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Caitlin Long 🔑 Profile picture
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16 Jan, 4 tweets, 3 min read
1/ FASCINATING few weeks for social media—the migrations away from big platforms by fed-up users has been MASSIVE. Users proved we’re MUCH more powerful in ecosystems than many ppl thought (vaguely reminiscent of #UASF event in #bitcoin).

The b4 vs after venn diagram of the...
2/ ...social platforms & news sources I use has surprisingly little overlap. I’m trying many new platforms (today I happened upon a great Clubhouse chat room on #crypto law w/ @propelforward. Clubhouse is gonna disrupt podcasts in a v big way, IMHO). Follow me if you’re there! 🤠
3/ I don’t plan to leave @Twitter but I’m not wedded to it either. None of us should be! When 40m people sign up for one new platform & 25m for another in just days, you know something big is afoot.

Related, one of my mentors said something v wise:

#bitcoin will hack big tech.
4/ They’ll use it bc they understand network effects & have huge cash piles that they can’t afford to see debased. But #bitcoin will change how they think.

Decentralization is happening right in front of us! The disruptors of not long ago are now being disrupted! FASCINATING!!!

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More from @CaitlinLong_

Caitlin Long 🔑 Profile picture
14 Jan
1/ HEY PEEPS—lots of folks asking abt @Anchorage OCC trust charter—again, congrats to Anchorage!💪👏 But OCC trust charter is narrower than #Wyoming SPDI charter. OCC trust cos can’t take deposits or directly access the Fed’s pymt system. Here’s the thread I promised. 👇
2/ Key=there’s a pecking order among types of bank charters. At the top of food chain are the mega-banks that can fund US govt. Next=banks ("depository institutions") that have direct access to the Fed’s payment system. Below them are banks & trust cos that don't have such access
3/ OCC trust cos are in the 3rd category but #Wyoming SPDIs rank above them, in the 2nd. To be eligible for direct pymt system access at Fed, the bank must be a "depository institution" (as defined in 12USC461). Wyoming SPDIs are depository institutions, but OCC trust cos aren’t.
Read 19 tweets
Caitlin Long 🔑 Profile picture
23 Dec 20
WOW--#crypto lawyers will be EVEN BUSIER over the break (as if the Mnuchin rule, SEC v Ripple & CSBS v OCC lawsuits weren't enough...). There are weeks when decades happen, as they way. For crypto law, this is one of those weeks
2/ PS--I suspect both SEC moves this week are tied to @coinbase's IPO filing, which will force the open questions re: which cryptos are securities to be answered in 2021. As mentioned earlier, IMHO the SEC will be one of (if not *THE*) most important players in US #crypto in 2021
3/ oops -- as they *say (excuse the typo!)
Read 4 tweets
Caitlin Long 🔑 Profile picture
15 Dec 20
1/ GREAT ARTICLE abt how financial mkt plumbing really works, incl the real reason why Lehman failed & why the same probs still mostly exist: #rehypothecation + a shortage (!) of collateral despite frenzy of new govt debt issued. @JeffSnider_AIP @RaoulGMI realclearmarkets.com/articles/2020/…
2/ But lemme connect 3 dots abt how it relates to #crypto

* There's a SHORTAGE of collateral (T-bills, etc)--the stuff big dealer banks NEED in order to fund themselves. Facebook Libra/Diem could worsen that shortage a lot, so you can see why central bankers view it as a threat.
3/ The #repo mkt periodically has disruptions caused by collateral shortages/undercapitalization of the big dealer banks. @JeffSnider_AIP looks at March 2020 in this piece but many other examples exist, eg Lehman in 2008. When repo mkt seizes up, the probs ripple across fin mkts.
Read 14 tweets
Caitlin Long 🔑 Profile picture
11 Nov 20
As #Ethereum works thru its #hardfork, worth asking these ?s abt your exchange/custodian:
* if it no longer supports the old chain, can it just break its contract w/ you?
* can it keep the forked coins or must it give them to you?
#Wyoming law has consumer protections for this!🤠
It's situations like this that will REALLY set apart exchanges/custodians using #Wyoming law to govern their contracts w/ US customers. 🤠Non-Wyoming law intermediaries tend to have contracts that favor the intermediaries🙁, & courts tend to uphold them:
coindesk.com/appeals-court-…
3/ One thing seems clear--there will be more litigation in the US for situations like this (bc there's more value involved now vs past). Also Cred bankruptcy, which is first substantial #crypto bankruptcy in US courts, has already attracted attn of consumer protection advocates
Read 4 tweets
Caitlin Long 🔑 Profile picture
9 Nov 20
BIG NEWS FROM SEC🚨-clarity in US #crypto regulation did come w/ #Wyoming's Oct 23 #NoActionLetter regarding #qualifiedcustodian (SEC just confirmed)

tl;dr=SEC Custody Rule favors banks as QCs, bc state trust cos may not give as much protection as banks

sec.gov/news/public-st…
2/ Lack of clarity has kept the HUGE #RIA & asset mgr market out of #crypto but this should help. Sum:

* banks are #qualifiedcustodian by def'n, but
* state-chartered trust cos may not be

RIA must defend that a state trust co provides as much protection as a bank, broker, FCM.
3/ Consider how SEC frames the ?s:
* do state trust cos have "characteristics similar to" institutions "SEC has identified as QCs" (ie, state trust cos aren't in group SEC identifies as QCs)
* wld state trust co as QC add gaps/enhancements? (again the ? presumes they're not QCs)
Read 6 tweets
Caitlin Long 🔑 Profile picture
28 Oct 20
1/ HEY CRYPTO LAWYERS: buckle in bc a big piece of US #crypto regulatory puzzle fell in place yesterday. Culminates >2yr process, coordinating w/ SEC & other regulators, to clarify "#qualifiedcustodian." #NoActionLetter by #Wyoming Banking Division🤠here:
docs.google.com/viewer?a=v&pid…
2/ Here's an article from @ForbesCrypto's @AndreaTinianow & a post from McDermott Will & Emery, the attorneys who obtained the letter for @TwoOceanTrust of #Wyoming.

So...WHAT DOES IT REALLY MEAN??? 🤔

mwe.com/media/mcdermot…

forbes.com/sites/andreati…
3/ Follow along! Under SEC Custody Rule & SEC Customer Protection Rule, #RIAs (Registered Investment Advisers) & investment managers must hire a #qualifiedcustodian to store customers' assets.

But traditional custody banks can't/won't touch #bitcoin & other #crypto right now.
Read 22 tweets

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