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Drew Hinkes Profile picture
@propelforward
Feb 15, 2020 • 3 tweets • 2 min read • Read on X
#CFTC charges Breonna Clark, Venture Capital Investments Ltd., a Colorado LLC , w/ fraud & failing to register with the CFTC; alleged defendants solicited U.S. residents to trade forex contracts, #Bitcoin other digital assets via a commodity pool operated by the defendants. /1 Image
Allegedly collected $534,829 from ~72; defendants used at least $418,000 for personal expenses& to make Ponzi-type payments to other pool participants; misled participants about experience, investment track record, sent false statements; /2
CFTC seeks restitution, disgorgement , civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the CEA; Got help investigating from Govts of Bulgaria, New Zealand, Seychelles, St. Vincent & Grenadines, UK.

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More from @propelforward

Drew Hinkes Profile picture
Mar 20
New SEC Guidance clarifies that POW mining & some pooled mining are not securities. This is great....but its maybe not the big story. This guidance ALSO elaborates on a potential new taxonomy to be applied to digital assets & maybe some radical changes to the securities laws /1
including the creation of legal securities without law. Huh? Yep. Sound the alarm. Batten the hatches. It’s time for a thread /2
We saw in Cmmr. @HesterPeirce 's "There Must Be Some Way Out Of Here" that she was contemplating a 4 -part taxonomy to determine what's in and out of the scope of the federal securities laws, to wit: /3 Image
Read 20 tweets
Drew Hinkes Profile picture
Jun 19, 2024
On the #ETH declination letter () received by @Consensys. Declination letters are rare & to be savored. Congrats to the team behind this! But what does this mean for staking? For other POS systems and their assets? Time for some educated speculation /1
The letter indicates 2 things. 1. that the investigation captioned "In the Matter of Ethereum 2.0 (C-08950)" is "concluded," and that 2. the SEC "do[es] not intend to recommend an enforcement action [against Consensys] with respect to this investigation" These are both great /2
However (that's the fancy version of "but"), this does not mean that all questions as to staking are resolved, that all questions that may apply to other POS tokens are likewise off the table, that other investigations are not ongoing, /3
Read 4 tweets
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

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