miles jennings Profile picture
GC & Head of Decentralization @a16zcrypto | Partner @LathamWatkins | Latest: Decentralization (, DAOs ( & NFTs (
☀️💧Leon-Gerard Vandenberg 🇳🇱🇨🇦🇦🇺 Profile picture 山木 陸生 |Yamaki Rikuo Profile picture 2 added to My Authors
Jan 11 24 tweets 5 min read
1/ This year comes with a renewed sense of urgency regarding web3 regulation. So, today @BrianQuintenz and I published Part 2 of the @a16zcrypto “Regulate Web3 Apps, Not Protocols” framework.

Here’s a quick guide. 🧵👇… 2/ This Part 2 builds on our approach to regulating web3 businesses (not software), exploring how various factors should influence web3 app regulation and incorporating great feedback on our initial post from September.

Here’s a flowchart of the framework: Image
Nov 11, 2022 12 tweets 3 min read
This week’s events will be used by some to paint web3 as the "wild west." In reality, these events, like prior excessive financial risk-taking collapses, are instances of wrongdoing that were preventable.

We have to stop this from happening again. Unfortunately, the irony is that good faith actors in the U.S. will most likely face the resulting regulatory backlash, while others continue to avoid scrutiny by operating in the dark - contrast Coinbase with their offshore competitors.

It is time to flip this tired script.
Sep 29, 2022 24 tweets 5 min read
1/ Why we should regulate web3 apps, not protocols. 👇🧵… 2/ First, some background. Much of our internet experience currently depends on web1 communication protocols like HTTP (data exchange for websites), SMTP (email) and FTP (file transfers), which are open source, decentralized, autonomous and standardized.

Here’s how email works:
Sep 2, 2022 4 tweets 2 min read
Just as we wrap up an amazing @stanford Blockchain Week, California is now poised to be telling the passionate entrepreneurs and academics that attended the conference to leave.

Here's why: The CA Digital Financial Assets Law is antithetical to Governor @GavinNewsom’s executive order.

If California wants to lead in web3, it should help resolve existing regulatory uncertainty, rather than add to it.
Aug 31, 2022 8 tweets 4 min read
1/ Today we’re thrilled to be launching a slate of open sourced “Can’t be Evil” NFT licenses. These licenses are designed specifically for NFTs and were inspired by 20-plus years of work by the Creative Commons.… 2/ There’s currently significant ambiguity and legal risk across the NFT ecosystem, a lack of standardization makes it difficult for NFT purchasers to know what rights they’re getting and creating customized licenses is expensive. All of this acts as a drag on the industry.
Jul 22, 2022 7 tweets 2 min read
Having read through yesterday’s SEC complaint, my biggest takeaway is that it’s remarkable how little new information/guidance can be taken from the allegations...

Nevertheless, the allegations are a good reminder of the rules of the road for web3 builders.

Here are 5👇 (1) Don’t sell tokens to U.S. persons for fundraising purposes.

There is no issue that the SEC has been more clear or consistent about over the last 4 years.
Jun 2, 2022 26 tweets 6 min read
DAOs are fundamental to the success of web3, yet they're shrouded in legal uncertainty with no consensus about a path to legitimacy.

Today, @Dave_M_Kerr and I published Part II of our Legal Framework for DAOs to chart a definitive way forward. #LFDAOs!👇 1/ In Part I, we provided a comprehensive review of the US regulatory and tax challenges that threaten the existence of DAOs.

We also explored a potential solution to many of those issues, the Unincorporated Nonprofit Association (UNA) entity structure.
Apr 29, 2022 20 tweets 5 min read
It’s great to see Congress working hard to provide web3 builders with regulatory clarity. The SEC should see this moment as an opportunity to adopt a more constructive approach to regulating web3.

If it does, here are 3 suggestions for where it could start.🧵 1/ First, the SEC should engage in a constructive dialogue w/ industry. As we said in our comment letter on the proposed “Exchange” rule change, policy questions about the proper regulation of DeFi systems are serious and shouldn't be decided opaquely.

Apr 19, 2022 11 tweets 3 min read
1/10 Lots of talk about who should own Twitter. Here’s how web3 decentralization can turn social media platforms like Twitter into Public Utilities and what that might mean for content moderation. Image 2/ Much of the platform’s backend would be moved on-chain into a smart contract protocol controlled by a DAO, governed by tokens.

This forms the foundation upon which multiple clients (the apps, software and services that run off-chain) could be built.
Apr 7, 2022 26 tweets 7 min read
1/ As the web3 space continues to expand, approaches to decentralization need to evolve.

Today, I published this piece for web3 builders on the principles and models of web3 decentralization. Here's a quick guide. 🧵… 2/ The heart of the piece discusses the model of "Full" Decentralization used throughout DeFi and how its limitations may ultimately make it unsuitable for most of web3 beyond DeFi. I then analyze a more complex model of "Open" Decentralization for web3.

More on both below 👀
Mar 9, 2022 5 tweets 2 min read
Today's NYT article on DAOs misses the big picture. DAOs are a groundbreaking way for people with shared interests to collaborate towards common goals, and can deliver unprecedented societal benefits if we cultivate them well. 🧵… Because of the trustless nature of DAOs, people can collaborate with confidence even if they don't know each other.
We've seen an explosion in the number and size of DAOs over the past year, as well as the variety and scale of their objectives.
Oct 26, 2021 20 tweets 4 min read
1/ Over the past 6 months, @David_M_Kerr and I have been researching several legal issues facing many DAOs (liability, taxes, contracting, etc.) that are beginning to emerge and that threaten their viability. Today, we published a potential solution.👇… 2/ The problem: DAOs have the potential to revolutionize how people organize, collaborate and coordinate. However, their innovative organizational characteristics make most DAOs incompatible with traditional US entity structures (i.e., C-corps, LLCs, etc).