Larry Tabb

@dmweisberger SBF’s sentence was probably too long. But he’s guilty as hell. Not a Ponzi but he used client funds/crypto that he shouldn’t have. The interview hinted at it but didn’t hammer home. If he borrowed 10 btc he needs to pay back 10 btc not the value of 10btc at the markets’ bottom.

OF COURSE they would defend their sociopathic son, but MUCH WORSE is that THEY were never prosecuted. Remember the case based on alleged illegal CAMPAIGN Contributions was dropped and THAT would have almost certainly implicated Barbara and Joseph. As those contributions along with real estate they benefited from came from STEALING client assets, they have some nerve making these statements.

Sam Altman told the world exactly what skills will matter when AI takes over 30 to 40 percent of the global economy. He was asked what his own kids should do to survive it. His answer was surprisingly human. He said the single most valuable thing anyone can build right now is the meta-skill of learning how to learn. Not a degree or a certification but the raw ability to adapt when everything around you changes. He also said learning to understand what other people actually want and building useful things for them will be more valuable than almost any technical knowledge. That skill has never been automated and is not close to being automated. He said human creativity and the desire to express it are, in his words, limitless. Every major technological revolution increased the demand for creative, curious, and socially intelligent people, not decreased it. The Industrial Revolution is the clearest parallel. Machines replaced physical labor and people were terrified. The next generation took those machines and built industries, art forms, and institutions nobody had conceived of before. The people who thrived were not the ones who competed with the machines. They were the ones who learned to direct them toward something new. That dynamic is already playing out right now with AI. The practical implication is this, depth in a single rigid skill is becoming less valuable. The ability to move across domains, pick up new tools quickly, and apply judgment in ambiguous situations is becoming more valuable. Altman also pointed to something most career advice ignores entirely, learning how to interact with the world, build relationships, and earn trust from other people. Those are things AI can simulate but cannot replace. The honest opportunity in this moment is not to outrun AI. It is to focus on the things that make you irreducibly human. Curiosity, judgment, empathy and the ability to ask the right question before anyone knows what the right question is. The people who will matter most in an AI-driven economy are not necessarily the ones who understand the technology deepest. They are the ones who can figure out what the technology should actually be used for. Altman has spent his career betting on human potential in the face of technological disruption. Based on every historical precedent, that is still the right bet to make.

The SEC just released the most important piece of U.S. crypto regulatory guidance ever produced. 68 pages. 148 footnotes. A 5-category token taxonomy. Safe harbors for staking, mining, wrapping, and airdrops. And a separation doctrine that changes how every token deal gets structured. Initial takeaways in this thread. Full analysis in my article below.

CFTC Staff Issues No-Action Position to Self-Custodial Crypto Asset Wallet Software Provider Maybe I am on edge, but I think this is a deal. I think (could be wrong) that they allowing a wallet provider to facilitate trading without being a broker/FCM cftc.gov/PressRoom/Pres…

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I am sorry to say that my @X account was hacked over the weekend. Please do not reply to any DMs requesting a meeting purportedly from me. They are not.

@pattersonscott Congrats and welcome to the BBG team. Once you land, hit me up on the terminal. We just hired a new digital assets market structure guy. We all need to connect. Congrats again.

Personal news - After more than two decades at WSJ I'm leaving for my old stomping ground: Bloomberg. Beat: crypto. If you've got some crypto angles - hit me up!

Betting on Prediction Markets - Path to Adoption Join us at @Bloomberg Intelligence on a discussion about prediction vs. gaming w/ BI analysts Brian Egger, Paul Gulberg, Jackson Gutenplan, Elliot Stein and I. Webinar tomorrow at 11am est Open to all bloomberg.zoom.us/webinar/regist…

@TripleDTrader Well you can look at the 70s gas prices, and the 80's 18% interest rates as temporary too, I guess.

