1/ The US banking system is a modern-day caste system. There are those who are banked by Bulge bracket banks. There are those who are banked by regional banks. And there are those who are banked by no bank at all. 2/ The uninsured deposits of those who bank with a Bulge bracket bank are all but guaranteed by the US government as these institutions are deemed Systemically Important Financial Institutions (SIFIs) or “Too Big to Fail”.

1/ It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive. 2/ As a matter of background, the Earn program was regulated by the @NYDFS and we’ve been in discussions with the SEC about the Earn program for more than 17 months. They never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th.

1/ Blockchains — decentralized and permissionless ones — will ultimately allow orders of magnitude more business to happen in the world.

Here is a tweet 🧵 on why I think so: 2/ Business interactions require some sort of a settlement mechanism.

1/ gm. Today marks a new beginning for @Gemini.

We have raised $400 million dollars at a $7 billion valuation.

This round was led by Morgan Creek (@sjaitly & @MarkYusko) and included @10TFund, @paraficapital, @NewflowPartnrs, Marcy Venture Partners, @commbank, and others. 2/ Until this point, Gemini has been funded entirely by me and @cameron through @winklevosscap. As we often joke, we don’t just have our skin in the game, we have our whole bodies in the game.

On a personal level, this is the most important podcast I've ever done. @Cameron and I talk with @milesfisher about surviving the loss of siblings, mental health, and of course a bit of crypto. Some thoughts on mental health I'd like to share below:

anchor.fm/blamo-media Getting a therapist has been the greatest gift I've ever given myself. My only regret is not understanding this was an option sooner.

Robinhood sells your orders to Citadel. This controversial practice is known as "payment for order flow."

Like true scumbags, Citadel actually urged the SEC to ban this in 2004.

"Citadel Group urges the Commission to ban payment for order flow..."

sec.gov/rules/concept/… "This practice distorts order routing decisions, is anti-competitive, and creates an obvious and substantial conflict of interest between broker-dealers and their customers."

Today, we stand before the dawn of a new decade. As we look ahead, there is little doubt that the next one — the 2020s — will be ‘the decade of crypto.’ As the sun sets on the last 10 years, which ushered in Bitcoin and crypto as we know it, it is with great pride that we look back on 2019 and with great excitement that we look forward to what’s to come.