Kristy Littman, previously senior enforcement advisor and cyber unit chief at the SEC, talks to #RabbitholeTalks about the regulatory environment for crypto in 2023.

Christopher Perkins

Miami

@perkinscr97

Jan 27

12/”The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.” See above.

...why would this be a grave mistake? Do we not want this for our financial system?

11/”It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.” If the Administration supports tech that makes financial services “cheaper, faster, safer and more accessible”

innovate should unlock the promise of web3, fuel the economy and drive job growth--unlocking material value for institutions.

10/”Congress could also make our jobs harder and worsen risks to investors and to the financial system. Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.” Laws that empower entrepreneurs to responsibly

9/“Congress could also strengthen transparency and disclosure requirements for cryptocurrency companies so that investors can make more informed decisions about financial and environmental risks.” Blockchain technology can deliver this transparency--even without the “company”.

8/“Congress should expand regulators’ powers to prevent misuses of customers’ assets—which hurt investors and distort prices—and to mitigate conflicts of interest.” Smart contracts provide unparalleled transparency and offer an effective new means to protect customer assets.

7/“Agencies across government have launched—or are now developing—public-awareness programs to help consumers understand the risks of buying cryptocurrencies.” No issue with thoughtful and accessible disclosures from CeFi entities.

6/“...agencies are using their authorities to ramp up enforcement where appropriate and issue new guidance where needed.” Statute should inform regulation. Official rule making should include public comment and cost benefit analysis.

5/ “And there is poor cybersecurity across the industry that enabled the Democratic People’s Republic of Korea to steal over a billion dollars to fund its aggressive missile program.” There are also numerous nat’l sec use cases for crypto-much more dialogue is needed here.

4/“…some crypto entities ignore applicable financial regulations and basic risk controls—practices that protect the country’s households, businesses, & econ” Principles-based regulatory clarity would be a welcome step forward. CeFi should be held accountable for ignoring regs.

3/“To be sure, the technologies powering cryptocurrencies may offer ways to make payments faster, cheaper, and safer.” Agreed. But they can do MUCH more than just payments. But, payments are a highly accessible practical use case.

2/“While cryptocurrency might be relatively new, the behavior we have seen some cryptocurrency companies exhibit and the risks posed by this behavior are not.” Agreed. Recent CeFi failures are no different than failures across tradfi (Lehman, MF Global, Archegos, Peregrine).

The Administration’s "Roadmap to Mitigate Cryptocurrencies’ Risk" is out. Here are some thoughts:🧵

whitehouse.gov

The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks | NEC | The White House

By Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan 2022 was a tough year for cryptocurrencies. In May, a so-called “stablecoin” imploded, prompting a wave of insolvencies. Just months...

Clear rules of the road are always welcome. Our entrepreneurs deserve it, and job creation and global financial leadership sound like bipartisan American values to me. Let’s get it done.

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Financial Services GOP

@FinancialCmte

Jan 26

The Howey Test is not fit for the purpose of determining whether many digital assets are a security. Committee Republicans are committed to fixing this in legislation as we work toward clear rules of the road for the digital asset ecosystem. twitter.com/WarrenDavidson…

What’s more bipartisan than responsible innovation, global financial leadership and job creation as we give our entrepreneurs the necessary transparency and predictability to help them build a better internet?

cnbc.com

Rep. French Hill: Creating a crypto regulation framework is an opportunity for bipartisanship

Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the new subcommittee committed to regulating digital assets and more.

I agree ⁦

⁩, and the U.S. is falling behind. The right legislation would clarify regulatory ambiguity and give founders the predictability they deserve.

coindesk.com

US Needs ‘Rules of the Road’ for Crypto or Risk Falling Behind in Market Leadership

“Whoever is a first mover gets to influence the regulations of the rest of the world,” said Linda Jeng of the Crypto Council for Innovation.

is right that the correspondent banking system is under threat. However, it’s more likely that USD dominance will materially increase as stablecoins scale.

ft.com

Great power conflict puts the dollar’s exorbitant privilege under threat

The monetary order is already being challenged by de-dollarisation efforts and central bank digital currencies

Honored to be a speaker at MFA Digital Investing 2023. Join me in Miami for expert insights and thought leadership on emerging trends in the digital investments industry. managedfunds.org/event/mfa-digi

Nice turnout at the #Web3Summit panel yesterday. #MiamiCrypto Also check out our #MiamiBlockchainWeek meetup with

@kevinsekniqi

and

@avalancheavax

, this Friday 1/27 at 5:30p at

@thelabmiami

. Sign up below! 👇

In you are interested in learning more about

@avalancheavax

and happen to be in Miami on January 27th, please join

@coinfund_io

’s Rabbit Hole Talk at the

Quote Tweet

Snowy subnets are on the horizon with @avalancheavax. Join our next Rabbit Hole Talk

on Jan 27 at the @thelabmiami to grasp subnets as a scaling solution. coinfund.io/community/avax

Tokenization of FX would essentially eliminate Herstatt risk—mitigating systemic risk. It’s only a matter of time before this risk is in the rear view mirror.

