Gavin Birch 🏴

Thrilled to jam with this all-star cast in upcoming episodes of Law of Code. What would you like to hear from them? @valkenburgh on Lewellen appeal @SH_Brennan on control framework @jchervinsky on developer protections @austincampbell on freezing USDC @mikekatz29 on AI & privilege

ethereum

@lex_node it also defeats the value proposition of crypto 😂 disintermediation is the point of this tech

the reason crypto gives "legal arbitrage" is because it's peer to peer if you reintermediate within crypto, that's not "arbitrage" it's breaking the law and hoping not to get caught hope this helps

My conversation with Joe Doll (@sh0edog), Counsel at @DayOneLaw, on what founders should know about the SEC and CFTC's joint interpretive guidance on crypto and securities law. 0:00 Intro 0:07 Why Does the Howey Test Exist? 3:11 Non-Security Tokens 7:47 The Five-Category Token Taxonomy 8:45 Digital Commodities and Consumptive Use 12:13 The "Statement Test" 15:57 The Chilling Effect on Disclosure 19:32 Minimum Attachment Period 23:30 Fungibility and the Token Sales 28:29 Decentralization, Disclosure, and CLARITY 29:41 The Attachment Theory 31:51 Airdrops 37:53 The CLARITY Act and Control 38:58 Linux, Red Hat, and the Case for Immutability 43:12 Equity vs. Token Value 43:25 Why the handle @sh0edog? 45:04 Decentralized Communities

don't like the trend reddit.com/r/linux/commen…

😵‍💫 reddit.com/r/privacy/comm…

@MikeIppolito_ armada.wtf revenue-gated unlocks, not vesting🫡

I am begging the industry to wake up and focus on this. Investors - insist on transparency, diclosures, and standardized data. Exchanges - onboard transparency metrics, penalize tokens that don't comply. Protocol founders - speak to your investors, make disclosures, tell your stories, and sell your token (no it's not scammy to do, this isn't 2021). If we don't fix this and soon, the industry as we know it will cease to exist.

I don't think people realize how dire the situation is for tokens right now. A quick six part story about how bad things are told with charts🧵

This is not about adding privacy to existing systems. It’s about enabling 𝚏𝚘𝚛𝚖𝚜 𝚘𝚏 𝚌𝚘𝚘𝚛𝚍𝚒𝚗𝚊𝚝𝚒𝚘𝚗 that weren’t possible before. Markets, governance, analytics - all without exposing inputs. blog.theinterfold.com/confidential-c…

@JacobRobinsonJD dude everyone picked this up, haha x.com/StaniKulechov/…

The Bank of Canada 🇨🇦 just published a 32-page report on DeFi lending. It found Canadian banks average a 0.65% non-performing loan rate. Aave is 0%. Canadian banks average a 1.69% net interest margin. Aave is 0.64%. Canadian banks average a 74.2% loan to deposit ratio. Aave is 40%.

NRFM is the rule to follow when launching a token in Canada: cameronhuff.com/blog/launching…. Part 8 of my series. This one puts it all together: history, statute, guidance, tribunal decisions, the Supreme Court, US guidance, and the technical realities of tokens.

@clairekart i'd go even further (than saving the internet) to say it could save society (better social cohesion) x.com/Ether_Gavin/st…

@clairekart 100% x.com/Ether_Gavin/st…

x402 will heal the internet payments on the web have been historically extremely fragmented and it's always been kind of a pipedream to enable the kinds of things x402 can - micropayments - direct attribution - usage metering if this sounds boring, think about what the internet has become - a place repeatedly smacking you over the head to get your attention. why is that? bc the payments/monetization piece was never solved for the internet was decades ahead of the financial infrastructure and it's just now catching up. so the only way to make money was to get your attention, try to lock you into monthly subscriptions regardless of what you use, gate things with expensive API keys. stablecoins - essentially just low cost ways to settle lots and lots of very small transactions - were the missing piece extremely inspiring to see such a broad, large group of companies come together to make sure x402 is open source and neutral

