Discover and read the best of Twitter Threads about #virtualcurrencies

Most recents (6)

1/ UGH--HOPES DASHED! #tokentaxonomyact proposes 2 great things but the rest of it needs a lot of work. The $600 tax exemption & 1031 (like-for-like) exchange provisions are great. I wish the bill stopped there! The definition of "digital token" got so watered down that there's..
2/ ...not even a "taxonomy" left in the #tokentaxonomyact anymore! 4 states have now passed similar bills that define a taxonomy (#virtualcurrencies, #utilitytokens & #securitytokens) & bills are moving in 5 more states--that's 9 states in only 15 months! But this bill not only..
3/ ...jettisoned that taxonomy, it now claims federal preemption over those bills. (I think that section is probably unconstitutional. The feds clearly have preemption regarding securities, but digital tokens are expressly not securities! If they're not securities, then they're..
Read 11 tweets
1/One area of the SEC's framework statement addresses assets that are intended to be #virtualcurrencies. This part of the "economic realities" section under the "expectation of return" prong suggests that an asset that "can immediately be used to make payments in a wide variety
2/of contexts, or acts as a substitute for real (or fiat) currency,” is less likely to satisfy the expectation of return prong. The Framework elaborates on the definition, "it is possible to pay for goods or services with the digital asset without first having to convert
it to another digital asset or real currency" and "the digital asset actually operates as a store of value that can be saved, retrieved, and exchanged for something of value at a later time." What kind of non fiat currency assets look and act like this?
Read 13 tweets
1/ HEY CRYPTO LAWYERS--@AndreaTinianow analyzes #Wyoming's commercial law for #blockchain assets & wrote a definitive guide to it for blockchain lawyers. She also compares it to @uniformlaws proposed Supplemental Act & favors WY's approach. @ForbesCrypto forbes.com/sites/andreati…
2/ Best quote: "As the founding director of the #Delaware Blockchain Initiative, I cannot stay silent about a law (the @uniformlaws Supplemental Act) that would extinguish the power of #blockchain technology to clean up problems in capital markets." So much here--will post more
3/ .@AndreaTinianow explains how #Wyoming confers "super-negotiability" to digital assets. She calls super-negotiability the "holy-grail" of commercial law (called the #UCC). I'd worked w/ Andrea before but hadn't realized she's a UCC expert from her prior work in #Delaware--wish
Read 13 tweets
1/ ANYONE CURIOUS how US laws enable the #securities industry to create phantom securities, eg Dole Food case (36.7m shares outstanding but brokerage statements showed 49.2m valid owners)? The Uniform Commercial Code’s Article 8 indirect ownership regime, enacted in 1994 in all..
2/ ...50 states, enabled this. And now the Uniform Law Commission wants to apply this to #bitcoin & #virtualcurrencies—UGH!!! It’s a recipe for insolvent financial institutions & consumers losing money! The pics in this thread speak volumes abt the loopholes in UCC Art 8 that...
3/ ...enable creation of phantom securities. This is just WRONG! It changed what used to be a clear, direct property right for securities into an “attenuated property right which looks much more like a contract right against the [leveraged securities] intermediary.” This comes...
Read 8 tweets
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
Read 24 tweets
1/ TWEETSTORM about #Wyoming’s BIG REVEAL. This is long & info-packed, so buckle in. My native state is about to do bigger things for #blockchain, & the sector is about to pay Wyoming back big-time. Win-win! @Tyler_Lindholm @SenatorDriskill @TraceMayer @ForbesCrypto
3/ New bill 2 parts. 1-Digital asset custody via #SEC #CustodyRule wld create first true #QualifiedCustodian for digital assets (for investors who by law can’t self-custody). 2-Defines property rights for digital assets—doing something HUGELY IMPT for #bitcoin/virtual currencies
Read 40 tweets

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