Discover and read the best of Twitter Threads about #VirtualCurrency
Most recents (7)
Important questions for those who may have received blocked property in a #grief #spray #spam attack from blocked #tornadocash #ETH addrsses remain unanswered. #OFAC may give clarity in an FAQ; are a few questions that would be helpful for OFAC to address.1st some background/1
By now all of #crypto knows that #OFAC sanctioned #ETH & #USDC addresses related to #Tornadocash and service providers and many #crypto users are struggling to adapt. Why? /2
We’re dealing with a law designed to regulate legal people & entities, &their property, not quasi-autonomous code used by third parties to transact third party assets to others. Arguably the designation exceeds #OFAC’s statutory authority. That’s an argument for another day. /3
1/ We’ll be posting throughout the day with our thoughts on the #crypto bill released today by @SenLummis and @SenGillibrand, the Lummis-Gillibrand Responsible Financial Innovation Act
@SenLummis @SenGillibrand 2/ #LummisGillibrandBill would create definitions for #digitalasset, #virtualcurrency, #paymentstablecoin, #smartcontracts
3/ #LummisGillibrandBill would authorize depository institutions to issue payment stablecoins
#China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exchange between virtual currency; token issuance; derivatives; providing info; others. Crimes punished. BUT no ban on #crypto POSSESSION.pbc.gov.cn/goutongjiaoliu…
Other key points on #China notice to prevent and manage risk of “hype” in #crypto trading: “overseas virtual currency exchanges providing services to Chinese residents through the Internet are also illegal financial activities.” Chinese working at those outlets held responsible.
More on #China notice on #crypto: those who violate social order or customs will bear the financial loss themselves. Those who are suspected of violating financial order or endangering financial security will be subject to investigation. #virtualcurrency pbc.gov.cn/goutongjiaoliu…
#RHODEISLAND HB 7989 would "establish an economic growth #blockchain act, set regulations for the sale of #hemp, regulate #virtual and #digital assets and establish depository banks for these purposes" Uses WY/CA #blockchain definition. /1 
it's a long bill and there's a lot going on here. Summary: Would establish a 13 member state tech council to develop a "#blockchain filing system," use a #blockchain for a "Track and trace" hemp/cannabis supply chain system, create a fintech sandbox, including /2
special provision for a special depository institution that can hold deposits but not make loans, not hypothecate assets; would include #virtualcurrency (extremely broadly defined) as part of defined #digitalassets
#Tennessee SB 2840 would amend the state's UCC; classify #digitalassets as property, defines #virtualcurrency as a subset of digital assets; /1 legiscan.com/TN/text/SB2840…
Echoes of Wyoming- "virtual currency is... considered money" for the purposes of Article 9... uniquely equates "control" and "posesssion" with "exclusive legal authority" to transact... /2
a #privatekey must be "held by a person"- are smart contracts now agents who "hold" keys for a person? PK defined as a "unique element of cryptographic data," ...that is: (B) Paired with a unique, publicly available element of cryptographic data" -only public/private key systems!
1/ IMPORTANT-I'd stayed quiet abt this until now. The below letter was just publicly released by the #Wyoming #Blockchain Task Force. It responds to 2 letters the Uniform Law Commission sent to WY “strongly urging” it to withdraw its v impt... #blockchain wyoleg.gov/InterimCommitt…
2/ bill, SF125, which is now law. I’m bringing attention to WY's response bc it addresses a debate that should be in the open, plus it should make clear #Wyoming is seriously willing to go to bat to attract #blockchain tech to the state AND defend a strong & basic principle—that
3/ laws should recognize property rights for INDIVIDUALS who own financial assets. We shouldn’t have to own them thru an intermediary in order to gain the best legal protections. The Task Force letter responded to letters dated Jan 29 & Feb 6 sent by the Uniform Law Commission to
#Wyoming Digital Assets act includes definitions of digital asset, digital consumer asset, digital security, #virtualcurrency, classification of assets under UCC, covers perfection against those assets, custody by banks, & jurisdiction by courts wyoleg.gov/Legislation/20… 1/x
WHY THIS IS IMPORTANT: there is no uniform treatment of the various types of #cryptoassets. The IRS views them as property. Some cases & regulators- Shavers, Faiella FINCEN- view them as money equivalents. Some states do not view them as money equivalents- WY, SD, PA. 2/x
Some #cryptoassets are viewed by the CFTC as commodities, or by the SEC as securities. Courts have been inconsistent in their views of these assets. Uniform Acts seeking to bring clarity have not been passed in any jurisdiction. This is confusing for everyone including lawyers3/x
