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Katherine Wu @katherineykwu
, 7 tweets, 3 min read Read on Twitter
1/ Two weeks ago, Sam Altman @sama of @ycombinator announced the launch of YC China with the hire of ex-Baidu COO Lu Qi.

Over the weekend, I listened to an interview with Lu Qi. Since I don’t think there are any English translations of that audio, here are some key takeaways👇
2/ Lu emphasis three main areas of focus for him in growing early-stage tech companies China: Capital infusion + Talent acquisition + Opportunity creation by way of market development.
3/ Regarding next steps for YC China, Lu emphasizes the importance of building out a strong core team. Specifically, his next hire will likely be a China-based investment partner (& preferably someone with an entrepreneurial background).
4/ There also remains an importance coordination challenge between YC US and YC China. The two cultures vary immensely in the way business is conducted, carried out, & executed. With proper communication, that gap can be bridged, and that is a role that Lu sees himself filling.
5/ Lastly, Lu wants to enable a strong startup community in China via YC’s platform: he points to YC’s online community and also to events & meetups YC hosts in the US that fosters a sense of belonging, the exchange of ideas, and to the expansion of career opportunities.
5a/ Links:

Sam Altman's original announcement post: blog.ycombinator.com/yc-china-qi-lu/

The interview audio: 36kr.com/p/5148299.html

A more formal written interview has been translated by @jjding99 here: docs.google.com/document/d/1zo… (h/t to @ruima)
6/ My personal takeaway: Lu is very bullish on machines learning and "autonomous systems”, specifically wrt virtual assistants and communication between human and machines. With Lu as the CEO of YC China, I expect the next batch out of YC China to be focused on the AI/ML sector.
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When I was a legal intern at the SEC, we received a huge box one day with tons of CDs that contained recordings of internal phone conversations. Sent by an anonymous former employee of that company. 🍿

FYI in 2018 alone, the SEC awarded over $168 million to 13 whistleblowers.
For some context: the whistleblower program was created in 2012. Since creation, over $326 million has been awarded.

This year, the SEC received over 5,200 whistleblower tips. The $168 million award figure this year exceeds the total amount awarded in all prior years combined.
I think @jchervinsky is 100% on point (as always!).

Startups (as a lot of crypto companies are) generally have messier operations and undocumented/ unstated internal policies and procedure. Probably tons of confidential information & documents at the hands of former employees.
Read 9 tweets
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1/ The SEC just announced its Examination & Compliance priorities for the next year. On the list of six priorities, "digital assets" were listed as a category, and defined as "cryptocurrencies, coins, and tokens."

Here is what it means to be on the priority list ⬇️
2/ For context, the SEC's Office of Compliance Inspections and Examinations (OCIE) is one division of the SEC, and they carry out the SEC’s National Exam Program. The program generally is aimed to ensure market integrity, assess risk, and prevent fraud.
3/ This exam program is divided into a couple of areas: investment advisers, broker-dealers, clearance & settlement, etc.

The SEC obviously does not have the resource to focus on every single participant, so it has to pick and choose its priorities each year.
Read 9 tweets
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SEC Commissioner Pierce admits that "even the securities lawyers whom many of these entrepreneurs cannot afford are struggling to apply the [Howey] test....Enforcement actions ought not to be the means by which we tell the marketplace what we are thinking."

She is 100% on point.
For reference, her speech is here: sec.gov/news/speech/sp…

Sure, @HesterPeirce's speeches do not necessarily reflect the thinking of everyone at the SEC, but she has one of the five votes over enforcement decisions carried out by the Commission.
The Howey test for determining whether something is a security is cited by regulators and lawmakers as if we expect every crypto-entrepreneur to know what it is & how courts and the Commission have applied it over the years.

That really shouldn't be the expectation.
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two weeks ago someone zapped a single spot on my face with a laser. sure enough, that spot is hairless now

I would very much like the rest of my face to be hairless too. I need $1130. can anyone help? please? #TransCrowdFund paypal.me/teutholimax
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