Ryan VanGrack

285 posts

Ryan VanGrack

Ryan VanGrack

@RVanGrack

VP legal @coinbase; fmr GC Citadel Securities, SEC Senior Advisor, White House Atty | law, politics, crypto and Duke basketball (not necessarily in that order)

Katılım Eylül 2024
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Ryan VanGrack
Ryan VanGrack@RVanGrack·
When @iampaulgrewal brought me to work on this case, I knew the stakes were high and the outcome was binary. Not all legal teams get to fight such a consequential battle. Even fewer get to win one. Grateful for the incredible work of @coinbase’s litigation army and that @brian_armstrong, @emiliemc, @iampaulgrewal – and the whole company – get to celebrate being on the right side of history. A new chapter in crypto begins today.
Paul Grewal@iampaulgrewal

"Case dismissed." Two words that every defendant in every case yearns to hear. Today we can announce upon full Commission approval @SECGov is dropping our case. There will be no settlement or compromise-- a wrong will simply be made right. 1/4

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
The @SECGov issued landmark guidance this week confirming staking services aren't securities. Yet Maryland remains an outlier & clings to an outdated view. @BaltimoreSun highlights the growing rift bn MD and the federal govt (and most states)—and the risk our state is left behind in the digital economy.
The Baltimore Sun@baltimoresun

Coinbase is at odds with the state attorney general’s office over a bill the company is pushing to sanction a rewards program AG Anthony Brown says violates securities law. bit.ly/4lA1a3z

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
The data is in: prediction markets are mainstream. Polling shows 36% of voters already use them for info/trading. As courts weigh in, the public has decided: they want them regulated, not banned. Federal rules for these markets aren't just good policy, they're what voters want. Important work from @paradigm @JBSDC
Justin Slaughter@JBSDC

Good Thursday morning. I’m happy to announce the release of Paradigm’s first poll for this year & our first on prediction markets. I’ll cut to the chase. Over a third of American voters have already used prediction markets, either to put money on them or to browse them for info.

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
The latest CFTC releases expose the fallacy in states' arguments that PMs lack a regulator. By issuing an Enforcement Advisory(insider trading), Staff Advisory(contract listing) & notice for new rules, @CFTC isn't just watching-it's acting. It's the triple threat of regulatory tools: overseeing market participants, policing current behavior, and enhancing the regulatory framework. The "unregulated" narrative is officially dead. Important work from @ChairmanSelig.
Mike Selig@ChairmanSelig

Prediction markets are one of the most exciting innovations in financial markets. Yet for too long, the @CFTC has failed to provide guidance for these markets being used by millions of Americans. This ends today. Read what steps the agency is taking here⬇️ cftc.gov/PressRoom/Pres…

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Mike Selig
Mike Selig@ChairmanSelig·
Today, we're taking action by releasing clear guidance for prediction markets that will help exchanges understand the @CFTC's expectations for new contract listings. We're taking on the responsibility of making sure there are transparent rules of the road for the asset class. Watch more on @SquawkCNBC ⬇️📺
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Ryan VanGrack
Ryan VanGrack@RVanGrack·
Staking isn’t a security—it’s an opportunity to earn, support, and build. Proud of my home state of Maryland for making progress to support the future of finance and join the other 46 states that allow staking. #coinbase
Faryar Shirzad 🛡️@faryarshirzad

Here's a great example of a state legislative leader understanding where the future of finance is headed, and why states have to get the policies right. Kudos to Maryland Delegate @AdrianBoafoMD for making the case that staking should be allowed in MD - and everywhere. Right now, 46 states allow staking services to operate. Maryland's current ban is costing @coinbase users in the state at least $9M in staking rewards. Leaders like Delegate Boafo understand that sensible pro-innovation policies set clear, predictable rules that protect consumers and attract investment and business to the states that provide them.

