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Avichal - Electric ϟ Capital Profile picture
@avichal
Jun 4, 2019 • 7 tweets • 2 min read • Read on X
sec.gov/news/press-rel…

"The SEC charges that Kik sold the tokens to U.S. investors without registering their offer and sale as required by the U.S. securities laws."
Will collect some of the interesting discussions here

The full filing is here: scribd.com/document/41237…
Kik's response: prnewswire.com/news-releases/…

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More from @avichal

Avichal - Electric ϟ Capital Profile picture
May 22
1/ The US House is voting on FIT 21 today.

Biden just said he wants comprehensive crypto regulations.

Time for another explainer thread.

+ What is FIT21?
+ Why is this bill important?
+ What does FIT21 tell us about shifting political alliances and power in the US?

🧵👇 Image
2/ What is FIT21?

FIT21 is the "Financial Innovation and Technology for the 21st Century Act"

You can read it here:

FIT21 is the 1st bill that tries to comprehensively define how the crypto market should be regulated in the USrules.house.gov/bill/118/hr-47…
3/ FIT 21 has a few key areas and provisions:
+Delineates when SEC or CFTC has jurisdiction
+ Consumer protections around transparency and disclosures for promoters and endorsers
+ Prohibits agencies from preventing people from using crypto
+ Asks Treasury to study stablecoins
Read 16 tweets
Avichal - Electric ϟ Capital Profile picture
May 16
1/ The US Senate just voted 60-38 to overturn SAB 121

This is a BIG deal!

It is the 1st crypto bill to get to the President

It also sends a message to @SECGov that they are screwing up

What is SAB 121?
Why is this vote a big deal?
How did the banks help crypto win here?!

👇Image
2/ SEC Accounting Bulletin 121 was released in 2022.

It required digital asset custodians to treat digital assets as liabilities and hold them at fair value on their balance sheets.

Why is this a problem?
3/ There are many problems with SAB 121.

The biggest issue:

If a bank custodies $1b of Bitcoin for customers, they have to hold $1b in cash to offset this "liability" on their balance sheet

This makes no sense. The assets are not the company's. They are the customers'.
Read 18 tweets
Avichal - Electric ϟ Capital Profile picture
Mar 24, 2023
1/ The US has lost its global lead in crypto & blockchain developers.

This is a policy disaster for the US.

Almost every other region understands the potential of these technologies and how to regulate reasonably.

We see this daily. Amazing founders are leaving the US 👇
2/ In the @ElectricCapital portfolio alone, founders of companies/protocols worth $5B+ have left the US and given up permanent residency.

@solana, @NEARFoundation, @cosmos host their developer conferences outside the US

The center of gravity of @Polygon is in Dubai and India
3/ @binance is the world's largest exchange despite @coinbase having a head start and spending millions on compliance every year

Even well-intentioned projects now block users from the US, North Korea, Iran, and Syria. <-- how crazy is that list?!
Read 9 tweets
Avichal - Electric ϟ Capital Profile picture
Apr 19, 2022
1/ People are surprised to learn @ElectricCapital's team is 68% software engineers and designers

Why does a VC firm need engineers?

Because Crypto will do to TradFi & venture capital firms what the Internet did to retail & media companies.

🧵👇

mirror.xyz/electriccap.et…
2/ When @pmarca wrote "Why Software is Eating the World" he noted every business must become a software business

Software companies deliver better products, have big moats, acquire customers at lower CAC, and have better margins.

To compete, every company must be software-first
3/ Legacy companies had huge head-starts and resources vs. software startups...but they still lost.

@Walmart has not been able to compete against @Amazon.

Newspapers lost to @Twitter and @Facebook.

Why?
Read 17 tweets
Avichal - Electric ϟ Capital Profile picture
Mar 1, 2022
1/ @ElectricCapital has raised $1 billion in new capital, our largest fundraise yet.

The web3 economy built on top of the programmable money stack will be one of the defining disruptions of the 2020s.

Where are we going to invest $1 billion?

mirror.xyz/electriccap.et…

🧵👇
2/ We believe five key trends will define the 2020s:

i) DAOs will empower global communities to allocate resources in new ways

ii) NFTs will form a new asset and infrastructure layer for Web3

iii) DeFi will democratize access to financial products
3/ Five key trends that will define the 2020s continued:

iv) Decentralized Infrastructure will allow engineers to build the next generation of apps without a central point of failure or control

v) Accessible user experiences will onboard one billion users to Web3
Read 6 tweets
Avichal - Electric ϟ Capital Profile picture
Jan 5, 2022
1/ Time for @ElectricCapital's Annual Developer Report:
medium.com/electric-capit…

We analyzed 150m+ repos & xM code commits to produce these 100+ charts.

This was a community effort: 150 people contributed via email and Github! Thank you everyone who helped.

Let's dig in👇
2/ Our methodology:
We focus on open source code, so we undercount total developers in web3.

We focus on unique code and do not count purely copy/paste code.

These are all imperfect measures but directionally useful to understand web3 growth. Feedback is appreciated!
3/ tl;dr - Web3 is at All-Time Highs:
* 18k+ monthly devs
* 2.5k monthly devs in DeFi
* 3k NEW devs touch web3 code each month
* Several emerging ecosystems are growing faster than @Ethereum at the same stage in its history
* 20-25% of new devs each month start on @Ethereum
Read 37 tweets

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