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_gabrielShapir0 Profile picture
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16 Apr, 5 tweets, 2 min read
is anyone else the proud owner of some @satancoin?:

*october 2017 ICO for a #devilFi goverance token:

*666 totalSupply priced in multiples of 0.666 ETH

*last transaction over 400 days ago

but in 2021, they came back from nowhere to @ lil nas X 😂

satancoin.info/#home-section
had best team of any ICO ever
top holder hasn't touched wallet in 243 days, wallet consists of 26% of the SATAN TotalSupply and $1.1M in LINK--absolute chad

etherscan.io/address/0x5d3c…

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More from @lex_node

_gabrielShapir0 Profile picture
15 Apr
Here is a new @iearnfinance governance proposal by @tracheopteryx and me. We worked on it on & off for months, with @tracheopteryx putting in especially heavy time.

I will say a few words about my own thinking on it (speaking only for myself).

gov.yearn.finance/t/proposal-gov…
there are a lot of ideas & narratives out there about DeFi/protocol/DAO/community governance, but they often don't match up to the reality of what happens on the ground:
narrative: if there is a governance token, that means the token holders are in control of 'the protocol'

reality: governance token holders lack off-chain authority & thus rely on a fragile deference-by-rough-social-consensus upheld by devs & users who help define the protocol
Read 9 tweets
_gabrielShapir0 Profile picture
14 Apr
I've made my first pull request on @HesterPeirce 's Safe Harbor Proposal 2.0.

It was super cool that she put it on Github. I strongly encourage others to provide feedback in the form of pull requests.

github.com/CommissionerPe… Image
added an issue re: potential exclusion of governance tokens from safe harbor github.com/CommissionerPe…
added another issue, re: distinction between token and network

you should all add issues too; let's make this an experiment in doing cryptolaw the right way 👹

github.com/CommissionerPe…
Read 4 tweets
_gabrielShapir0 Profile picture
13 Apr
🚨new token safe harbor proposal from @HesterPeirce

sec.gov/news/public-st…
addresses issues in first version & takes into account feedback from myself & others

theblockcrypto.com/post/55985/an-…
what still seems odd to me is that mere functionality of the token / network takes it out of the securities laws; I do think that's inconsistent with current U.S. securities law, so unless Congress approves that, I would delete clause (ii) of the definition of "Network Maturity" Image
Read 4 tweets
_gabrielShapir0 Profile picture
30 Mar
An interesting response from LBRY to the SEC's lawsuit. LBRY tokens might be securities, but it's been almost 4 years since the DAO report and there is still no viable compliance path for launching a cryptonative token--truly unjust and unfair.

helplbrysavecrypto.com/faq
The context from the LBRY team shows that at least some SEC staff see LBRY tokens as being securities and essentially all transactions in LBRY tokens as being securities transactions. The SEC's filed complaint is more narrow and focuses on capital-raising LBRY sales by LBRY Inc.
The SEC is not helping the crypto industry figure out a way to comply with the securities laws. Recent SEC settlements have required the team to abandon the project & essentially make the token worthless. It seems LBRY was offered a similar settlement, but declined.
Read 11 tweets
_gabrielShapir0 Profile picture
14 Mar
The hard legal problems with DAOs are not entity formation. They are:

*getting states to grant limited liability to anon members of stateless unincorporated DAOs

*establishing norms of contractual code deference

*taxation

*carving DAO shares out of securities laws
In order to be doing good legal innovation in the blockchain area, you have to honor its roots & purposes, which are fundamentally libertarian and anarchist.

Lawyers should not be coopting & repurposing anarchist concepts to preserve the lawyers' relevancy.
As for DAO/entity mashups, the best shot at getting states to recognize & enforce them lies not in badly drafted prescriptivist technophilic legislation but in experimenting with private contracts in jurisdictions with high respect for freedom of contract.
Read 23 tweets
_gabrielShapir0 Profile picture
26 Dec 20
1/ I shared some thoughts with @nikhileshde on XRP delisting.

I believe XRP is a security & that Ripple's years of dumping on brainwashed retail investors is way overdue to be stopped. But the SEC's approach is pain-maximizing to XRP holders, who are exchange *customers*....
2/ The best customer experience would have been to listen to more conservative securities lawyers (& technologists who flagged XRP is trash) and never list XRP in the first place. We shouldn't easily forgive that mistake, to be clear.
3/ Second best to that though, you want to understand what's happening and not decide rashly. Unlike some previous settlements, the SEC's complaint does not seek to make Ripple comply with the Exchange Act re: XRP (i.e., it does not seek to make Ripple become an SEC-reporting co)
Read 12 tweets

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