jonwu.eth Profile picture
Oct 20, 2022 9 tweets 2 min read Read on X
Sam Bankman-Fried just published his thoughts on the future of regulation in crypto.

It's structured as a set of self-governing community norms, but it also serves as a suggested framework for regulators to adopt.

Here's what it recommends:
1) On-chain blocklists maintained by US Treasury and updated in real time.

Transitive property applies, so funds must be frozen upon receipt, but receipt of sanctioned funds can be cured by sending to a "burn" address.
2) On-chain lists of hackers who violate a "5-5" norm, which limits the payout from hacks to the lesser of 5% of the hacked amount or $5 million.

Hackers who violate the norm (demand more) are put on a blocklist.
3) FTX to police their listings based on their own analysis of whether specific tokens are a securities (applying Howey test and case law).
4) Adoption of tokenized equities, which could potentially improve stock settlement.

Note this is more a request to expand tokenization to stocks rather than a suggestion about regulating existing digital assets.
5) Standard token disclosures and crackdowns on misleading marketing.

Using a "suitability" test to limit retail use of crypto, ideally with knowledge-based quizzes rather than wealth/income requirements.

In other words, protect users from themselves.
6) Registering front-ends as broker-dealers requiring KYC.

Smart contract code and pure on-chain activity still unpermissioned.
7) Backing all stablecoins at least 1:1 with equivalent fiat instruments.

No crypto-collateralized or undercollateralized stablecoins.
There's a lot to unpack here. Will offer my thoughts in the coming days.

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More from @jonwu_

Apr 9
Switching into crypto is one of the most asymmetric things you can do for your career.

Why? There's a low-status moat around it.

Cross the moat and you'll experience less competition, more career acceleration, and highly asymmetric opportunities:
I'll start with a story about low-status moats:

When I was in business school I attended an annual real estate conference.

Investors and developers would come and give advice on breaking into real estate development or real estate private equity.
Every year they'd answer the same two questions:

1) "Where do you think we are in the real estate cycle?"
2) "What advice would you give students trying to break into the industry?"
Read 19 tweets
Mar 22
Hearing from a few teams who are scrambling to get a marketing strategy in place before we go parabolic.

You're fine. If you're struggling with narrative and positioning here's what to do in the next 30 days.

Plus 1 thing you absolutely should NOT do:
1) Founders: start tweeting every single weekday.

Four single posts, one long post.

No excuses. Drop whatever it is you're doing, stare at the screen, get it done. Marketing leaders: literally sit next to your CEO and encourage them.

Pat them on the head. Give them treats.
An A++ personal feed should look varied, with some mix of:
- explainers
- insights / "takes"
- shilling your project
- media (video, pictures)
- retweets of your partners & ecosystem

If you are just doing 1 content vertical, challenge yourself to vary it up. Do one type a day.
Read 15 tweets
Mar 13
I've talked to 50+ crypto projects in the last 10 days looking to hire a CMO or Head of Marketing.

They're not going to have an easy time.

Here's why hiring an all-star marketing leader won't fix your problems:
Before we even get to what a CMO does, let's talk about how hard they are to find.

The head of talent for a leading crypto VC estimates the total # of "true" CMO candidates in crypto at 10-15.

Already, your odds are not good:

Hundreds of projects looking to hire 10-15 people.
And if you're lucky enough to find a "true" CMO, their comp can easily be in the 7-figure range.

- $250K++ cash
- 50-100bps of equity at Series A/B

Read 16 tweets
Feb 16
I saw a headline that went unnoticed yesterday:

"White House confirms US has intelligence on Russian anti-satellite capability"

Here's what would happen if an adversary took out America's global positioning system:

(+ why you should have 30 days of supplies)
People are sleeping on the threat of anti-satellite weapons.

Even the White House downplayed the threat.

Spokesman John Kirby said it was "troubling," but claimed no immediate threat and that anti-satellite weapons couldn't cause physical destruction on Earth's surface.
So why then are anti-satellite weapons so "troubling?"

Because destroying GPS--a constellation of 31 satellites owned and operated by the US government--would send us back to the stone ages.
Read 25 tweets
Feb 15
The recent discourse on airdrops upsets me deeply, and probably not for the reason you think.

I personally understand the difficulty of managing users who demand compensation for their participation.

I've been through it and it isn't easy.

But--guess what?

That's the deal.
To be even more explicit about what the deal is:

"You put your hard-earned money into our protocol, and we will pay you."

That's what we all signed up for.
That is the precedent, expectation, and culture, first established by the Uniswap airdrop and expanded and iterated on by all its successors.

You can be in denial about reality, but that doesn't mean it isn't true.
Read 16 tweets
Jan 3
2024 is going to be an insane year.

It's not too late to get ahead of it and make a plan.

You can do this exercise in an afternoon to win your year:

(Bookmark this!)
I just finished my third year doing yearly planning with @maggielove_.

We've simplified our system to just three components:

- reflection
- planning
- accountability

Here's how it works:

First, look back at 2023 and chart out the year :

- travel
- major events
- illnesses/injuries

Below that, craft a few summaries:
- accomplishments/failures
- lessons
- who influenced you

It will become obvious what 2023 was "about." Image
Read 20 tweets

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