Discover and read the best of Twitter Threads about #Wyoming

Most recents (24)

1/ I'VE BEEN THINKING abt #crypto & banking, which is in the news these days (& I'm living it too). I've spent yrs thinking abt the issues. Yes it *IS* possible for trad banks to safely bank #crytpo industry: simply back demand deposits 100% w/ cash held in a Fed master acct.💡
2/ But that's NOT what the US banks banking #crypto generally are doing. Pls see for yourselves by reviewing their financial statements--you'll see, eg, >10yr securities backing demand deposits that customers cld withdraw in minutes🤦‍♀️. That's a prob but isn't inherent to #crypto!
3/ I just finished updating a balance sheet analysis of the banks that bank #crypto & something jumped out at me--8x, which is a number I've seen before. When any bank puts 8x its shareholders' equity at risk in anything & that thing goes haywire, the outcome is predictable.🔮💡
Read 11 tweets
1/ MY SUMMARY🧵re: today's SEC #Custody Rule proposal, which is here:…


tl;dr--it doesn't kill #crypto custody; it's a move against state-chartered trust companies; there's one big issue, tho, which will trigger huge pushback
2/ THE BIG ISSUE (& I haven't seen anyone point this out yet)=the rqmt for custodians to indemnify for "negligence, recklessness or willful misconduct." All the banking, #WallSt, commodities & #crypto industries will push back together on this bc it could kill custody biz broadly
3/ What's the issue? Proposal wld apply Custody Rule to all asset classes incl commodities & #crypto (ie, not just securities)--OK, fine. But SEC also wants custodians to indemnify FULL asset value for losses in which custodian played ANY role (eg, an oil tanker sinks; cows die).
Read 22 tweets
A KEY from proposed changes to SEC Custody Rule: account must protect customer assets in event of custodian insolvency. This prob means qualified custodians must be under statutory receivership regime to protect segregation in insolvency & state-chartered trust cos in crosshairs Image
Yep, here's more. Gensler was clear abt this in his prepared remarks & here it is in writing: Assets passing OUTSIDE OF THE BANK'S INSOLVENCY is key. Translation: SEC wants all qualified custodians to be subject to special receivership regime, ie not subject to US Bankruptcy Code Image
More: lookin' good so far for state-chartered special purpose depository institutions under statutory receivership regimes that keep assets outside of bank's estate (ie, #Wyoming SPDI banks). SEC asks for comment on whether to do away w/ dual banking system but doesn't propose it Image
Read 4 tweets
1) Trump won't be able to terminate the US Constitution but a Republican-led effort to rewrite it continues… Trump's "allies are busy pushing an unprecedented rewrite of the foundational document that would fundamentally alter Americans' daily lives."
2) "In 2022, a group with ties to Trump's orbit was able to get four more states to join its efforts."

"@CommonCause is trying both to thwart any new convention pushes alongside repealing old resolutions calling a convention."… Support them!

#NoConCon Image
GOP proposal calls for convention to amend U.S. Constitution "In 2021, it came within 2 votes of passage in the #Montana Senate...This session, Democrats control three fewer Senate seats and several GOP defectors are no longer in office" #NoConCon Image
Read 22 tweets
Day #5 of the #BannonTrial is set to begin shortly in the E. Barrett Perryman US District Courthouse in Washington, D.C. Prosecutors and defense make final arguments and the case then goes to the jury. That's the plan. #BannonTrial
Thursday's proceedings concluded with Judge Carl Nichols recessing to chambers to craft final jury instructions and ponder the defense's motion to dismiss the case. He will not rule on the motion until after the verdict. #BannonTrial
In response to Nichols' final jury instructions, which were emailed to all parties last night, Bannon's attorneys have filed a 10-page notice of objection. #BannonTrial…
Read 86 tweets
CDC #NOWCAST Variant Proportions Predictions
- #USA (6/7/22)

