@PatrickMcHenry @RepFrenchHill Congratulations, @RepFrenchHill. Next up: the CLARITY bill championed by both of you, @PatrickMcHenry, through even more twists & turns.
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Patrick Daugherty
450 posts
Patrick Daugherty
@daughertylawyer
SEC & crypto lawyer. Reagan SEC HQ staff. Member, SEC Investor Advisory Comm. Northwestern & Cornell Law. Nothing here is a legal opinion or investment advice.
Chicago Katılım Ekim 2013
235 Takip Edilen646 Takipçiler
No bill this congress has had more twists & turns as the housing package. Getting it across the finish line took skill, policy expertise, creativity and real political will.
I told my friend @RepFrenchHill it was like pulling off a triple bank-shot - and he did it. Big congrats!
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@iampaulgrewal @coinbase @brian_armstrong @Emilemc Not only COIN and the crypto industry, but the broad tech industry, owes you debts that can never be repaid. Steadfast warrior, brilliant strategist. And @mollyisonchain from the great team that you built is a worthy successor.
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After 6 years I’m leaving @Coinbase. I’ll be transitioning to an advisory role at the end of the month and continue my service on the Board of Coinbase National Trust Company. I will be a Coinbase ally for life and am grateful to @brian_armstrong, @emilemc and the Coinbase board for the opportunity of a lifetime. ⬇️
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@OrinKerr of Berkeley has blown the whistle on faculty political donations at the top law schools. Once upon a time, there were a few Republicans on faculty. But the times, they are a-changing. Today, faculty lunch can be indigestible for right-of-left faculty. Needed: viewpoint diversity.
Orin Kerr@OrinKerr
Law school faculty donations to political campaigns from 2017 to 2023, from @derektmuller. excessofdemocracy.com/blog/2024/3/la…
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A $1.8T asset manager just built a dedicated crypto investment team. I’m the Chief Investment Officer.
The “do digital assets have staying power?” debate is over. Here’s what comes next 🧵
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@mt_levalley Excellent analysis. The industry needs to sue to block the Illinois Digital Asset Tax Act from taking effect.
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It was a Saturday Night Special, @novogratz @iampaulgrewal @milesjennings. No one from the industry or the bar even saw the text until after the Illinois legislature signed off on it.
Mike Novogratz@novogratz
Short sighted and uneducated move from @JBPritzker
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Yes indeed. Adopted on a Saturday night as the legislative term ended, with no notice to anyone, no opportunity to be heard. @AndoniOlta as head of Illinois Blockchain Association is leading the pushback, could use some help from industry.
miles jennings@milesjennings
This is one of the most anti-crypto laws in the U.S. It taxes the exchange, transfer, or storage of digital assets—you buy BTC, you pay a tax; you hold your BTC on Coinbase, you pay a tax; and so on. There is effectively no comparable state financial transaction tax on stocks, bonds, or derivatives anywhere in the country. That means crypto is being singled out in violation of several federal laws. Further, the approach makes little sense—you aren’t taxed if you exchange a stock, bond, or derivative in paper form, but you are taxed if they happen to be recorded on a blockchain? That’s like taxing email. So, rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto. This is a shame—it was only just recently that Illinois embraced a constructive approach to blockchain technology through the adoption of the effectively-scoped Digital Assets and Consumer Protection Act. This new tax is a complete 180. When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.
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Patrick Daugherty retweetledi
This is one of the most anti-crypto laws in the U.S.
It taxes the exchange, transfer, or storage of digital assets—you buy BTC, you pay a tax; you hold your BTC on Coinbase, you pay a tax; and so on.
There is effectively no comparable state financial transaction tax on stocks, bonds, or derivatives anywhere in the country. That means crypto is being singled out in violation of several federal laws.
Further, the approach makes little sense—you aren’t taxed if you exchange a stock, bond, or derivative in paper form, but you are taxed if they happen to be recorded on a blockchain? That’s like taxing email.
So, rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto.
This is a shame—it was only just recently that Illinois embraced a constructive approach to blockchain technology through the adoption of the effectively-scoped Digital Assets and Consumer Protection Act. This new tax is a complete 180.
When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.
Crypto Council for Innovation@crypto_council
Illinois Governor Pritzker just signed the most punitive digital asset tax in the country into law. This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the state. Read CCI’s opposition letter for more.
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As I told CoinDesk: Statutes trump rules, which trump Commission-level interps, which trump Staff interps, which trump Staff no-action letters. The constitution trumps all. Build a business based on the least of these? Yes, if confident that the law would not change soon. Why? "Moat." That's a biz judgment, not a legal one. What about a no-action letter that's close, but not quite? Maybe, maybe not. Hence the need for solid legal advice. coindesk.com/news-analysis/… @CoinDesk
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@lex_node @HesterPeirce There are many kinds of tokenized assets, as you know better than others. Excluding security-based swaps from this rulemaking would be prudent.
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@HesterPeirce I've been trying to tell people swaps are quite different 🤣
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I appreciate the interest in--but not the hyperbole about--the contemplated innovation exemption for the onchain trading of tokenized NMS stock. Keep in mind: I've always expected that it'd be limited in scope & would facilitate trading only of digital representations of the same underlying equity security that an investor could purchase in the secondary market today, not synthetics.
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Wish @HesterPeirce could serve yet another term! Also wish I could sit in her classroom in Virginia Beach -- lucky students! First-ballot unanimous pick for Crypto Hall of Fame. All should be grateful to her for her long career in public service. Will be quoting and citing her forever.
Adam Sternbach@adamsternbach
Winners: Law students Losers: Bees
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Patrick Daugherty retweetledi
Winners: Law students
Losers: Bees
Eleanor Terrett@EleanorTerrett
🚨NEW: SEC Commissioner and head of the Crypto Task Force @HesterPeirce will join Virginia’s Regent University Law School as an Associate Professor in November, according to a university press release circulated today, signaling her tenure at the agency is nearing an end. In the new role, Peirce, also known as “Crypto Mom,” will teach subjects including securities regulation, financial markets, digital assets and public policy.
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Patrick Daugherty retweetledi
Professor McConnell respectfully but passionately laying waste to the constitutionality of independent agencies at a gathering of the ND Cal is so good
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Since @milesjennings is satisfied, and @iampaulgrewal is satisfied, I'm satisfied, too. Time to vote for CLARITY! @NYcryptolawyer @_Ryne_Miller @propelforward @pointsnfigures1
miles jennings@milesjennings
The Clarity Act does exactly what its name suggests — it brings long-overdue regulatory clarity to crypto. It's time to move forward. Sign this petition. standwithcrypto.org/petitions/sena…
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Much respect for @SECPaulSAtkins for the achievements of his first year and the rulemaking to come. The right man in the right role at the right time.
Paul Grewal@iampaulgrewal
It’s important to appreciate the work done by @SECPaulSAtkins to transform the SEC so far. The days of regulation-by-enforcement are over, and we now have an SEC that embraces and supports American innovation. Thx ser
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