Discover and read the best of Twitter Threads about #cryptoneedsrules

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Interesting article by @La__Cuen discussing how @Gemini has applied for a Broker-Dealer license. A little tweet-storm with my thoughts and why @tylerwinklevoss/@winklevoss are making the smart play: coindesk.com/gemini-to-appl….
1) By applying for a broker-dealer license from FINRA, @Gemini takes the first step toward becoming an approved Alternative Trading System. In my humble opinion, this is long overdue and where crypto trading exchanges belong in the regulatory sandbox.
2) I think this is consistent with the SEC's March 7, 2018 "Statement on Potentially Unlawful Online Platforms for Trading Digital Assets," which discusses how digital platforms may trigger other registration requirements. sec.gov/news/public-st…
Read 10 tweets
In the case that never sleeps, #Bitfinex filed its Reply to Vacate the April 24, 2019 Ex Parte Order. First: congrats to lawyers working on Cinco de Mayo. You know a defendant is pissed when its lawyers file stuff on the weekends! iapps.courts.state.ny.us/fbem/DocumentD…
1) Let's get into what the lawyers had to say: Bitfinex's lawyers' first arrow is that the OAG failed to explain how tethers qualify as a security or commodity covered under the Martin Act. Ultimately, this is a TERRIBLE argument for Bitfinex. #RegulatorsAreGoingToRegulate
2) Bitfinex lawyers have gone from "we have fully cooperated" to "the OAG has asked us for #blunderbuss document demands." Wait, I thought #Blockchain was about transparency and Bitfinex was fully cooperating. #ICalledBSBeforeAndIStandByMyAssertionOfBS
Read 12 tweets

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