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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
Jan 29
1/ This screenshot is floating around and I know the back story.

How did a Groupon PM go on to build a supersonic airplane company?

Here is the little-known and tremendously inspiring story of how @bscholl started @boomaero (and my very small part in it)

👇 Image
2/ How Blake started Boom is one of the most inspiring founder journeys I know.

It’s proof of what’s possible if you:

a) Think from first principles

b) Find something you believe in so much that you'd be proud to try - even if you might fail (a Blake quote)
3/ I’ve known Blake since I was 13.

He ran an ISP in high school and gave me my first job writing a JavaScript menu for a website gig he had.

Look at this high school photo and tell me that doesn't scream future founder? Image
Read 25 tweets
Avichal - Electric ϟ Capital Profile picture
Jan 23
🚨1/ President Trump just issued a MAJOR executive order that touches on everything crypto.

This is a BIG deal: stablecoins, Operation Chokepoint, developer protections, a new Crypto Task Force, and a Digital Asset Strategic Reserve

A breakdown of what @realDonaldTrump signed:
2/ Protecting economic liberty

Americans are guaranteed the right to:
Use open blockchains without fear of persecution.

Self-custody digital assets.
Develop and transact freely.

This directly counters tactics like Operation Chokepoint
3/ Promoting the dollar through stablecoins

The order prioritizes the growth of dollar-backed stablecoins to ensure the U.S. dollar remains the backbone of global commerce.
Read 12 tweets
Avichal - Electric ϟ Capital Profile picture
Dec 13, 2024
There were several new sections in the @ElectricCapital Developer Report this year, beyond the high level developer stats

I'm highlighting a few below, segmented by area of interest (NFT, DeFi, Stables, L1s, Geography) for ease of access

👇 Image
Where is on chain innovation happening? Who writes the most new, unique code? From @0xren_cf

What's happening with NFTs? Are NFTs dead? Which ecosystems are working and which behaviors are scaling? From @kateli_nyc

Read 7 tweets
Avichal - Electric ϟ Capital Profile picture
May 22, 2024
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, 2024
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

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