Cryptocurrency: Fights Back Against WarOnCrypto
nitter Logo HODL @americanhodl8 Jun 4 If you’re new, you may not know that @balajis offered up the concept of voice vs exit back in ‘15 Voice = interior reform Exit = voting with feet Since then exit has become the rallying cry for many Balaji and other proponents have already left… Here’s why I’m staying 🧵 Jun 4, 2023 · 4:02 PM UTC · Twitter for iPhone 85 95 43 619 HODL @americanhodl8 Jun 4 Rather than thinking of #bitcoin as systemic exit Think of it as systemic clean up Every manipulated dollar leaves a wake of distortions in its path Every Bitcoin trailing after cleans up those distortions. Separating signal from noise Allowing correct economic calculation 5 11 4 231 HODL @americanhodl8 Jun 4 A world of distortions while politically expedient short term is costly long term Organisms that cannot order their reality go extinct The dollar system and the dollar holder will need Bitcoin In order to reckon with the world around them and to compete with the world at large 2 5 153 HODL @americanhodl8 Jun 4 America’s democratic and political process is dysfunctional, diseased and corrupt That’s obvious What’s non obvious is that in America money is speech And Bitcoin is the best money Meaning Bitcoin is speech with an incredible power and capacity to reform AKA Super speech 5 9 1 177 HODL @americanhodl8 Jun 4 Enter the modern American reformer… the early Bitcoin adopter These individuals are unique, but share some common values - freedom - voluntary exchange - free markets - local communities - art - family - health - science Everything needed for a peaceful American revolution 1 15 2 199 HODL @americanhodl8 Jun 4 Like all wealthy people before them Bitcoiners will petition the state to better reflect their values and beliefs. They will use the best money ever known to super-charge speech And they will win Making this century both another American century, and also a Bitcoin century 9 20 3 208 HODL @americanhodl8 Jun 4 So to the doomers, the gold boomers and the nihilist zoomers I say… We are here to fix shit Not abscond like a bunch of cowards But to use early bitcoin wealth for the betterment of American and global society You know why? Because Bitcoin fucking fixes this. That’s why. 48 47 5 456 HODL @americanhodl8 Jun 4 P.S. I said “American” because I’m American and I have an American worldview. I love America and feel that it is an amazing place worth fighting for That said, the idea of the Bitcoin reformer is a global idea and I encourage people to own the concept in their locale Go forth 10 10 1 124 Rob Hamilton @Rob1Ham Jun 4 Replying to @americanhodl8 @balajis Bitcoin has a higher claim to the values which built America than the modern banking system. They can either adapt or die, I'm not leaving either. 2 1 49 more replies Salvadorian Bulcano 🇺🇦🌻 @dekentro Jun 4 Replying to @americanhodl8 @balajis they’ll return, watch for that too 1 Brad Mills 🔑⚡️ @bradmillscan Jun 4 Replying to @americanhodl8 @balajis The new American HODL is here to clean up the cringe. 5 37 Teddy Bitcoins @TeddyBitcoins Jun 4 By here you mean there 1 Load more
What Bitcoin Did @WhatBitcoinDid “In the US, we know it’s coordinated. We absolutely know that. It’s certain officials in the Biden administration that are working together with specific regulators, in particular the bank regulators, to marginalise the Bitcoin and crypto industry.” — Nic Carter https://www.whatbitcoindid.com/podcast/defending-bitcoin-operation-chokepoin... nic 🌠 carter @nic__carter Gensler endorses return to analog currency. Rai stones, wampum, aggry beads, denarii The Block @TheBlock__ Gary Gensler says 'we don't need more digital currency' after Coinbase, Binance lawsuits theblock.co/post/233295/gary… nic 🌠 carter @nic__carter The dollar is 90% a digital currency! What Bitcoin Did @WhatBitcoinDid "What they shouldn't do, or they shouldn't be allowed to do, is to have bank regulators go to the banks and say 'you can't do business with this legal industry.' ...that's unconstitutional." -@nic__carter WBD666
