David Z. Morris Profile picture
Apr 27 16 tweets 3 min read Twitter logo Read on Twitter
Livetweeting now - the actual Prime Minister of the Bahamas, The Honourable Philips Davis, talking about the impact of FTX collapse in his country. #Consensus2023
First, some prepared remarks. Davis making the case that the Bahamas is a well-regulated home for digital asset businesses, including high scores by evaluators of money laundering regulations. #Consensus2023
This week, Davis says, Bahamian regulators opened the public comment window for revisions to securities regs wrt digital assets.
Bahamas is investigating FTX, but it's a long process. Most importantly, Davis says, the collapse of FTX is not a consequence of any weakness in Bahamian regulatory regime.

Considering that Celsius and etc. happened in the U.S., he's def got a case there. #Consensus2023
Davis says the amendments include regs coming for disclosure and registration structures for staking, custody, stablecoins, DAOs, and more. Invites feedback on draft docs public now.

The Biden admin is not going to like any of this one bit. #Consensus2023
Davis invites audience to a reg-focused conference in Bahamas in the fall.

Now on to conversation with PM Davis and Bahamas AG Ryan Pinder, interviewed by CoinDesk's Ian Allison. This is 100% going to be a great exchange. #Consensus2023
"I met Sam Bankman-Fried no more than four times during his stay in the Bahamas. I, like you, felt he seemed altruistic ... It was a shock to discover that the business had encountered the challenges that it did." - PM Davis
Allison - Would you rather SBF had stayed in Hong Kong, or has it been worth it?

PM Davis - "I don't like Monday morning quarterbacking. I don't think we would have done anything different. He put our jurisdiction on the map, and he inspired me to look closely at [crypto]."
Allison - "What would a reasonable resolution of the current jurisdictional debate look like?"

AG - "Bahamas is a country of the rule of law, and we respect the rule of law and the process. [We were able to show that] when the regulator stepped in and put [FTX] into liquidation.
"The funds are held by the securities commission of the Bahamas," and courts will have to resolve the dispute over them.
PM Davis - "Our jurisdiction is no stranger to the liquidation of" very large enterprises.
Provisional liquidation does allow for the restart of the FTX platform, per judgment of liquidation administrators.
"It's unfortunate that when an enterprise fails, the finger is pointed at the regulatory regime. Do I point fingers [at the regulators of] Silicon Valley Bank?" - PM Davis
"We haven't seen a pullback" in interest for registration in the Bahamas post-FTX, says AG Pinder
Does Tether have a stake in Deltec? "Not that we're aware of," say both Pinder and Davis.
FTX collapse has not impacted Bahamas GDP negatively, both officials say.

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More from @davidzmorris

Apr 28
Coming in a sec at #consensus2023 - Some news from Paypal? #paypal #crypto
The announcement - Paypal, starting next month, will enable on-chain transfers from Venmo accounts, including to on-chain wallets.

Kind of crazy! #Consensus2023
This has been active on Paypal itself for a bit under a year
Read 13 tweets
Apr 27
First and foremost, Shatner at 92 could easily pass for 70 years old, what the absolute f*ck did they do to him in space

#Consensus2023
Orange Comet CEO cites experience producing shows like the Biggest Loser and interest in getting Hollywood onto Web3.
Shatner on an earlier NFT - they took a picture of a tooth they extracted from him in Montreal. "It sold out right away and it was very successful." #Consensus2023
Read 20 tweets
Apr 27
Now at #consensus2023: M. Casey with Kaitlin Long, Erik Voorhees, and Neha Narula dito discuss: Crypto's True Purpose
@ErikVoorhees says he "fired himself" as CEO of ShapeShift last year, and at the risk of over-editorializing, my man is looking great. Moisturized, t-shirted, unshaven, thriving
"In a market capitalist system, you should have a money that is of the market, not of the government." - Voorhees
Read 11 tweets
Apr 26
As we kick off, a disclaimer - Grayscale, like CoinDesk, is part of Digital Currency Group.
Shonnenshein kicks off with the crucial point: GBTC was designed and always intended to be an ETF. When the application for the ETF was denied last year, he says, their only option was to sue the SEC.
The foudnation of the suit, he says, is the Administrative Procedures Act, which dictates that equal things should be treated equally - making the approval of multiple BTC futures ETFs a mark against the SEC's denial of GBTC's conversion.
Read 13 tweets
Apr 26
Starting now, @magdalenakala on best practices in engaging with fans through web3. Ten bullet points! I'll be hitting the highlights here. #consensus23 #web3.
First bullet - Not all fans are customers! Not everyone who loves your product or service is going to actually buy it, but they still have value.
Point 3, and huge - Web3 is not a revenue stream, it's a bonus/engagement driver. #consensus23 @magdalenakala
Read 6 tweets
Apr 26
Hey #consensus2023 - do me a small favor: please subscribe to my Substack if you're not. It would really help sell my book.

It's where I go truly in depth. At least 1/mo, you'll get a bloated, scathing monster like this. In fact, next post coming soon.

davidzmorris.substack.com/p/ai-conscious…
Here's another one of my favorites, on Do Kwon's made-up money as a Baudrillardian simulacra of productive finance.

davidzmorris.substack.com/p/nothing-is-t…
And here's the first of the three-part series that actually nudged me to start the newsletter: "Venture Capital on Arrakis."

On futurity, the Spice Melange, investing, prediction, and Mark Zuckerberg.

davidzmorris.substack.com/p/the-future-i…
Read 4 tweets

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