We’ll get you used to 50% higher gas prices, then when gas prices fall 15%, you’ll feel like you’re getting a deal!

@fintechfrank Sounds like they are hanging with the Koreans. Too much KPop?

Nearly 1 in 3 GenZ (18–29) say they are investing in — or considering investing in — sports betting and prediction markets. Among those, 80% believe these riskier bets will get them to their financial goals faster than traditional investing. Bleak.

@M_C_Klein @RobinWigg Double the story: one on lending and the other a restaurant review. Two in one. Nice. Demonstrates how hard the economics of financial journalism are these days. :-). Seriously though, nice reporting.

This is fantastic investigative work: ft.com/content/c52282…

100% in favor. Need to ensure regulated markets’ contracts are not to easily manipulated or it will not only taint that market but the other markets, FCM’s/ brokers and other infrastructure

Profits returned to Private Equity investors are at a 16-year low, per Bloomberg:

@gleeville @SMTuffy You guys know better than this. This is about Senate and House banking and ag committees/campaign contributions not about what’s best/efficiency and effectiveness.

@SMTuffy Feels like time to bring this comment back to life!

Question for the crypto market structure nerds like me following the Market Structure/Clarity Act and wondering what it means for DeFi:   If DeFi platforms get exempted from U.S. registration (as DeFi lobby is asking for), does that also mean zero KYC/AML (Know Your Customer/Anti-Money Laundering) obligations for them? Because if so, I don't see how regulators will ever allow tokenized securities to trade on DeFi. They won't be comfortable in a world where North Korea can spin up anonymous wallets and buy up 25% of a U.S. defense contractor on a DeFi platform. 
Is DeFi ironically shooting itself in the foot by pushing for full exemption? Some registration obligations around KYC/AML and reporting might actually unlock tokenized equities at scale. Otherwise, tokenized stocks may remain a hobby and never benefit from DeFi's innovation and composability.   People say, “Don’t worry, smart contract whitelists will solve it and this KYC/AML stuff should only be the responsibility of the issuer or a broker-dealer regardless,” but what happens if that system breaks down or is inaccurate? Won't regulators want a nexus to the DeFi platforms themselves to feel comfortable allowing DeFi transactions?   I generally agree that we should look to protect developers for writing code. And I agree that self-custody is absolutely essential to unleashing innovation. But I worry that “protecting developers” will become “shouldn’t have to register a trading platform and also shouldn’t have KYC/AML obligations” and this will backfire… 
Maybe I'm missing something. Every time I ask about the Banking markup on DeFi and how KYC/AML will work, I get a different answer, so I’m putting it to crypto Twitter. Curious what others think (and also curious if more than zero people actually care about this level of market structure enough to read this far in this tweet…).    I’m happy to have the conversation direct also if anyone wants to DM. I want to be on the side of the angels on this one and be advocating for the most innovative and productive solution.

Crypto companies are starting to eat their own lunch. Circle just used USDC to settle $68M across eight entities in under 30 minutes, replacing bank wires that usually take 1–3 days. The bigger point: any company could plug stablecoin settlement into existing treasury workflows — reducing cash in transit, speeding confirmations, and tightening monthly close without rebuilding their stack.

@nicola_m_white While you say they aren't combining, and it would be difficult to do so given the challenge of combining Senate and House Ag and Banking committees, it certainly seems like they are on the road to combining.

Now on the web: bloomberg.com/news/articles/…

@dmweisberger @daveweisberger @Support Don't disagree w/this. esp re: SCs w/0% pushing folks into sweep accounts. Don't see an issue that. 1SC $ = $1 USD and if folks want to sweep - go for it. Also fat banks wanting to keep their $. Banks need to up their game. But not sure why that is a bad compromise

@ltabb - This is the article I foreshadowed. x.com/dmweisberger/s… I would love to hear your response (I am Dave Weisberger, btw. My old account @daveweisberger was hacked & stolen, so I started a new one as @support is unwilling to help)