nitter Logo paulgrewal.eth @iampaulgrewal Chief Legal Officer @coinbase. I talk a little crypto, a lot of law, and way too much Ohio sports. California, USA Joined January 2015 Tweets 5,052 Following 774 Followers 38,766 Likes 13,453 189 Photos and videos Tweets Tweets & Replies Media Search paulgrewal.eth @iampaulgrewal 1h Earlier tonight the Third Circuit issued a short order in Coinbase’s mandamus action today. The court noted the SEC’s suit against us this morning and asked the SEC whether that means the SEC has decided to deny our pending petition for rulemaking. The SEC has 7 days to respond. 113 351 30 1,552 paulgrewal.eth @iampaulgrewal 1h We continue to believe that the SEC could not be proceeding with litigation against our industry, like the case filed against us today, if the SEC had not already decided to deny our petition for rulemaking. 1 24 334 paulgrewal.eth @iampaulgrewal 1h We continue to believe that rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place. 1 26 1 335 paulgrewal.eth @iampaulgrewal 1h If the SEC’s answer to our petition for rulemaking is “no,” then they are required by law to tell us, because we have the legal right to question that “no” in court. And there are serious questions to be asked. 7 27 1 379 paulgrewal.eth @iampaulgrewal 1h We appreciate the Third Circuit’s careful attention to this issue. Some may dismiss this as a small or obscure request that we’ve made to the court. But it matters not just to our industry – this is core to the proper working of government agencies and the way they engage with… nitter.pw/i/web/status/166… 18 31 487 paulgrewal.eth @iampaulgrewal Jun 5 Tomorrow I will be testifying on Capitol Hill before the House Committee on Agriculture on the need for clear crypto rules and the Digital Asset Market Structure Discussion Draft. Read a summary of my testimony here/below:coinbase.com/blog/we-need-cl… We need clear rules for crypto to protect American leadership and consumers Coinbase Blog, stories from the easiest and most trusted place to buy, sell, and use crypto coinbase.com 252 689 51 3,596 paulgrewal.eth @iampaulgrewal Jun 5 The US is falling behind. We cannot afford to ignore crypto while other markets take advantage of our absence, developing rules and regulations that enable the industry to thrive and risk sending jobs, investment, and technological leadership overseas. 12 29 4 260 paulgrewal.eth @iampaulgrewal Jun 5 While regulation establishes clear rules for the industry, it also provides important accountability measures for potential bad actors. US legislation helps good guys innovate and ensures bad guys are held accountable. 3 12 1 179 paulgrewal.eth @iampaulgrewal Jun 5 How we define digital assets is critical for enabling innovation. Digital assets are diverse, and if we fail to effectively draw clear definitions of which assets are securities, which are commodities, and which are neither, crypto will continue to sit in regulatory limbo. 10 12 1 179 paulgrewal.eth @iampaulgrewal Jun 5 We need a clear rulebook in the US to achieve the full promise of crypto. Until rules and laws are developed that reflect the realities of this new economic system, we cannot realize the full potential of making our financial system faster, fairer, and more affordable. 19 14 4 238 paulgrewal.eth @iampaulgrewal Jun 5 While there are many details to be ironed out, the Digital Asset Market Structure Discussion Draft is a strong step towards developing a regulatory regime that embraces innovation, maintains US industry presence and protects consumers. 