1/ Always jealous of the lawyers/policy folks that do monster threads, so going to try to 🧵 for the President's WG Report (it's a 🐉 = 160 pp). Big kudos to @davidsacks47 and @BoHines for their tireless efforts on this. I think I start with "Let's dive in" 🪂 2/ pp. 9-42 provide an overview of how blockchain tech works. Report uses "crypto" to "describe the ecosystem & technologies built around digital assets and blockchains, including the users, developers, businesses & enthusiasts . . ." (n.1)
Good graphics too cc @fund_defi 👇

Today's news that the SEC "shut down" Kraken's staking as a service in the US is another indication of the planned systematic dismantling of crypto in the U.S. w/o due process, w/o the chance to craft laws addressing the realities of the tech, & w/o regard for retail users. 👇 While notice & disclosure from co.s offering crypto services is an easy regulatory hurdle to leap, (1) Kraken did have pretty comprehensive terms of use (acc to the complaint) but (2) the SEC *used them against them*. Staking is not new & the SEC has been aware for years.

1/ Some exciting 📰 I’ve joined Polygon Labs, the original dev of @0xPolygon, as its first Chief Policy Officer. I’ll lead our 🌎 efforts in crafting sound laws that will allow the web3 ecosystem to flourish. This presents a unique opportunity to move the industry forward💜 2/ The end of 2022 was rough for crypto. I did some soul searching about the industry & how to build a future I believe in. I kept coming back to the same idea: the most important thing right now is getting crypto policy right.

1/ Brief overview of the EU's #MiCA reg that passed Thurs evening. Applaud the effort to provide #clarity in the #crypto space - something we have been requesting for years. But more work to be done. Luckily, there is time to implement the technical text. europarl.europa.eu/news/en/press-… 2/ But first, note that both the Council & Parliament press releases contain quotes that call crypto the "Wild West" (🤦‍♀️). Puts you on notice about whether these standards actually allow for continued innovation. (Parliament ☝️ & Council 👇) consilium.europa.eu/en/press/press…