Sam

@brian_armstrong Congrats man! Huge win

Great news! After years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase. Once approved by the Commission (which we're told to expect next week) this would be a full dismissal, with $0 in fines paid and zero changes to our business. This is hugely vindicating, especially because many people questioned my decision to engage in litigation with the SEC on this matter in 2023. People told me the courts would give a lot of leeway to the government. They said public market investors wouldn't like it. They said it would take years and cost us tens of millions of dollars in legal fees (which it did). They said the agency would use mafia tactics like trying to pressure other companies not to work with us while the lawsuit was underway (which they did). But I knew a few truths that helped make it an easy decision to fight them in court: 1. The SEC was wrong on the law. They were exceeding the authority given to them by congress by asking us to delist a number of assets that were not securities. We had taken a conservative approach to ensure we weren't listing any securities, and the SEC itself had allowed us to go public in 2021 after reviewing our listing standards in depth. We tried to “come in and register” but it turned out it was a fake offer, as every crypto company discovered. Regulators are supposed to enforce the law, but they can't make up new laws on the spot if they don't like the current ones, or weaponize a lack of clarity in the law. 2. Caving to their demands could have killed the crypto industry in America. The SEC made it clear to us that the only way to avoid litigation was to delist the many assets they falsely claimed were securities. It was a bullying tactic, pure and simple, driven by Gensler's own political agenda. And if we had caved, it would have dramatically limited the scope of which crypto assets were allowed in the US, and pushed the industry further offshore, into the shadows. Never forget how close a few activists in government came to unlawfully killing an entire industry in America! It could have easily gone the other way. Thank goodness the founding fathers created the judicial branch, as a check and balance on executive power. 3. It was the right thing to do for our customers and the industry. At the end of the day, it didn't matter what our chance of success was. I had to stand up for our customers’ and our industry’s rights. I also knew it would serve as a deterrent for future bad actors around the world we may have to engage with, for them to know that we won't be bullied or pressured. We are comfortable engaging in litigation across multiple fronts, indefinitely, while continuing to build. This is business as usual. As Bain in The Dark Knight says, "you merely adopted the dark; I was born in it". Growing up I had a naive view that regulators exist to hold companies accountable. What I realized in this ordeal is sometimes, companies must hold regulators accountable who are painting outside the bounds of the law, to preserve freedom. Accountability can actually happen both ways. At Coinbase, our mission is to increase economic freedom, and I initially thought we could achieve this solely through our crypto products. But I'm increasingly realizing that we can move the needle on economic freedom in the courts and through our policy efforts as well, when we see bad actors in government around the world. We plan to do more of this. I have to give credit here to the Trump administration, for winning the election, and for the departure of the activist head of the SEC, Gary Gensler, who orchestrated this unlawful action along with Elizabeth Warren, and a handful of their lackeys in congress. I feel confident we would have won this case in the courts either way, given our facts were so strong, but it certainly helped accelerate the process and drive accountability. I called out the sketchy behavior of the SEC back in 2021, and I believe this comment turned out to be prescient. I want to give a shout out to all the other crypto companies who fought back with their own lawsuits (we certainly were not the only ones). I want to give a shout out to all the crypto startups who couldn't afford the legal fees, and went bankrupt due to the administration's abusive tactics. Your company may have died, but crypto lives on. Don't stop building. I want to give a shout out to both Democrat and Republican members of congress, who are working hard to ensure America leads on crypto. I know that Gary Gensler and Elizabeth Warren do not represent the entire Democratic party. And I want to give a shout out to all the crypto holders in the US who elected pro-crypto candidates, on both sides of the aisle, to make sure your rights were preserved. It turns out the crypto voter is real, and showed up in the millions. Finally, I expect we'll continue working productively with the SEC on any number of items over the years, just as we do with every agency around the world where we operate. I look forward to the SEC being reformed under Paul Atkins, Mark Uyeda, Hester Peirce, and DOGE, and new more sensible personnel coming into leadership roles. I commend the new leadership that is already in place for working to right this wrong - it's a great step in the right direction, and took courage. Now let's get some crypto legislation passed in the US to finally clarify the rules, and really kick off this next phase of building.

I miss whatever foreign policy this was

@PokerGO @Eskandani @PokerGOTour @jeremyausmus Awesome

Mori glory! Mori Eskandani (@Eskandani) wins @PokerGOTour Mixed Games Event #3: $10,200 H.O.R.S.E. for $201,600. His first PGT victory. @jeremyausmus placed second.

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This is unhinged even for you lol

John Daly commented on the transgender playing on the LPGA Tour saying “I would’ve won 100 tournaments if I threw on a skirt and called myself a tranny. That dude is as feminine as a Ford F-150.”

Daniel Negreanu (@RealKidPoker) milks some value out of @WAFoxen with his jacks to extend his chip lead at the PGT Kickoff Event #5 final table. 📺 - Watch Live Here: bit.ly/PGT-KICKOFF-20…

Guy who just got a 15 minute meeting put on his calendar by HR

@romer @Duelbits hey @romer sent your customer support many emails about a large amount of $ that seems frozen on your account. Mind DMing me? We have a lot of mutual friends in gambling/crypto

There has been plenty of time to reply to this and to clarify the situation @Duelbits. Even if it`s something unintended or a false statement, not replying just makes you look bad at this point.

Our friends at @monkeytilt sent Bob Menery to participate in the PGT Championship. They told him he would just be playing a casual low stakes game... Little did he know... He had some choice words for @jeremyausmus after his elimination.

One of the best football players in the world is eating McDonalds before Monday Night Football and you think your 13th cold tub this week is going to help you answer emails better 🤣

Hunter had $1,664,004 in “ATM/Cash Withdrawals”, spent $683,212 in payments to “various women” and $188,960 on “adult entertainment”. How the hell do you withdraw 1.7 million from an ATM? That's like 4000 daily trips, or every day for 11 years

“I've done more for the environment than any single human on earth. What I care about is the reality of goodness, not the perception of it - and what I see all over the place is people who care about looking good while doing evil.” “Fuck them."

Penn lost so much money in the branding change from Barstool to ESPN, they’ve basically increased the juice across the board and are exploiting house rules to screw bettors to try and generate more revenue. A really, really bad look so far.

This is one of my favorite entrepreneurship stories of all time In this 30 min clip, casino/RE tycoon Phil Ruffin shares how he went from 1 c-store in Wichita Kansas to becoming a billionaire, including owning the Treasure Island on the Vegas Strip In a remarkable series of transactions, he managed to turn $20M into $1.24 billion in just 13 yrs in one of the wildest series of RE transactions ever In this video, Ruffin shares his rag to riches story - it's a must watch if you've got 30 minutes to spare this long weekend

This video of @elonmusk realizing that Jack Ma has an 8th grade understanding of Artificial Intelligence is one of my all time favorites.

wow. openai staff set a deadline of 5pm tonight for all board members to resign and bring sam and greg back, or else they all resign. the board agreed but is now waffling and its an hour past the deadline. this is all happening in real time, right now.

JUST IN: OpenAI staff says they will quit if the entire board doesn't resign and reinstate Sam Altman as CEO tonight.

Tough.