According to @secgov, an 'ecosystem' without any contract or undertaking can qualify token transactions as securities. But that same SEC has now effectively said that ETH sales can't be securities because ETH ETFs may be registered by funds with an S-1. So ETH must not have an

The best way to understand the panic and insults from the nocoiner lobby in the wake of the FIT21 vote is this:

They thought they had the upper hand in 2022. They thought they could dance on the grave of crypto. Then they lost.

This is extreme status anxiety in public.

Also apologies to Allison as I was typing on my phone and that got auto-corrected! Of course...

My reporter's in-box is full of emails cheering the pro-crypto House vote—and none saying it's bad

This suggests anti-crypto folks lack a political lobby/ constituency beyond Gensler, Warren et al

No surprise so many Dems jumping ship

Today, I voted YES on #FIT21 .

It represents a bipartisan effort to regulate the digital assets industry, prevent the next FTX, safeguard consumers, cement the US as a global leader in finance and technology, and promote a secure, innovative, and inclusive financial future.

I’ve worked with all three.

Alison was a rockstar helping me get up to speed to testify.

People don’t understand from the outside how much staff do for these things.

Well done, all.

The complete list of House Dems who voted for FIT21, in permanent form:

clerk.house.gov/Votes/2024226

Well done Daniel Goldman

The SEC failed to catch any of FTX, Celsius, BlockFi, Terra, or 3AC but did manage to sue Coinbase, Kraken, and Uniswap (who harmed nobody)

Oh and ignored pink sheet fraud to do this.

Mark Cuban is right, Dems need to abandon this strategy or they will lose the election.

Unfortunately, the bill summary that Eleanor Mueller attaches here is, as usual, filled with straight up falsehoods from the no-coiner crowd.

If any Congressional staff want to discuss, I'll make myself available.

I'll be watching your vote, Daniel Goldman.

🚨SCOOP: Connecticut-based fintech bank Numisma (formerly named Currency Reserve) has received conditional approval for access to a Federal Reserve master account, making it the second non-FDIC-insured, non-federally regulated bank to receive one in recent years.

What’s

I support this bill because I do not want us to lose our capital markets.

That tells you how broken the dialogue is.

Do we really think China is going to wait to build a pan-BRICs or pan-global stock trading platform on a blockchain? The game started, and we aren't playing!

For everyone who is worried about the Hilary Allen commentary today that FIT21 repeals all securities laws (it does not), I will also present a reminder about the quality of her past work in reading the fine print.

Or any of the print, technically.

I’m something of a lapsed lawyer, but trust me when I say there’s no plan at 100 F Street to actually win all these cases at the Supreme Court.

We’re not going to pack the court in the next decade, and a crypto case is coming before then.

The only way to not have deregulation

I have said many times that the best way for governments to combat the popularity of #BTC is to do a better job with their own monetary and fiscal policy.

There is far less use for BTC if your fiat currency doesn't experience inflation.

Maybe... spend less?

When logic and sound policy arguments fail, it’s predictable for some to resort to tropes and labels. Go ahead and call these supporters of #FIT21 crypto bros. I dare you.

1/ Chair Gruenberg should resign today. Waiting for Biden to nominate is like keeping the captain of the Titanic in charge. I am a former FDIC employee and I am outraged at all of this. Women need to be respected whether it's the banker's good old boy's club or #crypto bros. A 🧵

In defense of Eric Balchunas and James Seyffart, the single greatest mistake you can make in finance is holding strong to your beliefs when information changes.

Beware of people who refuse to change their beliefs in the face of new information. Markets punish ideological beliefs.

Today, 5pm et, join CCI and top legal minds as they separate FIT21 fact from fiction:

Jai Massari
Austin Campbell
Zachary Zweihorn

More to follow. Set your reminder

x.com/i/spaces/1ypkk…

This is a Black Mirror episode.

Definitely turning this “feature” off.