stewart, where she debated with @RebeccaRettig1 and @NYcryptolawyer over her agency's controversial approach. In one notable exchange, Stewart said the SEC does not view tokens as securities, but instead their offer and sale. "But then what do you register?" Rettig asked. Stewart answered that the token, plus “all the stuff around the token,” is the security. “You can’t obviously register all the stuff, but you can register the token.” “But we agreed that’s not the security, and that’s not the investment contract, either,” Rettig replied. “This is, I think, where the industry and the SEC have this divide, which is tell us what to do, and it’s hard to know.” Cohen jumped in. “It’s impossible, it’s not hard.”

It’s as clear as you can get, really

Right now, every half-finished crypto investigation ends up collecting dust in a random group chat or some dude’s notepad. Thousands of half-investigations don’t make a single whole. Here’s to a future where we don’t have to start from scratch every time. 🍻

@lofty_ai why are you sending me spam emails?

We created new Discord and Telegram groups to discuss staking USDC (and soon ALGO) against real properties––a world's first 🚀🌎 Join below 👇 ✅ Discord: discord.gg/zyTg8Qp7jV ✅ Telegram: t.me/LoftyStaking Built on #Algorand 👑 #AlgoFam #algo $ALGO #RWAs #RWA

@QwQiao mm-hmm.

current base case: we r climbing a wall of worry and will go up lot higher in the next ~6mo. the powers that be need to pump all markets in order to win the election. comfy in spot then come november decide whether or not to take profit

Privacy is normal. Railgun uses the privacy pools protocol ( papers.ssrn.com/sol3/papers.cf… ) which makes it much harder for bad actors to join the pool without compromising users' privacy. twitter.com/WuBlockchain/s…

The UK government: "We want to make Britain the global hub for cryptocurrency investments" The UK government, also: "BTC ETFs and crypto derivatives are banned because they are unreliable" What a bunch of clowns 🤡🤣🐵

Warren and Grassley want to know about SBF relationship with CFTC, but not with Gensler, who SBF privately met with via his father, and who was set to give FTX an exemption for US operations? Such bs.

UFC lightweight Renato Moicano with another all-timer on the mic 🎤 "If you care about your country, read Ludwig Von Mises' 6 lessons of the Austrian Economic School motherf*ckers" MMA fighters shilling Austrian Econ on ESPN? Currency collapse signpost. twitter.com/JustTheFights2…

RFK Jr.: How Nature Connects Us To God youtu.be/QVCwJy5c0Og?si… via @YouTube

@lopp It's legit concerning to me how much I want it to be on 4/20.

#bitcoin just had its final difficulty adjustment (up 3.92%) before the halving, which should slow down block production a bit. We're still coming in a bit hot though, so I'd suggest miners power off 1% of their hashrate to retarget a 4/20 halving. 🙃

The following statement is attributed to @BlockchainAssn CEO @kristinsmith on @Uniswap receiving a Wells Notice from the SEC:

USV has been investing in the digital asset sector for over a decade. We believe that blockchain technology allows for the creation of open, transparent, and efficient marketplaces that deliver value to consumers and creators. USV also believes that most digital assets are not securities and are more similar to commodities, currencies, loyalty points, tickets, art and many other well understood assets that are not regulated by the SEC. And yet the SEC continues to attack well intentioned innovators who are building digital asset businesses like our portfolio company Uniswap Labs which received a Wells Notice today. We have long argued that Congress must act to write and pass legislation that gives companies in the US a roadmap for how to legally build digital asset businesses. In the absence of that, the digital asset sector will have to make their cases in the court of law and we are confident they will prevail there.

Sometimes you have to laugh or else you'll cry. Question: how can you square the @SECGov's claim that @Uniswap acts as a broker with the Court's ruling against the @SECGov just a handful of days ago? Answer: you can't.

re: wells notice sent to @Uniswap, many have expected the SEC to go after them SEC’s proposed changes to the definition of “exchange” made its view clear: autonomous code devs are exchanges under exchange act last june, i filed a comment letter on behalf of @galaxyhq explaining the folly of SEC’s view—specifically as it relates to non-upgradeable smart contracts like uniswap. and it is folly

@udiWertheimer @haydenzadams @Uniswap woof. meow+woof vs sec. grrr

@haydenzadams @Uniswap your fight is our fight. SEC is wrong and we’re going to win. meow

Today @Uniswap Labs received a Wells notice from the SEC. I’m not surprised. Just annoyed, disappointed, and ready to fight. I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase. All while letting bad actors like FTX slip by. When I first set out to build Uniswap, the goal wasn’t to reimagine finance. It was an experiment in radically decentralized, fully automated onchain markets. I didn’t know if it would work or if anyone would use it. Fast forward to today, the Uniswap Protocol has processed over $2 trillion in volume. Many thousands of teams and developers have forked our code or built on top of it. We built entirely new financial infrastructure that is transparent, fair, secure, and accessible powering an entire industry. The team at @Uniswap did all of this in the US from our office in New York City. People often ask me why we stay in the US and my answer is simple: I believe that blockchain is incredibly powerful technology. Like the Internet, it’s here to stay. So someone needs to figure it out, and it might as well be us. And that when you build technology that improves people’s lives – you don’t need to hide. The @SEC’s mission is “protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.” This is a noble mission. I would argue @Uniswap does a far better job of this today than the SEC. Yes, I'm frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we'll have to fight a US government agency to protect our company and our industry. This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for. And of course, we won’t stop shipping. Stay tuned 🦄💜

More legal details, including why the SEC has not acted in good faith and why we’re going to win here from our CLO @ammori twitter.com/ammori/status/…