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Marco Santori Profile picture
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9 Feb 19, 7 tweets, 2 min read
1/ Fundamentals
2/ Fundamentals
3/ Fundamentals
4/ Head and Shoulders Lambo Cup and Handle YOLO rally consolidation double-top bubble wen moon sir
5/ Fundamentals
6/ Fundamentals
7/ plz sir mai famili

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More from @msantoriESQ

Marco Santori Profile picture
4 Jan
Kraken has published its response to the Treasury’s midnight rule on self-custodied wallets. The response is not short. It is not polite. It concludes with an important message:

Regulating crypto companies punishes the regulator.

How? Read on. 1/

blog.kraken.com/post/7379/krak…
Regulating a traditional bank is easy: If a proposed regulation forces the bank to provide the information the regulator wants, then implement the regulation and collect the information. EZPZ. /2
Doesn’t matter if compliance is costly. Regulator still gets the info it wants. Doesn’t matter if those costs are passed on to the customer. Regulator gets its info. Makes the UX cumbersome? Doesn’t matter. Regulator gets info. Risky for users? Too bad. Regulator gets info. /3
Read 15 tweets
Marco Santori Profile picture
21 Dec 20
WAP

Weak
Administrative
Procedure

Others have objected on procedural grounds. I want to explain why the proposed rule is itself shameful:

It outlaws sending money to the poor.

blog.kraken.com/post/7286/finc…

Kraken blogged. I share further thoughts in this thread👇 1/
2/ The story of this rulemaking actually starts in 2013, when Jennifer Shasky Calvery (then FinCEN Director) first suggested publicly that a VCTR – a virtual currency transaction report – would be valuable in fighting financial crime.
3/ It was about as well-received by the community as you might imagine. But even then, the proposal was just “A CTR for bitcoin” - not the VCTR you see before you today. What is a CTR and why is the VCTR totally different?

Read on.
Read 13 tweets
Marco Santori Profile picture
7 Dec 20
🚨🚨🚨 1/ If true, this is amazing. Unprecedented. This would represent the first ever transmogrification of a token from a security to a non-security, where the journey was explicitly blessed by the SEC.
2/ "Dude I don't care about a new internet or staxxx or whatever"

You should. The question of how a utility token can enter the world a security but then become a non-security has been open - painfully open - for years. SEC just blessed one very specific answer.
3/ @muneeb is really the one who should be doing this thread, since he lived this struggle. But from what I could see as a lawyer sometimes involved in Stacks transactions, it has been a long and complex road to compliance, complete with forks and detours.
Read 13 tweets
Marco Santori Profile picture
20 Nov 20
1/ 🚨 BREAKING: US Office of the Comptroller of the Currency proposes rule prohibiting large banks from discriminating against "legal but disfavored" customers like oil & gas biz, independent ATM operators and of course...

crypto companies.
2/ Crypto OGs know the single greatest impediment to widespread adoption has been and continues to be the lack of access to banking services.

In its early days, Bitcoin was caught up in Operation Chokepoint, and crypto more broadly is still caught up today
3/ Operation Chokepoint is a long-standing effort by political powers to cripple the growth of industries that were perfectly legal, but that they found distasteful.
Read 18 tweets
Marco Santori Profile picture
16 Sep 20
🚨🚨🚨*BREAKING*🚨🚨🚨

@Krakenfx just won approval to create America’s first crypto bank.

World, please meet Kraken Financial. Kraken Financial, world.

Wait, a what? Kraken is a BANK?! How did this even happen?!

Allow me to threadeth. 👇
2. It all begins on this island call Yap

Heh, actually it begins in Delaware! You might remember from back in 2016 the Delaware Blockchain Initiative, an effort to build a bridge between a US state and the crypto industry.
3. We announced it at Consensus’ keynote that year coindesk.com/delaware-gover…. Then-governor Jack Markell made a joke about being Satoshi. He laughed. The audience laughed. Somebody did an ICO in the background. It was a simpler time.
Read 31 tweets
Marco Santori Profile picture
13 Jul 20
1/ BREAKING 🚨 popular crypto app Abra charged by and settles with SEC for offering securities swaps. This is interesting for a few reasons. Short thread follows.
sec.gov/news/press-rel…
2/ According to the SEC's order, Abra was offering Robinhood-like securities trading, except there were no actual stocks under the hood.

Users would simply bet on the price movement of the stock without actually owning it (or owning an entitlement to it)
3/ This in itself isn't shady of course. They were offering a "derivative" - a product that is useful for many purposes including (i) hedging and (ii) betting.

In this instance, SEC seems to take the position that it was mostly the latter.
Read 17 tweets

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