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Arturo Portilla Profile picture
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14 Jun, 4 tweets, 2 min read
This Crunchbase report reveals 3 increasingly relevant trends in the VC industry.

1. The amount of $ invested in startups is picking up.

2. The $ is being invested in fewer deals/Cos.

3. Acquisitions of venture-backed Cos. are skyrocketing.

(1/2)

news.crunchbase.com/news/global-20…
Conclusion: VC firms are raising barriers to entry for new competitors and are also promoting the concentration of markets with their aggresive, profit-seeking exit strategies.
If the SEC continues to gratuitously discriminate between accredited and non-accredited investors, these trends will continue to grow, leading to increasingly concentrated markets, i.e., worse products/services, less innovation, fewer alternatives, etc.

2/
By "protecting" retail investors, the SEC is effectively contributing to the concentration of markets and the downfall of competition, hence, affecting retail investors.

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More from @Arturo_P_A

Arturo Portilla Profile picture
9 Jun
Your back down to earth reading of the news coming from El Salvador 🇸🇻:

1. Bitcoin Law makes it mandatory for merchants to accept BTC, *IF* customers offer it as means of payment.

2. No incentives are created to use Bitcoin as legal tender; most Salvadorans with access

(1/6)
to bitcoin will most likely be die hard HODLers.

3. The Bitcoin Law doesn't actually address how the country will use Bitcoin to promote financial inclusion. It doesn't even make it clear where the country stands in terms of digital inclusion.

(2/6)
4. There are no rules and/or regulations around Bitcoin infrastructure providers (exchanges, custodians, market participants, btc payment service providers, payment dispute mechanisms, derivatives, etc). The whole landscape looks like the perfect honeypot for cyber gangs.

(3/6)
Read 6 tweets
Arturo Portilla Profile picture
24 May
I'm not a huge supporter of how finance is regulated, but paradoxically, I tend to believe that we won't enjoy the full benefits of blockchain/crypto until the tech is innovatively employed by regulated entities (e.g. open finance, account portability, self-sovereign ID, etc.).
There's another angle in this paradox, which is: blockchain/crypto founders usually want to avoid all the hurdles and costs associated with regulated services (e.g. finance), which is why there's so much stuff happening in DeFi, as it's perceived as a regulation-free safe harbor.
What most blockchain/crypto founders seem to be failing to properly address, though, is that they're favouring short-term opportunities with limited growth potential over mid/long term opportunities with much juicier prospective growth rates.
Read 16 tweets
Arturo Portilla Profile picture
29 Mar
After reading 6 or 7 articles about this announcement, I think I finally got to weed out the unsubstantiated noise and actually understand how the USDC/USD settlement and payment process on Visa's treasury will work.

1/
1. Crypto. com users who hold USDC and have a Visa card attached to their Crypto. com account, make USDC payments to Visa merchants.

2. USDC payments are cleared, but funds not immediately transferred by Crypto. com to Visa (i.e. settled).

2/
3. At the end of the day, Crypto. com sends a USDC batch transfer over Ethereum to Visa's Eth address held on Anchorage, hence settling its intra-day payment obligations. Visa is, then, taking some credit risk (which will translate into costs for Visa partners and merchants).

3/
Read 12 tweets
Arturo Portilla Profile picture
26 Mar
I don't know if it's possible under US law, but in case intervention is allowed for #XRPHolders in SEC v Ripple, SEC commissioner @HesterPeirce should file an amicus brief, as it'd be THE opportunity to stand for her vision and push for new regulatory policy within the SEC. Image
Imagine the impact that having an SEC commissioner opining against the SEC's own actions, would provoke on the judge.

Hester Pierce has published a variety of communications with the clear intention to show her dissension with the crypto enforcement actions launched by the SEC.
It's time for her to take the next step and follow a path that will actually make the SEC's high-level decision makers to understand her views and act accordingly. The innovation momentum will not last forever, or at least, not in the US.
Read 4 tweets
Arturo Portilla Profile picture
8 Mar
I'm perplexed that neither @coincenter nor @BlockchainAssn have issued a single statement on SEC v. Ripple (let alone fight the industry-harming interpretation of securities laws), despite this case CLEARLY falling within these advocacy groups' missions [attached for reference]. ImageImage
I see no single strategic reason, beyond perhaps management bias, for these blockchain/crypto [more like BTC/ETH] advocates, to not fight the SEC's harmful predilection to regulate crypto through reckless enforcement actions that destabilize the industry as a whole.
The same goes for @DigAssetMarkets.

These advocacy groups describe themselves as entities created with the sole purpose to help creating adequate regulatory frameworks for digital assets, yet they choose to relinquish the single most important opportunity to shape the landscape. Image
Read 16 tweets
Arturo Portilla Profile picture
5 Jan
Thread:

While the entire US crypto industry (exchanges, funds, associations, PsPs, lobbyists, etc) is currently focused on fighting the AML rules proposed by FinCEN, the XRP Community has been left ALONE fighting the securities battle FOR THE BENEFIT of the whole industry.

1/
The entire US crypto industry (excluding the XRP Community) has been miserably failing to acknowledge that, until now, all the SEC has had for purposes of characterising a blockchain-based token as a security under the Securities Act of 1933 ...

2/
... is a 75 year-old judicial precedent (i.e. 1946 Howey Test), and some non-binding internal guidance. That's it. Nothing more. No clear federal regulations and no clear binding precedents.

3/
Read 10 tweets

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