It’s a work in progress, but, yes, you can run Claude Code through a Furby. Hardware: • Stock Furby Connect (2016). No mods, just BLE • Mac • USB mic for voice capture BLE (Bleak): • Connects via GATT characteristic to Furby's GeneralPlus chip • Two command types: antenna LED color [0x14, R, G, B] and stock actions (eyes + motors + sound) [0x13, ...] • Write-only • Auto-reconnect on drop Voice (sounddevice + Whisper): • 16kHz mono stream, RMS energy detection • Starts recording at 0.3s above threshold, stops after 1.5s silence • Clips sent to Whisper API → checked for wake phrase ("hey furby") • Wake word only → records a second clip for the actual command Claude Code (subprocess): • Spawns claude -p "" with stream-json output • --dangerously-skip-permissions (no terminal to confirm) • Whitelisted tools: Read, Write, Edit, Bash, Grep, Glob Resumes session for conversation context • Parses stdout line by line → system, assistant, result events Furby reactions: • Every Claude event maps to a stock Furby action + antenna color • Thinking → giggle + purple • Writing files → hollywood lights + green • Bash → ninja dream + yellow • Success → stars + gold • Error → eyes squeezed + red • + 12 more Working on custom DLC eyes now: • 64x64 pixel art uploaded to Furby's flash over BLE at ~4KB/s • Terminal prompt, magnifying glass, loading spinner, checkmark, X mark • 6-bit palette-indexed, packed 4px per 3 bytes I have a massive Furby-induced headache. Do not recommend trying this at home.

@tayvano_ @lex_node and @lex_node it's a civil matter x.com/Ether_Gavin/st…

@lex_node We have no idea there’s nothing public and no one who’s managed to get shit unfrozen is going to speak until they get out of usdc lol

unironically Circle has the right policy, to only freeze based on court orders sadly, now that stablecoins are federally regulated, we will probably get a form of enshittification over time that makes them freeze more often, arbitrarily, and with scant official justification but think about how bad this can be--you either (1) are dealing with a faceless no-due-process bureaucracy (if you've ever had a balance frozen on any centralized bank or fintech app, you know the pain) *OR* (2) if the project wants to do the right thing, they basically need to create an entire credibly neutral legal system within their corporate apparatus (to Circle's credit it does seem to have done some thinking about path #2, with their work on ERC20-R and its contemplation of an arbitration panel etc.--but to really do this credibly at scale will be quite a challenge and expensive in multiple ways!)

@hasufl this is roughly what i expect we'll do for @ship_armada still weighing the composition tho #security-council" target="_blank" rel="nofollow noopener">github.com/ship-armada/ar…

I would just give a 1/n key to each of the top5 security firms in the space. can freeze temporarily, only, until a bigger council (e.g. tokenholder quorum) can decide what to do.

@stable_summit this was great! thanks for broadcasting

Stable Summit 2026 live in Cannes x.com/i/broadcasts/1…

@hanni_abu @_esk_kse_ @lex_node bc im fucking censorship resistant and capture resistant and open and freeeeeeee

@jgarzik seemed? has something changed?

VPN services are all honeypots. Mullvad seemed the least worst.

@Bookof_Eth @owocki "is eth money"

Missing a few: • Gas token wars (CHI/GST2): 2020-2021 • NFT gas wars / mint chaos: 2021-2022 • Solidity vs Vyper cold war: 2016-present • "Is Ethereum ultrasound or just sound" debate: 2022-2023 The fact that Ethereum survived all of these and is still here is either proof of antifragility or Stockholm syndrome. Possibly both.

list of ethereum civil wars (ahem, temporary alignment exercises tm) since mainnet launch: - the dao fork: 2016 - ice age / difficulty bomb wars: 2016–2022 - block rewards / issuance wars: 2017–2019 - state rent / storage pricing wars: 2017–2020 - parity multisig / openethereum era wars: 2017–2021 - eip-999 (parity recovery) war: 2018–2019 - progpow / asic resistance: 2018–2020 - eth1 vs eth2 / merge roadmap wars: 2018–2022 - eip-1559 / fee burn war: 2019–2021 - scale l1 vs rollup-centric roadmap: 2020–present - client diversity vs geth dominance: 2020–present - mev / pbs / proposer-builder separation wars: 2020–present - account abstraction / smart accounts roadmap wars: 2016–present - censorship resistance vs ofac compliance: 2022–2023 - restaking / shared security (eigenlayer) wars: 2023–present - eof scoping cold war: 2023–present - zkevm vs zkvm vs fpvm wars: 2023–present - ed war: january 2025 - ef mandate: 2026 whatd i miss?