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“Yea my path into VC was pretty non-traditional” - Jeremy, 2 yrs McKinsey, 2yrs Uber Ops, dad plays golf with Larry Ellison
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Gerald Gallagher
3.8K posts
Gerald Gallagher
@thatgerald
GC @Sei_Labs // host @CryptoAmerica_ // co-founder @DCDAOxyz // Digital Finance @BrettonWoodsCom // fmr fintech & health vc
Washington, DC Katılım Mart 2013
4.9K Takip Edilen3.7K Takipçiler
Gerald Gallagher retweetledi
.@CryptoAmerica_ is on Wall Street
Catch us out in the wild in NYC, DC or find us on your favorite podcast platform
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Excited to be speaking at the DC Blockchain Summit hosted by @DigitalChamber on "Crypto on Trial: The Legal Fault Lines Shaping the Industry" alongside Daniel Stabile (Winston & Strawn), @MariTomunen from @doublezero, and Jesse Overall (Clifford Chance).
The regulatory landscape is moving fast and the legal frameworks being built right now will define this industry for the next decade.
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Gerald Gallagher retweetledi
🚨JUST IN: The @SECGov and @CFTC have issued joint, Commission-level interpretive guidance outlining how federal securities laws apply to certain crypto assets and transactions.
This follows a submission to OIRA earlier this month signaling the agencies’ intent, and was approved by all three SEC commissioners (Atkins, Peirce, Uyeda) as well as @ChairmanSelig.
The guidance establishes a token taxonomy and addresses how activities like staking, mining, airdrops, and wrapping are treated under existing law.
Notably, SEC Chair @SECPaulSAtkins says it reflects that most crypto assets are not themselves securities and that investment contracts can come to an end.
While interpretive guidance doesn’t change the law, it reflects how regulators intend to apply it, giving the market a clearer directional signal.
Separately, this is distinct from the SEC’s still-pending rulemaking on crypto asset offerings.
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If you’re in private credit pivot to on-chain lending
Maple@maplefinance
$1.7B+ for syrupUSDC and $860M+ for syrupUSDT. First, syrupUSDC and syrupUSDT crossed $2.5B in combined deposits. Now, both dollar yield assets have set new individual deposit ATHs.
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Gerald Gallagher retweetledi
the chess board in crypto is completely changing
by the end of 2026, will be unrecognizable
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“Credibility rests on more than rules alone. It rests on clarity. On consistency. And on a widely held confidence that regulators coordinate intelligently in lieu of competing in turf wars that offer no benefit to investors.”
Eleanor Terrett@EleanorTerrett
🚨NEW: Speaking at the flagship futures industry conference in Boca Raton, FL, @SECPaulSAtkins is laying out more details on the @SECGov and @CFTC’s push for regulatory harmonization. Lots to unpack in this speech: 1. Atkins declared the “regrettable era of duplicative enforcement actions” over, saying the agencies should coordinate legal theories and remedies when pursuing the same conduct. 2. He also floated the idea of “substituted compliance” between the agencies. If one agency’s framework achieves comparable regulatory outcomes, he said, it should be capable of satisfying overlapping requirements of the other. The goal: reduce duplication for companies registered with both. 3. The SEC is launching an SEC-CFTC harmonization webpage where firms can request coordinated discussions with staff from both agencies when launching products or seeking guidance. 4. The regulators will also hold joint meetings on new and pending product applications aimed at speeding up approvals. 5. On prediction markets, Atkins called for cross-agency clarity on event contracts, including whether some could qualify as security-based swaps or other securities. 6. Atkins highlighted cross-margining as a way to unlock liquidity currently stuck in separate accounts across derivatives markets, allowing firms to use the same collateral across related platforms. 7. The agencies are also working on an updated Memorandum of Understanding (MOU) to coordinate exams, supervision, and enforcement for firms regulated by both agencies. Atkins closed with a disclaimer that the coordination doesn’t mean the agencies are merging: “The SEC and the CFTC operate under distinct statutes entrusted to us by Congress, and we must administer those mandates faithfully. But fulfilling our responsibility does not require fragmentation; in fact, it calls for coordination.”