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
If it walks like an event contract and talks like an event contract—it’s an event contract.🦆 Prediction markets need uniform/robust federal oversight, not a patchwork of state laws. Great discussion with @paulbarrontv on the future of these markets. Watch the full interview: youtube.com/watch?v=hj9WUv…
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Rob Schwartz
Rob Schwartz@FormerCFTCGC·
🔥Looks like the CFTC has submitted its Advance Notice of Proposed Rulemaking on prediction markets for review by the White House Office of Information & Regulatory Affairs. No question that Chairman @MichaelSelig is making this a top priority.
Rob Schwartz tweet media
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Ryan VanGrack
Ryan VanGrack@RVanGrack·
Thanks @CoinDesk. It's important to remember the states' arguments are premised on a fundamental misunderstanding. They're presenting this as deciding between a state regulator & no regulator. The real question is whether these derivatives markets should have 1 federal regulator or a patchwork of 50 state regulators. Thankfully, Congress answered that question long ago when it gave exclusive jurisdiction to the CFTC.
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CoinDesk
CoinDesk@CoinDesk·
Prediction markets are drawing in major institutional interests but the regulatory path forward remains a question mark. Coinbase Head of Litigation @RVanGrack joins hosts @JennSanasie and @renato_mariotti to discuss how regulators will approach this booming sector. x.com/i/broadcasts/1…
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Mike Selig
Mike Selig@ChairmanSelig·
Our exchanges are the @CFTC’s first line of defense in policing insider trading in prediction markets. I'm pleased to see that our exchanges are adhering to their oversight responsibilities as self-regulated organizations and our Enforcement Advisory today reflects that. Let me be clear: if you attempt to engage in manipulation, fraud, or insider trading, we will find you and take action.
CFTC@CFTC

.@CFTC Enforcement Division Issues Prediction Markets Advisory: cftc.gov/PressRoom/Pres…

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
The most notable thing about the TN ruling? It isn’t radical-it’s common sense. The court didn’t reinvent the wheel, it just followed the law: 1⃣ Broad definition: Congress defined swaps broadly. 2⃣Sports event contracts = Swaps: They involve occurrence of events + potential financial consequences. 3⃣Uniformity > chaos: Complying with both state & federal law would frustrate the CEA’s “primary objective: uniform regulation of the derivatives market” @CFTC @coinbase @Kalshi
Andrew Kim@akhoya87

And the rollercoaster continues. Kalshi obtains a preliminary injunction in Tennessee.

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
.@CFTC is sending a clear message: fed jurisdiction is exclusive, not optional. Nevada’s actions illustrate why Congress moved to prevent a state-by-state patchwork regime in the first place. We'll keep fighting for our customers’ right to consistent rules & robust fed oversight.
Mike Selig@ChairmanSelig

Here is the brief we filed in the Ninth Circuit Court of Appeals to defend the @CFTC’s exclusive authority to regulate American Prediction Markets.👇 cftc.gov/PressRoom/Pres…

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Mike Selig
Mike Selig@ChairmanSelig·
I have some big news to announce…
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Ryan VanGrack
Ryan VanGrack@RVanGrack·
Essential reading for every party - and every court - involved in prediction markets. The upcoming @CFTC brief isn't just another submission - it's the biggest development in these cases since they were first filed.
Declan Harty@declanharty

“The CFTC will no longer sit idly by while overzealous state governments undermine the agency’s exclusive jurisdiction over these markets by seeking to establish statewide prohibitions on these exciting products,” @MichaelSelig⁩ writes in the WSJ. wsj.com/opinion/states…

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Ryan VanGrack
Ryan VanGrack@RVanGrack·
We filed our reply today in @coinbase's case against Michigan to affirm @CFTC's exclusive authority over event contracts. Michigan’s argument: Prediction markets are “unregulated.” Reality: the CFTC has regulated the trillion-dollar derivatives markets for decades assets.ctfassets.net/sygt3q11s4a9/7…
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Ryan VanGrack
Ryan VanGrack@RVanGrack·
Victory for transparency. 🏛️ This unprecedented resolution, paired with @FDICgov’s commitment to improve its FOIA practices, helps ensure no industry is forced to endure this ordeal ever again. A rewarding day to work @coinbase
Paul Grewal@iampaulgrewal

@FDICgov agreed to pay us $188k in attorney fees and revise its FOIA policies to end our Operation Choke Point 2.0 lawsuit. This historic settlement follows the Court’s ruling that the agency officially violated FOIA. 1/3

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Keşfet

@SECGov @BaltimoreSun @paradigm @JBSDC @CFTC @ChairmanSelig @SquawkCNBC @paulbarrontv