Thread by @punk6529

1/ When all you have is a hammer, everything looks like a nail.

Last week Hester Peirce could not give a straight answer on if punks are a security. Her comments below

2/ "I mean, I’m gonna not weigh in on that, because I have Coy [Garrison, counsel to Commissioner Peirce] standing and looking at me and telling me that I shouldn’t...

3/ "...But I think there are a lot of – I mean, you’re raising an interesting scenario. And I think this is why people need to be very careful...."

4/ "...My advice to people is, look at your facts and circumstances, set them down on a piece of paper and then read it with the eyes of an SEC lawyer. And make sure that you get someone to think about getting the advice that you need before you walk down the road."

5/ I am probably the most conservative person on NFT twitter on the topic of "ooh, that looks like a security, people should be careful" but if we get into the mode that CP (that have no rights to anything) are a security, the SEC has truly lost the plot

6/ The trick/trap here is that everything should be looked at through "the eyes of an SEC lawyer"

Well, that is fine, but there are other laws and rights in the land as well, including constitutional ones, including the 1st Amendment

7/ If CPs are a security, then Warhols, rookie baseball cards and your university memorabilia are also a security. Give me a break.

We are not giving up free speech for utterly stretched interpretations of the Howey Test

8/ We need to start prepping the 1st Amendment defense of core NFTs now.

We might have to fight for it, and I am here for that fight.

9/ This is from this @CoinDesk article

coindesk.com/policy/2021/10…