19 13 167 paulgrewal.eth @iampaulgrewal Jun 5 I appreciate the opportunity to testify tomorrow. Thank you for the invitation @HouseAgGOP. House Committee on Agriculture @HouseAgGOP Jun 5 Current digital asset regulations limit innovation & consumer protection. We aim to bring clarity & compliance to this dynamic space. Tomorrow, we'll hear from @CFTCbehnam, @giancarloMKTS, @iampaulgrewal, @DanGallagherDC, @WaltFIA & Dan Berkovitz. #Crypto agriculture.house.gov/calend… 15 17 1 255 paulgrewal.eth @iampaulgrewal Jun 3 Thirty years after my last exam at @MIT, and I still get the shakes every time I go past Walker Memorial. Time heals most wounds, but it sure as hell doesn’t heal the 1992 thermodynamics final. 18 3 193 paulgrewal.eth @iampaulgrewal Jun 2 Today’s market regulation bill from @PatrickMcHenry and @CongressmanGT lays a strong foundation for regulatory jurisdiction and definitions, BD rules, and consumer protections. I’m eager to share more on this next Tuesday before the @houseaggop. 1/3 docs.house.gov/Committee/Cal… 37 158 8 835 paulgrewal.eth @iampaulgrewal Jun 2 A comprehensive bill of this magnitude warrants an in-depth review, which we’ll be conducting over the coming days, but what we’re seeing so far is encouraging. 2/3 2 8 134 paulgrewal.eth @iampaulgrewal Jun 2 I’m especially encouraged by the attention the authors give to the discussion around what constitutes a security vs a commodity. Hopefully these definitions can settle that protracted debate once and for all. 3/3 4 12 162 paulgrewal.eth @iampaulgrewal Jun 2 Slayer. Congratulations young man. Scripps National Spelling Bee @ScrippsBee Jun 2 #Speller36 Dev Shah from Florida has spelled the word psammophile correctly, making him our 2023 Scripps National Spelling Bee Champion! Maybe he'll head to the beach to celebrate? spellingbee.com/speller-summ… #spellingbee 3 1 13 paulgrewal.eth @iampaulgrewal Jun 1 Shot: A 9-0 Supreme Court win today for a traceability requirement for Section 11 claims. Chaser: a 9-0 Supreme Court warning to agencies and others that the federal securities laws are not just whatever they want them to be— limits imposed by Congress matter. 137 268 24 1,213 paulgrewal.eth @iampaulgrewal May 31 cand.uscourts.gov/notices/pa… Northern District of California Bids Adieu to Senior Judge Ronald M. Whyte, 80 | United States... United States District Judge Ronald McLeod Whyte, Northern District of California, died early Monday morning, April 10, 2023. He was born Oct. 25, 1942, in Claremont, California, to James and Eleanor... cand.uscourts.gov 6 1 16 paulgrewal.eth @iampaulgrewal May 30 3/3 20 28 3 415 Show this thread Load more
nitter Logo MetaLawMan @MetaLawMan UVa | Vanderbilt Law. Your guide to other worlds: Crypto l Metaverse | Web3. Not legal or financial advice. I am A lawyer--just not YOUR lawyer. USA MetaLawMan.io Joined February 2022 Tweets 1,507 Following 127 Followers 15,956 Likes 808 42 Photos and videos Tweets Tweets & Replies Media Search Pinned Tweet MetaLawMan @MetaLawMan May 3 1/ If the SEC follows through on its threat to sue @Coinbase, I believe the SEC will lose. The SEC's case has a fatal flaw. And the problem is entirely of @GaryGensler's own making. Let me explain... 183 637 76 2,927 Show this thread MetaLawMan @MetaLawMan 8h The SEC's complaint against @Binance has been flagged for failure to comply with court rules. The rules require the complaint to list the full residence address of each party--including the defendants (Binance, CZ et al). Getting those addresses could be easier said than done. MetaLawMan @MetaLawMan Jun 5 1/ BREAKING: SEC sues Binance HEADLINE: The SEC complaint identifies 10 tokens it deems to be unregistered crypto asset securities. The target list includes some of the biggest names in crypto: $SOL, $ADA, $MATIC, $FIL, $ATOM, $SAND, $MANA, $ALGO, $AXS, and $COTI. more... Show this thread 44 130 23 571 MetaLawMan @MetaLawMan 11h Here is more detail explaining why I believe the SEC will lose its case against @Coinbase. MetaLawMan @MetaLawMan May 3 1/ If the SEC follows through on its threat to sue @Coinbase, I believe the SEC will lose. The SEC's case has a fatal flaw. And the problem is entirely of @GaryGensler's own making. Let me explain... Show this thread 16 43 2 208 MetaLawMan @MetaLawMan 12h BREAKING: SEC sues @Coinbase The SEC alleges that Coinbase has acted as an illegal unregistered securities exchange since 2019. But, In April of 2021, the SEC approved Coinbase going public with a listing on NASDAQ. And, In May of 2021, SEC Chairman Gary Gensler testified… nitter.pw/i/web/status/166… 217 873 57 3,722 MetaLawMan @MetaLawMan 12h 1/ The SEC's complaint against @Binance asks for unusual temporary and preliminary injunctive relief. This means the SEC may seek a Court order directing that certain things happen soon--before trial. The SEC did Not seek this relief in the @Bittrex case. Let me explain... 15 52 3 263 MetaLawMan @MetaLawMan 12h 2/ The SEC complaint asks the Court to order: -an asset freeze -repatriation of customer assets to the U.S. and -appointment of a Receiver, among other things A court may appoint a Receiver (like a Trustee) if there is a risk of loss of assets, destruction of evidence or fraud. 4 3 1 66 MetaLawMan @MetaLawMan 12h 3/ Whether the SEC seeks a Receiver to control operations at @Binance or @BinanceUS (or both) is unclear in the complaint. Either way, it would be a seismic event in the world of crypto if the SEC were to obtain a court order taking some control of Binance out of CZ's hands. 1 1 1 58 MetaLawMan @MetaLawMan 12h 4/ To get a pre-trial injunction, the SEC would have a high burden to show a "substantial likelihood" it would win on some of its claims at trial. The SEC's claims generally require proof that securities are traded on Binance platforms. So, to get an injunction, the SEC would 1 1 59 MetaLawMan @MetaLawMan 12h 5/ need to persuade the judge that some of the tokens cited in the complaint are securities. Which means, it might make sense for holders of those tokens to enter the case to oppose a ruling that their tokens are securities. It might be time for the Bat-Signal to @JohnEDeaton1 11 8 1 137 MetaLawMan @MetaLawMan Jun 5 1/ The SEC complaint against @Binance appears to solve the mystery of why Brian Brooks abruptly resigned as CEO of @BinanceUS in 2021. CZ allegedly reneged on promises that Brooks would be given autonomy to run Binance.US independently from @Binance. 31 115 6 579 MetaLawMan @MetaLawMan Jun 5 2/ The Complaint cites an unnamed source who ran @BinanceUS briefly in 2021. We know from the dates in the complaint that the source must be Brian Brooks, who ran @BinanceUS for 3 months in mid-2021. The complaint quotes testimony Brooks gave about his brief stint as CEO. 3 8 110 MetaLawMan @MetaLawMan Jun 5 3/ Brooks testified that CZ broke promises made to him in the recruitment process. As Brooks put it: "I realized, huh, I'm not actually the one running this company, and the mission that I believe I signed up for isn't the mission. And as soon as I realized that, I left." 1 14 1 135 MetaLawMan @MetaLawMan Jun 5 4/ The quick departure was a wise move by Brooks as he was able to exit with his reputation intact. And he is now positioned as a witness rather than a target of the SEC enforcement action. Brooks, a former Comptroller of the Currency, is a respected proponent of crypto. 