, 10 tweets, 7 min read Read on Twitter
Interesting article by @La__Cuen discussing how @Gemini has applied for a Broker-Dealer license. A little tweet-storm with my thoughts and why @tylerwinklevoss/@winklevoss are making the smart play: coindesk.com/gemini-to-appl….
1) By applying for a broker-dealer license from FINRA, @Gemini takes the first step toward becoming an approved Alternative Trading System. In my humble opinion, this is long overdue and where crypto trading exchanges belong in the regulatory sandbox.
2) I think this is consistent with the SEC's March 7, 2018 "Statement on Potentially Unlawful Online Platforms for Trading Digital Assets," which discusses how digital platforms may trigger other registration requirements. sec.gov/news/public-st…
3) One key line is that "exchanges" offering digital wallet services (to hold or store digital assets) might be subject to other registration requirements under the federal securities laws, including broker-dealer, transfer agent, or clearing agency registration. #VeryImportant
4) I've advocated for companies like @Gemini to work with regulators, and I believe the only crypto companies that will survive and thrive are those that do. I assume most people agree with that: @stephendpalley @NYcryptolawyer @prestonjbyrne @propelforward @josh_blockchain
5) @josh_harbor of tokenized securities platform Harbor (partners with Gemini on GUSD) has a great quote: "We are aligned in terms of taking a proactive regulatory approach and addressing the needs of the institutional players." #SmartMoveSeeAbove
6) Institutions will be more likely to come to the table with FINRA oversight (as will Main Street consumers when they have a complaint, who should love the FINRA arbitration process). #CryptoClaimResolutionIsVeryImportant #EspeciallyClaimsUnderTenThousand
7) But will FINRA come to the table? Only Gemini's lawyers know that (and they have good ones); but according to the article, FINRA is sitting on ~40 applications for crypto related Broker-Dealer licenses. #RegulatorsNeedToRegulate - something @mikejcasey and I agree on.
8) You want price movement that isn't tied to manipulation (see @Bitfinexed/@Nouriel - both of whom I agree with)? Then this is a great step in that direction. Fake volume, Tether, Lack of Disclosure, Insider Trading, the list goes on, and on, and on.... We need #Transparency.
9) Hopefully, @Gemini continues to blaze the #CryptoNeedsRules path and brings honest transparency to crypto. A federal recognized ATS is a really good step in that direction.
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to David Silver (SILVER MILLER)
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!