Tom Farley

I lived the ICE/NYMEX. It actually ended up in the Supreme Court! It is not relevant here though. ICE/NYMEX was a simple question of whether you need permission to use a settlement price used to set margin in a clearinghouse. These tokenization issues are about whether to allow relief from regs for offering single stock derivatives (which the people offering call “tokens”).

@ThomasFarley Just to be clear, I agree with you, but @johnjdagostino shared this which made me doubt it but maybe its apples to oranges. x.com/johnjdagostino…

The SEC realizing that public companies are the only entity who can issue tokens that are a share of stock! Great job delaying and getting this right. I’m very excited about this issuer model. This is the simple and innovative way to revolutionize the markets.

@Ismail129527715 @Bullish 🤞

@ThomasFarley Thats why @Bullish Equiniti deal is home run !

@davehendricks That makes two of us

@ThomasFarley As a transfer agent that facilitates issuer-sponsored tokenization (since 2018), I am happy about this clear distinction.

@finnstr Yeah the idea of 50 different “Nvidia Tokens” on 10 different blockchains with no voting or dividend rights didnt make a whole lot of sense. A single Nvidia token that they authorize as their own share of stock on a blockchain of their choosing on the other hand…

@ThomasFarley Are they? I mean I hope you are right but is that what they are really saying? I am biased to agree with you.

Under the Securities and Exchange Commission's proposal, platforms offering tokens would need to guarantee investors receive the same rights as regular shareholders bloomberg.com/news/articles/…

Commissioner Peirce balancing reason and innovation as usual. Only a public company itself can issue a token that is an actual share of stock. Other parties like brokers can issue tokens that have some tenuous connection to a company’s stock price performance but those are for the yolo retail crowd to punt around. The issuers are being recognized! Good stuff.

@Bkclaims @fintechfrank Yeah it’s niche. Wellington ain’t gonna hold an IOU of nvidia shares. They’ll just hold the shares.

@ThomasFarley @fintechfrank It’s added risk and you need to be compensated for it - but it’s been going on forever and the issuers are simply distancing themselves from the market probably because of feedback from the SEC and IPO counsel

owning an interest in an SPV is not the same as owning the actual stock. This should also be a warning about the difference between wrapped equity tokens and native equity tokens. If you own a wrapped token you do NOT own the actual thing and you are going to deal with these types of ugly situations. Only native tokens allow you to own the actual thing and insulate yourself. And only the company/issuer itself can issue notice tokens!!!

@ErintheCyborg I feel like it is only obvious to you and me!

@ThomasFarley no duh

This was @wsj

@Sen_Alsobrooks is so impressive and I’m not just saying that because she is from Prince George’s County. She wrangled a consensus out of the crypto community and the banks on stablecoin yield and then had the courage to vote the bill out of committee because it is a good deal for America. Get used to her name.

@business If Fred likes it, I want in!!!!

American crypto billionaire Fred Ehrsam is among the highest-profile foreign investors betting Venezuela’s sanctions-hit economy will deliver outsized returns as it reopens bloomberg.com/news/articles/…

CoinDesk is live covering the Clarity Act markup and vote by the Banking Committee. coindesk.com/policy/2026/05…

@X_Myth_ I have that same bottle!

It is so much less stressful when the Knicks win by a gazillion points. I’d like to see them keep doing that every game from here on out.

@4230Cryptoskull @LightningSeer @SBF_FTX Not since April

@ThomasFarley @LightningSeer @SBF_FTX Hardly inspires confidence in your exchange, have you had any recent audits?

Is it possible the @SBF_FTX prison sentence of 25 years is a touch extreme? I know I’m running the risk of getting ratio’ed to hell here… Full disclosure, my views are not soft on crime. My father is a Federal Judge. My mother spent five years in a cloistered convent preparing for life as a nun. In my house, if you broke the rules/law, you should be punished by God, the justice system or both. He stole. He cheated. He lied. But 25 years? I’m not sure we nailed that one as a society…

@bobbyong Sorry I missed you Bobby! I didnt know you made it.

Consensus Miami 2026 has been awesome! I got so much work done in one week and really glad I got on the plane in the last minute to come by. Bear market conferences are the best as it’s the best time to connect with fellow crypto leaders to collaborate further. One notable presence at this conference are the suits. Crypto is maturing and the institutions are here. After many years of advocating for institutions to come, we finally have them here. They still move slowly, but many of the TradFi firms now have crypto teams and are actively looking at tokenization and how they can adopt blockchain technology. The people attending Consensus Miami are very different from the Asia based conferences that I usually attend. Very distinct US crowd and is a fantastic place for any BD work generally, and especially useful to meet institutional clients If I have to pick only 2 conferences to attend in a year, I will choose Consensus Miami to meet US folks and Token2049 Singapore to meet Asia folks. See you all at the next conference! I now have hundreds of emails and Slack notifications to get back to…

@LightningSeer @SBF_FTX Yeah was afraid I’d get that response

@ThomasFarley @SBF_FTX weird take

@ssmccul @SBF_FTX Agree with the devastation and that is the best argument for a long sentence no doubt.

@ThomasFarley @SBF_FTX Many people killed themselves as a direct result of his fraud. 25 years is probably too lenient of a sentence.