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Drew Hinkes Profile picture
@propelforward
Feb 5, 2020 • 15 tweets • 8 min read • Read on X
#Oklahoma SB 1667 would authorize #cryptocurrency to be used for purchases under certain conditions; would be permitted to be used, offered, sold, exchanged & accepted as an instrument of monetary value within the governmental agencies of Oklahoma /1 ImageImageImageImage
Many odd definitions here: #cryptocurrency meaning "a payment instrument, virtual
currency and instrument of monetary value whether or not negotiable"... huh? Has to be all 3 apparently.... "#virtual currency" also problematic.... ImageImageImageImage
#Cryptocurrency exchanger means one who "facilitates
and exchanges, for compensation, cryptocurrency to currency and
provides cashing services;"- cashing meaning " providing currency in exchange for payment instruments"-so this appears to exclude only #crypto to crypto exchanges. ImageImage
#token is defined as a tangible object, instrument, or coin. Does that meant tangible object, tangible instrument, or tangible coin? Instrument and coin are not defined...
electronic instrument is defined, but not "instrument." Looking further, the "#token issuer" def includes only entities that are qualified to do business in the state... I guess unincorporated entities or foreign entities are out. Image
A new law would call token issuers money transmitters under OK law- what about token issuers who are not incorporated or qualified to do business in OK? moving on, new law allow govt agencies to accept #cryptocurrency as payment for goods and services if ...
there is contract naming & requiring a marketplace facilitator (not a #Crypto exchange...) to convert received #cryptocurrency into currency w/in 24 hours of transmission for deposit & exchange, & to deposit such currency into the specified govt treasury account specified...
OK introduces its own defintion of "marketplace faciltiator" to mean an entity "qualified to do [biz] in this state that provides cashing & #cryptocurrency exchanger services to customers, govt agencies & marketplace sellers, or acts as a central depository for cryptocurrency."
SMDH. moving on... New law would deem token issuers to be money
transmitters, subject to state laws. Cryptocurrency shall not be
considered a commodity or security.
New law would provide that "A contractual agreement relating to #cryptocurrency used as payment under the provisions of this act shall not be denied legal effect, validity or enforceability solely because that contract
contains one or more smart contract terms." This is ok....
New law would provide that "all income derived from the purchase, sale, receipt, payment or exchange of cryptocurrency shall be subject to state income tax." As @thereaIstitches would say: "Pay up Pay up Pay up"
New law: "Any person ...engaged in the business of buying,
selling and/or facilitating the transfer of #cryptocurrency w/in
the state shall be required to be licensed as a money transmitter..." What's the outside boundary of "facilitating transfer"? #Nodes? #Miners?
New law: To determine if a particular #cryptocurrency presented as payment is negotiable & redeemable in currency, the K between the govt agency, and the named and designated marketplace shall set forht the valuation method, &
specifically name each #cryptocurrency to be used.
New law: The OK Dept. of Commerce shall develop a licensing
application & fee for issuing licenses to businesses engaged in
the transmission of virtual currency pursuant to this act, promulgate rules, form & procedures to regulate the transmission of virtual currency in OK.
Although this could be fixed with regs/rule making, what a mess.

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More from @propelforward

Drew Hinkes Profile picture
Feb 19, 2023
#Illinois Senate Bill SB1887 would drive out #blockchain #node operators, #miners, and #validators, waste judicial resources, and confuse existing law in a quixotic attempt to protect Illinois consumers. Let's examine the mess in a #thread:
as a preface, This is a stunning reverse course for a state that was previously pro -innovation. Instead we now get possibly the most unworkable state law related to #crypto and #blockchain I’ve ever seen. A shocking turn of events for the #tech community in #illinois /2
SB1887 focuses on consumer protection (this is GOOD). But, the manner in which it seeks to protect consumers is to require #node operators ##miners & #validators to do impossible things, or things that create for themselves new criminal & civil liability at pain of fines/ fees /3
Read 22 tweets
Drew Hinkes Profile picture
Sep 22, 2022
CFTC brings first regulatory action against an alegal #DAO, charging #OokiDao with operating an unlicensed FCM; seeking disgorgement, restitution, civil moneyary penalties, trading and registration bans and injunctive relief. Lots to talk about here: /1 cftc.gov/PressRoom/Pres…
allegations in claim against Ooki #Dao characertize it as an "unincorporated association comprised of holder of Ooki Tokens" and legacy BZRX Tokens who have voted those tokens to govern (e.g. to modify, operate market and take other actions w/r/t the Oooki Protocol." /2
This a huge distinction. While the #DAO is itself a named party, it is unincorporated which leads to all sorts of material questions about who can be sued for what. In this case the complaint makes clear that the Dao is those who (a) have tokens and (b) have voted to govern. /3
Read 17 tweets
Drew Hinkes Profile picture
Aug 17, 2022
Important questions for those who may have received blocked property in a #grief #spray #spam attack from blocked #tornadocash #ETH addrsses remain unanswered. #OFAC may give clarity in an FAQ; are a few questions that would be helpful for OFAC to address.1st some background/1
By now all of #crypto knows that #OFAC sanctioned #ETH & #USDC addresses related to #Tornadocash and service providers and many #crypto users are struggling to adapt. Why? /2
We’re dealing with a law designed to regulate legal people & entities, &their property, not quasi-autonomous code used by third parties to transact third party assets to others. Arguably the designation exceeds #OFAC’s statutory authority. That’s an argument for another day. /3
Read 23 tweets
Drew Hinkes Profile picture
Jun 26, 2022
#Dao is another word the #crypto industry uses for ...well... anything. Here's a proposed taxonomy to clarify what we mean when we say #Dao: (a quickie sunday am #thread): /1
@VitalikButerin's seminal work discussing the types of human/tech hybrid ventures that may/will be created using censorship resistant technology tools remains the first stop for this discussion: (blog.ethereum.org/2014/05/06/dao…) /2
@vitalik observes that a #DAO "has the murkiest definition of all... it is an entity that lives on the internet and exists autonomously, but also heavily relies on hiring individuals to perform certain tasks that the automaton itself cannot do." /3
Read 28 tweets
Drew Hinkes Profile picture
Jun 8, 2022
#NYDFS issues USD backed #stablecoin guidance; must be fully backed by an asset reserve; issuer must adopt a clear redemption policy, approved by DFS in writing (!!!) redemption at par in fiat; reserve must be held in custody with /1
dfs.ny.gov/reports_and_pu…
US state/federally chartered depository institutions and/or asset custodians. Reserve must be held in govt treasuries "subject to DFS- approved reqs re: overcollaterialiation." Reserve must be subject to independent audit 1x month by independent CPA under AICPA attestation /2
standards. DFS may also impose obligations regarding cybersecurity and IT standards and evaluate issuer BSA/AML & Sanctions compliance, safety and soundness of the issuing entity; and the stability/integrity of the payment system, as applicable on Issuers. /3
Read 10 tweets
Drew Hinkes Profile picture
Feb 14, 2022
Take aways from the #blockfi settlement with the #SEC (sec.gov/litigation/adm……) 1. BIA were notes under the Reves test; one factor is that there is "no alternative
regulatory scheme or other risk reducing factors exist with respect to BIAs" Congress can of course, set out a /1
an alternative framework that would potentially push these sorts of ventures into a different regulatory classification. 2. the offer and sale of notes is an investment contract. Yes, you can be debt and an investment contract; the pooling of assets is the key factor here. /2
3. Blockfi was a 40 act company; 40% of its assets were investment securities - including loans. /3
Read 6 tweets

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