62.2% BA.2.12.1 (S:L452Q)
24.8% BA.2
7.6% BA.5 (S:L452R/F486V)<<<
5.4% BA.4 (S:L452R/F486V) <<<

Get Boosted and #MaskUp

Source:… @CDCgov
Region 8 is a BA.4 Hotspot

~13.1% BA.4 in circulation in region comprising of #Colorado, #Montana, #Utah, #NorthDakota, #SouthDakota, #Wyoming
BA.4 hotspots by HHS Region - USA
Read 5 tweets
1/ REMARKABLE SPEECH by US federal bank regulator abt #stablecoins (even cites yours truly at footnote 20). He discusses potential special-purpose, ring-fenced, non-lending banks as stablecoin issuers--ie, what #Wyoming SPDIs are. + nods to state efforts.…
2/ This feels like the moment when another national group (the ULC), which had initially been critical of #Wyoming jumping ahead to recognize digital assets in its commercial laws, started to replicate some of Wyoming's good ideas. The ULC later saluted Wyoming as a pioneer. 🙏🤠
3/ While I wouldn't ever expect the federal bank regulator to salute #Wyoming as pioneer here (there's a long history of fighting between the federal & state bank regulators), the nod he gives to the **IDEAS** is remarkable.

Here are snippets from OCC Acting Commissioner Hsu:
Read 8 tweets
As we all wake up to this outrage happening in #Tennessee I would like to inform you that #California , #Washington #Wyoming #NewMexico ##oklaed #Mississippi #WestVirginia #michigan #Massachusetts have no specified minimum age to marry after exceptions. Child married is an issue
Across the #Unitedstates it happens in every community, culture and religion ALL ethnicities. I am begging you to please take this opportunity to learn about and help to #EndChildMarriage not only in #Tennessee but in every state. I would like to never have to stand in a room
Full of strangers and painfully share about my experiences of being married at 15 to my 43 year old abuser and plead with legislators to close this dangerous loophole that ensnares 1000s of children each year.
Read 5 tweets
I LEARNED interesting things at #ETHDenver2022#DAOs are organizing under either coop or LLC laws🤠, & despite testing all the thousands of attendees for COVID a staggeringly low # were testing positive. I hope the latter is basically over🤞—the former seems to be taking off tho.
For #DAOs that choose to register there’s a race btwn using state cooperative laws vs state LLC laws. WY’s #DAO LLC law is hot but so is CO’s coop law. Our panel didn’t have time to dive into the differences in how each limits liability for members. #crypto lawyers—pls debate it!
Here's a blog on the topic of limiting member liability for coops. I'm hoping #crypto lawyers pick this thread up & start discussing bc there are likely differences between state coop laws & state LLC laws when used by a #DAO. I find the topic interesting.…
Read 6 tweets
1/ SO MANY TRUTH BOMBS in this terrific blog post.🧐MUST READ for US customers of #crypto exchanges/custodians (hint:😱, if yours goes bankrupt). Note @AdamLevitin analysis applies US-wide *EXCEPT* in #Wyoming bc it mostly fixed the very issues he lays out…
2/ Truth bomb #1: "I do not think customers understand the legal nature of the custodial relationships, and exchanges have no incentive to make the legal treatment clear to customers." ...
3/ "In bankruptcy, it is likely to be treated as a debtor-creditor relationship, not a custodial (#bailment) relationship. That means that customers are taking on REAL CREDIT RISK with the exchanges, which is a particular problem because of the opacity of the exchanges..."🎯
Read 25 tweets
1/ FED's NEW PAPER ON STABLECOINS today deserves both praise & a response. It contains something BIG (1st time I've seen the Fed say this🚨🔥) but it misses things too. Wonky topic: how #stablecoins fit into plumbing of #tradfi, which is right up my alley.…
2/ The NYFed's 3 conclusions + my reactions here:
1. Stablecoins tie up liquidity unnecessarily💯✅🎯
2. Stablecoins that do not tie up liquidity are risky & less fungible❌🤔
3. We already have an efficient form of digital money/just need to adapt it to a new environment: ✅&❌
3/ Let's dig in. First, in this🧵we're talking abt fiat-collateralized #stablecoins, not algo or #crypto-collateralized ones that never touch USD payment systems. Central bankers' real concern has (rightly) always been impact of fiat-backed #stablecoins on trad system plumbing.
Read 25 tweets
1/9 Today is a big day for Wyoming, the official launch of the Wyoming Chancery Court! A new home court for the digital asset industry in the only state with a comprehensive digital asset legal framework.
2/9 Almost four years ago under the leadership of Gov. Matt Mead, the appointed @ENDOWyo council made a formal recommendation to the State of Wyoming to launch a chancery court.
3/9 That is, a court of specialized jurisdiction like that of Delaware aimed at increasing Wyoming’s ability to adjudicate disputes in the corp/business/trust/tech realm. At the same time, #Wyoming was building out one of the world’s first legal frameworks for digital assets.
Read 9 tweets
1/ JUST PUBLISHED article abt #stablecoin interoperability in @CentralBanking_ (yep...!)--another collaboration w/ Dr.Manmohan Singh of @IMFNews + my 1st w/ Dr Charles Kahn of Univ of IL. 🚨VERY IMPORTANT NEW POINT included🔥 (behind a firewall but 🧵👇).…
2/ Best historical analogy for #stablecoins isn't wildcat banking--it's check clearing. Private pre-Fed check clearing networks are analogous to different private stablecoin networks today. What made checks interoperable?

