1/ Today, in partnership with @HarrisXData, we’re launching RegulationbyEnforcement.com to publicize Chair Gensler’s regulation-by-enforcement approach to our industry.
A stunning figure: Our industry has wasted more than 400 million dollars defending itself against the SEC under Chair Gensler’s watch, with untold job and innovation losses.
2/ It’s time for Congress to act – implementing comprehensive digital asset legislation is key to keeping the United States the global leader in cutting-edge technology.
Sep 26 • 13 tweets • 4 min read
1/ Here’s my recap of the latest developments in crypto and policy in DC (and around the country). 📜
2/ We’re excited to host @BlockchainAssn’s first-ever #DePIN Fly-In next Wednesday.
1/ Following Congress’ first week back in Washington, here’s my recap on the latest developments in crypto and policy in DC (and around the country) 📜
2/ Fall is here and that means it's the homestretch for the upcoming national election. Members of Congress are in campaign mode, and crypto remains a significant topic of discussion in DC.
Sep 4 • 6 tweets • 2 min read
1/ Another day, another attempt by the SEC to drive the crypto ecosystem offshore.
The SEC claims Galois Capital failed to comply with the Custody Rule.
Galois settled, but it’s worth digging into the Custody Rule and how the SEC uses it to discourage investments in crypto.
theblock.co/post/314406/se…2/ Galois Capital held crypto tokens with a digital asset firm, but not one that the SEC counts as a “qualified custodian.”
The problem is that SEC-designated “qualified custodians” rarely support crypto tokens.
1/ Here’s my recap on the last few weeks of crypto and policy in DC (and around the country) 📜
2/ Crypto remains a significant election topic.
Former Pres Trump’s views on crypto at this point are well known. But notably, his family recently announced the upcoming launch of a new DeFi platform: cnbc.com/2024/08/22/tru…
Aug 19 • 9 tweets • 3 min read
1/ This week, the DNC convenes.
As the Democratic Party finalizes its platform, this is VP Harris’s moment to act by embracing new technology as a pillar of the platform, and engage – thoughtfully – with the crypto industry.
2/ A lack of regulatory clarity paired with provocations by the administration and its allies in Congress is impeding digital asset innovation in the United States.
Crypto builders, innovators – and users – deserve better.
Jul 31 • 10 tweets • 3 min read
1/ Here’s my recap on the last few weeks of crypto and policy in DC (and around the country) 📜
2/ Crypto is a key election issue – and the crypto voter is now a focus for both parties as we head toward November.
1/ Here’s my recap on the last few weeks of crypto and policy in DC (and around the country) 🧵
2/ The elections are in full swing. This morning I was featured on NPR’s @Marketplace where I discussed crypto’s political influence in DC. marketplace.org/2024/07/17/rep…
Dec 19, 2023 • 7 tweets • 2 min read
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.
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.
Oct 16, 2023 • 15 tweets • 3 min read
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.
Sep 6, 2022 • 10 tweets • 3 min read
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.
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.
Nov 1, 2021 • 10 tweets • 2 min read
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.
Aug 8, 2021 • 11 tweets • 4 min read
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.
Aug 7, 2021 • 8 tweets • 2 min read
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.
Apr 19, 2021 • 9 tweets • 2 min read
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.