Those of us working in Web3 often take for granted the terms we often use & the concepts we frequently reference to the point where we may start missing the forest for the trees. To that end, sharing macro-level musings on RWAs from a retail POV. 👇

medium.com

Sleepless in Soho:

Midnight musings on RWAs

“Founders that make it through this bear market will have been mission-driven and will have found ways to thrive by being long-term oriented.”

If you're in Miami this Friday (1/27), come join CoinFund's

@jbrukh

and Ava Labs'

@kevinsekniqi

as they talk all things Avalanche.

Quote Tweet

CoinFund

@coinfund_io

Jan 22

Snowy subnets are on the horizon with @avalancheavax. Join our next Rabbit Hole Talk

on Jan 27 at the @thelabmiami to grasp subnets as a scaling solution. coinfund.io/community/avax

“Rome first began issuance of its popular denarius coin in 225BCE…each coin contained 95% silver. By the time the Roman Empire collapsed, the silver content of its coin was barely 5%” —

🤔

It’s time to have constructive dialogue about the promise of DeFi and DAOs. Please send ideas and suggestions.

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CoinFund

@coinfund_io

Jan 21

With last week’s @CFTC appointment, CoinFund, alongside Stellar and Uniswap, will be the first cryptonative firms to join the Global Markets Advisory Committee. crypto-reporter.com/press-releases

I just wanted to give a shout out to

@jchervinsky

—thank you for your thoughtful and principled approach to all things policy and regulation. 🙏

First ⁦

⁩ GMAC meeting is coming up next month. I am excited to speak on the promise of DAOs and DeFi—two innovations that further advance the democratic principles of participatory governance and inclusivity. Any other suggestions? cftc.gov/PressRoom/Pres

Could not agree more. stETH and tokens like it are not “derivatives” in a legal sense. Oh, and “RWA” means something much different in TradFi—it’s a triggering term for bankers and former bankers…

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Alexander Grieve

@AlexanderGrieve

Jan 18

Love this but need to be careful about naming things. Derivatives in trading are very different than the liquid staking receipt tokens we’ve all talked about. And an ESF sounds like a fund of securities Minor, but if we’re trying to avoid mis-regulation, terminology is important twitter.com/VelvetMilkman/…

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Savage. And

is one heck of a coach, too.

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NLL

@NLL

Sep 6, 2019

Rachel Vallarelli (@RAVSLAX26) is the first woman to be invited to participate in the US Elite #NLLCombine happening this weekend in Philadelphia. The goaltender from Hartsdale, NY has dreamed of playing in the NLL since she first picked up a stick. This is her story.

5:13

15.8K views

According to

TVL in DeFi is ~$45bn. Meanwhile the market cap of companies on NYSE is ~$26tr. We have work to do.

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Jake Brukhman

@jbrukh

Nov 14, 2022

What are the technical, economic, and cultural reasons why the space prefers centralized exchanges today?

"...We want to get to a place where consumers are choosing crypto technology without thinking about it, and that comes from focusing on the best use cases.”

@flexthought

speaking about

@DIMO_Network

cointelegraph.com

3 blockchain use cases that extend beyond crypto

As blockchain evolves, companies across the world are working to find the best ways to implement the technology in a range of applications.

We've been LPs in

since Day 1 -

and

are superstars - and it keeps going with

@perkinscr97

contributions to a much-needed conversation:

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I am humbled to be named to the @CFTC’s Global Markets Advisory Committee (GMAC). It is an honor for me to represent @coinfund_io and our portfolio companies as the first cryptonative buy side member of this committee in its history.

cftc.gov/PressRoom/Pres

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Backing #CoinFund on multiple fronts since early days - congrats to #JakeBrukhman, #SethGinns and team for #ChristopherPerkins role to incredibly important conversation:

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cftc.gov/PressRoom/Pres

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Empire State of mind.