💡2 things: common standard+Fed guarantee of pymt at par
3/ We argue #stablecoin issuers should gain access to Fed payment systems so they can back stablecoins w/ central bank reserves (ie, guarantee of pymt at par to members of Fed's network), but ALSO that the choice of tech should be agnostic. (The mkt has already voted on this.)
Read 10 tweets
Several State School Board Associations have responded to the @NSBAPublicEd letter to President Biden. Has your state responded? To find out, click the link below! If they haven't, send them a request to respond! Links also provided on our website below.…
Response from @ArkSchBdsAssn: "The Arkansas School Boards Association was not consulted by NSBA prior to the letter being sent and we disagree with much of the substance of the letter." (see full statement at the link above)
Response from Delaware School Boards Assoc.:
"The DSBA has communicated our concerns with the letter to the NSBA numerous times & in strong language...It was inappropriate for the NSBA to issue the Sept 29, 2021 letter to President Biden without first consulting with the DSBA..."
Read 18 tweets
1/ "Even in the face of regulatory threats, #crypto enthusiasts see each development as a step towards mainstream acceptance. So it's no surprise that a new crypto-friendly bank becoming a member of the Federal Reserve would be a headline grab."🤠@AvantiBT…
2/US banking law is confusing but @lailamaidan got it right--@AvantiBT is different--is eligible for BOTH access to Fed's payment system & to become Fed member PLUS has applied for BOTH. (OCC trust banks aren't depository institutions so aren't eligible for payment system access)
3/ I can't think of another industry that is so deposit-constrained: ~$80bn of USD bank deposits supports >$2trn in assets. Our industry has a big single point of failure risk: USD banking access. Plus there's lots of settlement risk in trad banks when they bank #crypto industry.
Read 10 tweets
1/JUST FINISHED the first of my series of speeches this month to mainstream audiences about #bitcoin/#crypto--this one was to @actl, annual meeting of American College of Trial Lawyers. Multiple Supreme Court justices usually in audience. Two key themes:
2/ First, I recommended swift clarification of legal status of #digitalassets so US courts aren't clogged w/ disputes in this $2trn industry due to murky laws (incl swift passage of draft UCC Article 12, or even early adopting it). It's on agenda for @uniformlaws mtg on Nov5-6.
3/ #Wyoming led charge to make #blockchain tech "backwards compatible w/ US legal system"--draft UCC Art. 12 (similar to WY law) was already early-adopted by AR, NE & TX. We're seeing increasing litigation due to murky laws--not only clogs courts but consumer fairness issues too.
Read 8 tweets
1/ THIS IS WHERE WE ALWAYS THOUGHT the #stablecoin regulatory direction would go, which is why @AvantiBT chose to get a bank charter. Anything that touches the USD financial system was always going to fall w/in the Fed's purview, directly or indirectly, esp once it became big.
2/ Plus it makes sense policy-wise. Nonbank #stablecoin issuers gum up the #repo mkt by siloing T-bills & other Level 1 high-quality liquid assets (the repo mkt already finds these assets too scarce). If stablecoin issuers are banks, tho, dormant Fed reserves can be used instead.
3/ Details on the above point are here👇. The v high velocity of #stablecoins comes from their superior tech vs trad payment systems, not from leverage. Traditionally, monetary velocity came from leverage. But thanks to stablecoins it no longer needs to.💪…
Read 8 tweets
1/ @NYtimes story on #crypto/#banking deserves a thoughtful reply. Issue isn't black & white: anti-crypto forces try to paint us all w/ a broad brush. Bad actors deserve to be called out, but the article ignores fact that regulatory-compliant firms exist.…