8 9 1 172 MetaLawMan @MetaLawMan Jun 5 1/ BREAKING: SEC sues Binance HEADLINE: The SEC complaint identifies 10 tokens it deems to be unregistered crypto asset securities. The target list includes some of the biggest names in crypto: $SOL, $ADA, $MATIC, $FIL, $ATOM, $SAND, $MANA, $ALGO, $AXS, and $COTI. more... 697 1,168 190 4,434 MetaLawMan @MetaLawMan Jun 5 2/ The SEC also alleges that Binance issued unregistered securities $BNB and $BUSD. The SEC is taking the position that the 10 identified TOKENS TRADED ON THE SECONDARY MARKET ARE THEMSELVES SECURITIES. I will be back shortly with my key takeaways from the 136 page complaint. 26 77 5 704 MetaLawMan @MetaLawMan Jun 3 1/ A Modest Proposal to Reform the SEC. The draft Digital Assets Bill released yesterday by Congressmen @PatrickMcHenry @RepFrenchHill & @CongressmanGT presents-- A Golden Opportunity to begin to reform the SEC and rein in its tendency for regulatory overreach. Here's how... 26 124 12 420 MetaLawMan @MetaLawMan Jun 3 2/ Amend the Bill to say: "At the conclusion of every litigated SEC case, the Court shall determine which party is the 'prevailing party.' If the Court determines that the Defendant is the prevailing party, then the SEC shall pay all attorneys fees incurred by that Defendant." 4 19 200 MetaLawMan @MetaLawMan Jun 3 3/ This would mean that--if @Ripple were to prevail in its case with the SEC--the SEC would be required to reimburse Ripple its $200 million in legal fees. If the SEC loses, why should they be able to just shrug and move on after inflicting such enormous damage on a defendant? 13 36 4 296 MetaLawMan @MetaLawMan Jun 3 4/ Benefits of this reform: 1. The SEC will need to think carefully before bringing weak cases because there would now be some real consequences for losing. 2. A defendant who has done nothing wrong would be less likely to just settle if they can recover their fees in the end. 4 14 191 MetaLawMan @MetaLawMan Jun 3 5/ More: 3. If the SEC loses a case, why should a corporate defendant (and its investors) or an individual be stuck with the bill for the SEC's mistake? 4. This is a pro-investor reform. 5. We already have fee-shifting provisions just like this in other federal statutes. 4 14 176 MetaLawMan @MetaLawMan Jun 3 6/ My hope is that the Crypto Bill's architects @PatrickMcHenry @RepFrenchHill & @CongressmanGT will give this Friendly Amendment some consideration. Let's not miss this Golden Opportunity to reform the SEC. Patrick McHenry @PatrickMcHenry Jun 2 This discussion draft is a critical first step toward much-needed clarity for the digital asset ecosystem. I encourage the public to provide constructive feedback to help us get this right. Thanks to @CongressmanGT, @RepFrenchHill, and @RepDustyJohnson for your partnership. 4 27 166 Load more
Tony Edward (Thinking Crypto Podcast) @ThinkingCrypto1 11h Been saying this for a long time, SEC has been weaponized by TradFi incumbents who are getting disrupted. They will slow us down in the shortterm and lose in the longterm. The great thing is this the crypto asset is global and not dependent on the US market. Other countries… ₿en Todar @BenTodar 13h The #SEC's attack on #Binance not only undermines the freedom and innovation of cryptocurrencies but also raises concerns about its role as a tool wielded by traditional banks to suppress the growth of digital currencies. Show this thread 9 34 129 Tony Edward (Thinking Crypto Podcast) retweeted Craig DeWitt @CryptoCwby 15h Eyes on @coinbase right now… Do they pull all those alleged securities like they did with #XRP ? 114 397 28 1,743 Tony Edward (Thinking Crypto Podcast) @ThinkingCrypto1 13h The SEC named 10 tokens in addition to $BNB as securities in the Binance lawsuit Some big name tokens are on this list such as $ADA, $MATIC, $ALGO, $SOL, $ATOM Once again they are not litigating each of these tokens, just indirectly litigating them which is a scumbag move. We… nitter.pw/i/web/status/166… 82 185 19 751 Load more
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