1/ Tonight, I received a letter from Sen. Warren criticizing a recent letter to Congress cosigned by dozens of former US military, intelligence officers, and national security professionals.

Here’s the letter from Nov. 15:

https://twitter.com/BlockchainAssn/status/1724809480930824192

2/ In short, Sen. Warren’s letter questions former military and law enforcement participation in our industry and their involvement in the Nov. 15 letter to “undermine” her efforts to drive American crypto companies offshore through unworkable and misguided legislation.

1/Why is the IRS planning to target software developers?

Quick thread on an issue that’s been brewing for 2+ years, and what you can do about it… 2/ In Aug 2021, Congress passed the Infrastructure Investment and Jobs Act. That bill introduced a new definition of a “broker” as applied to digital assets. At the time, Congress’s intent was to align the definition with historical understanding of what a broker is/does.

1/ Yesterday was deadline day for Biden’s executive order on crypto.

Here’s how we were involved in the process…

🧵 2/ On 3/9 the Biden admin announced an exec order to “Ensur[e] Responsible Development of Digital Assets.” A big moment!

Major federal agencies have been working on reports on how they see the future of the crypto ecosystem. They had 180 days to do so.

whitehouse.gov/briefing-room/…

1/ If you’ve been paying attention the past few weeks, there’s a lot of evidence of a bipartisan vibe shift on crypto. Contrary to the media narrative that pushes a polarized split on the issues, here’s what I’ve seen… 2/ Last night @Politico (+@grayscale) hosted “Regulating the Digital Gold Rush” w/ @SenLummis + @SenGillibrand.

Lots of folks know Lummis’ bonafides on crypto. Adding Gillibrand to the mix, with the goal of creating a pro-innovation reg framework is a big deal.

1/ The long awaited President’s Working Group (PWG) report on stablecoins was released this afternoon

Here’s the full report: home.treasury.gov/system/files/1… 2/ As a reminder, the report was commissioned to review the growth, importance, and risks of stablecoins to the broader economy...and whether additional controls or regulations should be put in place to deal with that growth + bolster system stability.

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.

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.

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.