2/ First--@ericliptonnyt/@el72champs you got a fact wrong & it deserves a correction. #Wyoming’s special bank charter doesn't allow “cryptocurrency deposits.” “Deposit” has a v specific meaning in banking: banks can only take deposits in fiat money (US$)--not in crypto. Pls fix.
3/ That’s a key distinction. Regulated banks can provide CUSTODY services for #crypto (like for securities) but CAN’T take deposits in ANYTHING except money. Article misses that critical point--it’s a firewall protecting Fed's payment system from exposure to anything other than $
Read 24 tweets
1/ TODAY @AvantiBT CONFIRMED A REPORT in today's @WSJ that it filed an application to become a Federal Reserve member bank. 💪 Here are links to Avanti's statement & the WSJ story:……
2/ This means @AvantiBT formally submitted to what it had already informally accepted--namely, the very same regulatory capital, compliance and supervisory examination standards that apply to traditional banks.
3/ It also means @AvantiBT is seeking federal supervision directly by the Fed itself (in addition to Avanti's existing regulator, #Wyoming Division of Banking). Avanti's Fed membership application is distinct from its prior application for payment system access (filed Oct 2020).
Read 7 tweets
Each week I pull ~51000 tweets on US State mentions. Here's a collection of word clouds from tweets pulled on 2021-08-07. Each state + DC can be found in the replies!
#Python #USA #WordCloud #TwitterData
Each week I pull ~51000 tweets on US State mentions. Here's the word cloud for #Alabama from tweets pulled on 2021-08-07!
#Python #WordCloud #TwitterData
Each week I pull ~51000 tweets on US State mentions. Here's the word cloud for #Alaska from tweets pulled on 2021-08-07!
#Python #WordCloud #TwitterData
Read 52 tweets
Each week I pull ~51000 tweets on US State mentions. Here's a collection of word clouds from tweets pulled on 2021-07-31. Each state + DC can be found in the replies!
#Python #USA #WordCloud #TwitterData
Each week I pull ~51000 tweets on US State mentions. Here's the word cloud for #Alabama from tweets pulled on 2021-07-31!
#Python #WordCloud #TwitterData
Each week I pull ~51000 tweets on US State mentions. Here's the word cloud for #Alaska from tweets pulled on 2021-07-31!
#Python #WordCloud #TwitterData
Read 52 tweets
1/ ~FIVE YEARS AGO, I first said #bitcoin cld take down a GSIB (global systemically important bank)--NOT because of anything wrong w/ Bitcoin, but bc the banks just aren't set up to handle an asset that settles in minutes & is irreversible. @ChrisBrummerDr…
2/ If banks are going to start owning #bitcoin/#crypto on their books(ie, not just being custodians like w/ stocks), banks need special rules to deal w/ the huge differences in settlement terms. Banks use systems set up ~40yrs ago (esp in US),most of which reconcile only 1x/day😱
3/ Again-issue is w/ banks' IT & operational systems, not w/ #Bitcoin (which I consider the most significant financial technology invention of human history. Yep, really💪). In this @ChrisBrummerDr podcast w/ former Fed Governor Dan Tarullo, we discuss how bank capital rules work
Read 8 tweets
1/ THREAD ABT REGULATORY NEWS in #crypto, which I’ve been chronicling on twitter since April. Seems crackdown has begun. I dunno how it'll turn out but:
* it won't impact #BTC #ETH etc directly. Base layers will keep addin' blocks
* it'll impact intermediaries & US$ access points
2/ Today was a key event that few in #crypto were probably watching, but it REALLY matters: the comment period ended for the Fed’s proposed payment system access guidelines. See comment letters here (including @AvantiBT’s 18-page tome--awaiting upload):…
3/ Why does it matter? Fed guidelines are partly aimed at #crypto (despite not mentioning crypto even once). Given what’s happening w/ US$ #stablecoins, the guidelines are esp relevant (see WSJ story last wk-FSOC wants Fed to regulate stablecoins per “ppl familiar w/discussion”)
Read 24 tweets

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