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_gabrielShapir0 Profile picture
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11 May, 4 tweets, 2 min read
It's a pleasure seeing @BryceWeiner throw down on the 'is XRP a security / part of a securities scheme?' debate in this thread

SEC hasn't done a great job articulating the legally relevant distinctions between BTC & ETH vs. XRP, but they are numerous & meaningful.
I tried to articulate a framework for understanding these issues here:

lex-node.medium.com/defining-decen…
I also recommend checking out @ketsal 's approach, which has a similar flavor to mine:
ketsal.com/wp-content/upl…
& there are other approaches that likely substantively overlap quite a bit; I tried to summarize them here: lex-node.medium.com/defining-decen…

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More from @lex_node

_gabrielShapir0 Profile picture
13 May
the reason why Elon crashed Bitcoin is the same reason why he's been sued for breach of fiduciary duties, securities fraud, etc.-he thinks his "mission" (sometimes cloaking his mere whims & lulz) preempts every other concern, & his fawning simps agree
for example, this enabled him to bail out his own failing company (Solarcity) at the expense of Tesla stockholders because it's 'solar power' & therefore green & progressive / important--he is set to stand trial for breach of fiduciary duty over this

abcnews.go.com/Technology/wir…
this enabled him to tweet '$420 funding secured' when Tesla was in crisis, get a stock pump that may have saved the company, and get away with a slap on the wrist from the SEC
Read 15 tweets
_gabrielShapir0 Profile picture
27 Apr
'Transactional law' practice (venture, M&A, etc.) is fundamentally broken, marked by an evil convergence of self-perpetuating bad incentives that make it almost impossible to reform or even incrementally improve.

Yes, it's the lawyers' fault.
In any rational world, a deal would just be a checklist of standard terms, and the parties would argue about which boxes to check instead of their lawyers spending weeks trying to trick each other through bespoke verbiage spread out across 10 different docs.
Honestly can't believe I've wasted 11 years of my life on this stupidity. After I wrap up my current slate of deals I will no longer engage in this charade.
Read 14 tweets
_gabrielShapir0 Profile picture
16 Apr
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
Read 5 tweets
_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

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