1/ Attention US Senators - curious how this obscure, little industry called “crypto” has been able to be so effective in Washington this past week? Let me explain to you crypto’s 3 SUPERPOWERS...
2/ SUPERPOWER #1: #Crypto has a *very big* and *very passionate* user/participant base. This includes the 50+ million people in the US who hold crypto assets.
3/ But it also includes the thousands of individuals & businesses contributing to network operations. Unlike traditional financial services & Internet platforms, crypto networks are built, operated & maintained by a COMMUNITY of participants.
4/ SUPERPOWER #2: Crypto mobilizes fast. The community is very active on Twitter. The industry is used to fast-moving developments & knows how to share info with large audiences quickly. And it’s not just developers on the network - it’s celebrities w/ big followings.
5/ SUPERPOWER #3: HODL. This is a community built to withstand chaotic markets and “hodl” (yes, that’s how we spell it) assets in the face of knee-weakening volatility. That same energy and determination has now been turned to politics, which should be interesting...
6/ So that’s why the community has been able to cause such a stir this week.
It will not stop here... this is a smart crowd of doers who like to *take action.* The community is getting smarter on politics (and has a long memory). This is only going to get more intense.
7/ It’s worth listening to the crowd. They are rallying behind the Wyden/Lummis/Toomey amendment because it protects the community of operators who don’t have customers or access to customer information that the #infrastructurebill is asking them to report.
END/ Vote YES on Wyden. Vote NO on Warner.
Crypto. Here for good.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
1/ Dear Senators, still confused about why the @MarkWarner amendments (yes, all 5 of them) fall short of fixing the #crypto provision in the #infrastructurebill? Here are 3 things you need to know.
2/ FIRST: *Crypto networks are operated by the community, not companies.* Yes, there are companies that support these networks, but the real work is done by unaffiliated network participants.
3/ This means there isn’t a big corporation hiring a bunch of software developers, writing proprietary software, and investing in hardware to offer an online service.
1/ There has been a tremendous amount of confusion over the past few days regarding what Treasury may or may not be doing re: crypto regulation and enforcement. Here are the facts + a theory over the source of confusion.
2/ First, come clarity on who does what: The Treasury Secretary is not involved in enforcement decisions - only regulatory policy decisions. Enforcement is handled by career professionals at Treasury, including the Financial Crimes Enforcement Network (FinCEN) and OFAC.
3/ Sec. Yellen has not created a “Task Force” that is looking at crypto regulation. To date, Yellen hasn’t been significantly involved in crypto policy or enforcement. This could change down the road, but right now she has bigger items on her plate.