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orlando.btc ⌐◨-◨ Profile picture
orlando.btc ⌐◨-◨
@Orlando_btc
Crypto & startup lawyer. Cofounder & CEO @LexproofHQ: web3 native compliance infrastructure. 🇩🇴🇵🇷
Mar 27, 2024 • 58 tweets • 10 min read
1/ We have the outcome of the first battle in the SEC v. @coinbase war.

At first, the decision seems like mostly a win for the SEC.

But looks can be deceiving.

Your favorite crypto lawyer read the entire opinion so you don't have to. Let's dig in 👇

2/ This is a 56 part thread, so you may want to bookmark it to come back to it later.

The high-level takeaway, the court only ruled in CB's favor on the Walet claim: it's Wallet product was an unregistered broker-dealer (BD).

Here's the opinion: storage.courtlistener.com/recap/gov.usco…
Nov 20, 2023 • 17 tweets • 4 min read
1/ The SEC just filed *another* enforcement action against @krakenfx alleging that Kraken is an unregistered broker-dealer (BD), exchange, and clearing agency.

Your favorite startup founder turned crypto lawyer read the 90 page compliant so you don’t have to.

Let’s dig in. 2/ This is basically the same allegations against @Coinbase. So the SEC is taking another crack at the apple, this time in SF (CB is in NYC).

Here's the complaint: sec.gov/files/litigati…
Jul 13, 2023 • 45 tweets • 8 min read
1/Today, a court handed the SEC its 1st crypto loss.

It's not all wins though.

This @Ripple opinion will have HUGE ramifications for crypto.

Your favorite startup founder & crypto lawyer read the indictment so you don't have to.

Let's dig in.

2/ First, my high-level, not super in the legal weeds takeaways:

This is a MAJOR shift in the power dynamics of the crypto regulatory landscape.

First, every crypto defendant will throw this case back in the SEC's face. The SEC can no longer argue it's won every crypto case.
Jul 11, 2023 • 25 tweets • 5 min read
1/ Today, the US Attorney's Office for SDNY announced criminal charges for exploiting a DEX on @solana.

What does it mean for the rest of crypto?

Your favorite startup founder & crypto lawyer read the indictment so you don't have to.

Let's dig in.

2/ @TheJusticeDept charged Shakeeb Ahmed with 2 counts: wire fraud & money laundering.

The Ahmed allegations are pretty straight forward.

But there are nuggets here that I believe have huge reverberations for the entire industry.

Here's the indictment:

justice.gov/media/1304886/…
Jun 9, 2023 • 45 tweets • 8 min read
1/ The SEC earlier this week filed a complaint against @coinbase.

Coinbase said it's putting up a fight.

This is the big one and has huge implications for crypto.

Your favorite startup founder crypto lawyer read the whole thing so you don't have to.

Let's dig in. 2/ Not only does this case implicate Coinbase, but a ton of major tokens like SOL, MATIC, and FIL are implicated.

For once, we may finally see a court finally weigh in on the age old question: are these tokens securities?
Feb 15, 2022 • 5 tweets • 1 min read
“While some decentralized autonomous organizations (DAOs) leverage on-chain governance and votes directly and programmatically lead to fund disbursements, others simply use DAO token-holder votes as ‘signals’ from the community to a centralized group…
1/ coindesk.com/policy/2022/02… “…of fund managers who theoretically may or may not choose to enact the community’s wishes – a dynamic that could draw the attention of regulators.”

2/
Feb 15, 2022 • 4 tweets • 1 min read
🚨 Warning to all DAOs & DAO founders🚨

Think long and hard before making voting power congruent to economic contribution. You risk exactly what happened below—a takeover by a whale.

1/ Several ways to mitigate this:

-using NFTs for membership (can be no transferable) and voting
-every address that holds the token gets 1 vote
-quadratic voting

All of these structures could be gamed, but they at least make it more difficult for a whale to takeover.

2/
Oct 28, 2021 • 7 tweets • 2 min read
Successful attacks on DeFi protocols are unfortunately pretty common (still tremendous value in DeFi, hence you see the sector growing at a blazing clip).

They all suck, but the Arkadiko attack has one silver lining: It highlighted the security of @Stacks' structural design 🧵👇 First, slow transaction speeds. Now, don't get me wrong, like everyone else, Stacks' slow transaction speeds definitely annoy me at times.

But the attacker was repeating the exploit in iterations of $400k STX.