1/ The Blockchain Association now has 40 members. We want to tell you about who’s joined the team…🧵
2/ We’re proud to welcome 8 new members: @AaveAave, @ClimateTrade, @edgeandnode, @hiFramework, @GenesisTrading, @Ledger, Metrika, & @investvoyager.
3/ As we’ve grown along with the broader crypto industry, we’ve made it a point to cultivate members working on varied aspects of the diversifying field.

Our members innovate on lending, trading, mining, venture capital, network security, custody, DeFi, and more.
4/ So...we say it’s important to grow our membership. Why does that matter for the industry?

Speaking as a disciplined chorus, rather than brilliant soloists, that’s what DC lawmakers and regulators pay attention to.

Crypto is still young, and vulnerable to DC mood swings.
5/ The past 6 months are typical; from FinCEN trying to ban "unhosted" wallets, to the prospect of a crypto champion at the SEC, to new (sometimes crypto-skeptical) ppl at Treasury, to Musk rattling the cages...it’s vital to have a loud voice in DC to fight for the industry.
end/ Scale. Expertise. Relationships.

The keys to building an effective, long-term policy apparatus to support the sustainable growth of the crypto industry.

The future of our industry depends on it. 🚀
@Uniswap, still attached to the old handle :)

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Blockchain Association

Blockchain Association Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @BlockchainAssn

8 Jan
1/ FinCEN's truncated comment period on the proposed rules regulating so-called "unhosted wallets" has ended.

The rule and process may be deeply flawed, but the community response of 7400+ responses has been inspiring. Here's a roundup of comment letters from BA members:
Read 7 tweets
7 Jan
1/ Check out this must-read thread by @jerrybrito re: a legal challenge to the FinCEN rule.
2/ We at @blockchainassn completely agree with this strategy -- step 1 is to challenge on procedural grounds, which we have a good chance of winning. If not, then step 2 is for @coincenter to lead the constitutional challenge
3/ As Jerry mentioned, @blockchainassn is on this. We’ve been engaged with @kirkland_ellis for weeks and are ready to file if/when the rule becomes final.
Read 12 tweets
5 Jan
1/ Last night the Blockchain Association responded in support of the @USOCC’s NPRM entitled “Fair Access to Financial Services.”

theblockchainassociation.org/wp-content/upl…
2/ We support the proposed rule, which seeks to require that financial services are accessible to all customers and businesses engaged in legal activities.
3/ Crypto businesses have long struggled to get full and fair access to basic financial services over the past decade. This rule would open up those services and help crypto become further integrated into the global economy.
Read 4 tweets
5 Jan
1/ Today we submitted our comment to FinCEN’s proposed regulation for “unhosted wallets.” Here’s a few of the most important points and our full response:

theblockchainassociation.org/wp-content/upl…
2/ Big point of basic fairness: Treasury should extend the comment period for the NPRM to *at least* 60 days so that the public can provide substantive feedback. We believe the truncated comment period runs afoul of fundamental tenets of good governance & requirements of the APA.
3/ And now to four glaring flaws:

1st—the rule would be an unprecedented and untested expansion of the Bank Secrecy Act (BSA) to include collection of counterparty information

2nd—money services businesses (MSBs) may be unable to comply with the proposed rule...
Read 7 tweets
4 Jan
1/ 🚨🚨🚨 @USOCC just released a 3rd interpretive letter re: crypto networks and banks.

Big point: the letter explains that banks have the ability to connect directly with blockchains.

This is yet another notable, pro-crypto move from @USOCC.

occ.gov/news-issuances…
2/ The letter states that blockchains have the same status as other global financial networks, such as SWIFT, ACH, and FedWire.

This is a giant advance for crypto because it paves the way for these networks to be a formal part of the US financial infrastructure.
3/ Also, the idea of US banks contributing to the operations of the blockchains supporting stablecoins -- Ethereum, Stellar, etc. -- is a major step forward.
Read 4 tweets
30 Dec 20
1/ FinCEN’s deadline for comment on proposed regulation for “unhosted wallets” is Jan 4.

This is a wildly unreasonable window to review a rule that would be so consequential.

We’ve retained former Solicitor General Paul Clement to prepare a challenge to this process.
2/ Here’s the full text of a letter we sent to Secretary Mnuchin this morning.

We suggest reading through the entire document (attached), but here are a few statements that sum up our view of this process:

theblockchainassociation.org/wp-content/upl…
3/ "The highly truncated comment period [for the NPRM] sets up the government for failure on procedural grounds in the courts.

But far more important in the long run, the breakneck speed at which the proposed rule is proceeding all but guarantees a...flawed final product."
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(