Yi 🧐

apparently judges in 1995 thought voice command programming was inevitable

I think there's a tendency in real life (and among law students) to presume that ANY risk transforms a financial instrument into a "security." But that's not exactly how the law works. At least when it comes to investment contracts. One way to think about it is to grasp that traditionally the law says that there has to be a certain number of risks arising simultaneously: investment of money (financial risk) in a common enterprise (coordination risks with other investors) with an expectation of profit from the instrument (psychological risk: greed, fear), that is dependent on the efforts of others (asymmetric information risks). And they ALL have to arise at the same time to warrant the federal securities laws kicking in. Good luck all with your exams, agency guidelines and legislative reforms, etc.

Some newly public info from Circle's CRCL Form S-1 $60M one-time fee to Binance who needs to hold $1.5B USDC minimum

@JessicaFurr305 Thank you for this!

Multicoin was proud to co-sign this letter with the @fund_defi and industry peers. Congress and the administration must focus on clarity for developers building non-custodial, decentralized systems, particularly around 18 USC 1960. defieducationfund.org/_files/ugd/84b…

I lose a fraction of my sanity every time I hear the question “is crypto a security.” This isn’t a meaningful question when law tries to adapt to new technologies - like when courts in 1884 asked (and properly figured out) if photography qualified as “an original work of authorship” under copyright law. This is more like asking if a giraffe is a “control person” for corporate law, and diving into whether a giraffe walks and talks like a person. Maybe it does. But the point is that we should care about i) whether the giraffe is actually in control so that ii) we can protect shareholders from it. We can call a giraffe a giraffe.

for anyone interested in blockchain analytics and catching onchain crime @zachxbt just published a huge list of tools he uses

Seems like RWA is front-of-mind for Coinbase: “Tokenized debt, equity, and investment funds present untapped potential...”

每次看到老徐是因为追傲骨贤妻第三季才了解到比特币的这个事情我都会觉得历史有的时候就是以莫名其妙的方式向前推进的

@hoofnagle sold!

Why Berkeley Law? 8 pm Berkeley 9 am Truckee

my favorite tweet this week

@wassielawyer This sounds like @ethsign ? sign.global/tokentable cc @realyanxin

Realised employee token vesting is basically one of the hardest bits for founders to work out. Are there any good tools out there rn or should i build one.

@CalBlockchain @curiousgurnoor @Ridddhiiii we stan 🤝

Old Pres @curiousgurnoor <> New Pres @Ridddhiiii 🤝

rogue (if true)

It’s not often enough that you see a philosopher effortlessly capture the attention of a full room of law students. Thank you for a great time today @AgnesCallard .

😅no worries! That's not your responsibility. I don't want to comment on any project in particular, but the entire legal premise behind why tokens are different than shares of stock is based on the idea that tokens relate to blockchain systems, not companies. Securities laws are why we don't have Apple App Store Token, Google Coin and AWS Token. And that same reasoning applies to startups issuing tokens that have nothing to do with a blockchain. If interested, I just posted something on the legal premise behind "network tokens" (i.e., tokens that relate to blockchain systems). a16zcrypto.com/posts/article/…

@tomisonchain @archetypevc @ashegan @dberenzon @katiewav @oddhash @DannySursock ugh they'e so lucky to have you!!

1/➮ forget about all the chaos last week... the real headline is my announcement today that I've joined @archetypevc in NYC 🏢, investing alongside @ashegan @dberenzon @katiewav @oddhash @DannySursock!

Bookmarking this thread

This is paradigm-changing:

ty for encouraging me to write! @AlyssaB_chen

Okay one can't quite imitate @matt_levine 's greatness but one has to try: open.substack.com/pub/mc2squared… Any form of feedback or correction is more than welcome - you're helping me become a better writer and for this alone I will be grateful.