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Gerald Gallagher retweetledi
1/ Thank you @RepMikeCarey for tackling the tax treatment of staking. Clear tax rules for digital assets are critical to reflect economic reality and be workable for taxpayers and regulators alike.
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We’re entering the era where a lot more crypto founders know what $83,333 x 12 is
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Gerald Gallagher retweetledi
Sharing this publicly––hope it's not needed but helps you if it is.
Lux team sent this memo to all Lux family founders yesterday
"We send notes like this not because something is wrong, but because the COST of preparation is trivially LOW and the VALUE of being positioned well is asymmetrically HIGH. This isn’t a macro call. It’s a set of observations about correlated risks that are worth your attention. And a set of practical suggestions regardless of whatever happens next."
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Gerald Gallagher retweetledi
the state of legal ai on march 1, 2026:
what it’s good for:
- tireless Issue spotting
- finding contradictions
- fixing typos
- reformatting
- high level legal theory
- structuring the skeleton of addressable issues
- draft 1 for review by lawyers
what’s it’s not good for:
- fine tuned business judgment (more trouble than it’s worth to type in such granular context. please, bci now)
- relationship dynamic sensitivity
- market understanding of cutting edge legal trends
- getting from 85% to 100% perfect
- situations when every word and every comma matters because you need the language to balance ambiguity
using a legal ai in lieu of an actual lawyer is like shipping a 10 minute vibe coded app to the app store. if you actually have a multimillion dollar deal, this is not where you want to skimp. if you want to send your landlord a complaint letter for withholding a $2k deposit, then makes more sense.
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Gerald Gallagher retweetledi
If there is no deal, the language in Genius controls, which is broader than this.
Banks backing themselves into a corner.
Sander Lutz@sander_lutz
New: The White House wanted a deal on stablecoin yield done by this weekend. Will that happen? No, a banking source with direct involvement tells me. "Patrick Witt made the unfortunate error of going out to the press and saying he'd get this done before March. It's not going to get done before March," the source said. The crypto and bank lobbies are still far apart on the issue of yield, which is holding up a crypto market structure bill. "Is there language circulating? Yes. Is the language close? No," the source said. "We're not close to a bill." "I think that there's a very real likelihood that this thing falls apart unless Brian Armstrong comes to the table," the source added, referring to the Coinbase CEO, who has been adamant that stablecoins can generate yield for users. The source emphasized that the banks want a deal here, but figure chances of passage could drop to near-zero in the next month.
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Gerald Gallagher retweetledi
Jane Street Scrutiny, DeFi Bill Buzz, and Latest on Clarity x.com/i/broadcasts/1…
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Gerald Gallagher retweetledi
DEF's @amandatums joined @CryptoAmerica_ today to chat with @EleanorTerrett, @thatgerald & @jacqmelinek about the new bipartisan Promoting Innovation in Blockchain Development Act, the BRCA and latest on market structure, and why software developer protections matter.
Crypto In America@CryptoAmerica_
Jane Street Scrutiny, DeFi Bill Buzz, and Latest on Clarity x.com/i/broadcasts/1…
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Gerald Gallagher retweetledi
“We're encouraging other experiments of people who want to try tokenization.”
@HesterPeirce, Commissioner at the U.S. Securities and Exchange Commission and head of the Crypto Task Force
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Thanks for having me @JacobRobinsonJD! Really enjoyed the discussion and look forward to more progress on market structure and regulatory clarity for the industry.
Jacob Robinson@JacobRobinsonJD
What DeFi questions are holding up crypto market structure legislation? Glad to have @thatgerald on the Law of Code podcast to discuss that and more. "We've got some fine-tuning to do there, but overall good direction."
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Gerald Gallagher retweetledi
there's a mathematical framework for one of life's hardest questions: when do you stop trying new things and go all in on what's working?
as your time horizon shrinks, the value of new information approaches zero
a good bet held for 10 years beats a perfect bet held for 3
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