jchervinsky
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1/ For years, a hostile SEC forced crypto founders into a broken model: drive all value into equity, not tokens.
The result? Incentive misalignment, ineffective governance, and more legal risk.
In this post, @jessewldn and I explain why that model failed and how to fix it.
The result? Incentive misalignment, ineffective governance, and more legal risk.
In this post, @jessewldn and I explain why that model failed and how to fix it.
"Gradually, then suddenly" is one of those laws of the universe that repeats over and over, but people struggle to keep in mind.
It's very common with policy-driven business shifts. We're seeing this in the IPO market right now, which is about to explode.
Crypto next up....
It's very common with policy-driven business shifts. We're seeing this in the IPO market right now, which is about to explode.
Crypto next up....
The Congressional hearing on the CLARITY Act is reminding me of @pmarca on the three-stage response to new tech: denial, rational counterargument, and then name-calling.
The anti-crypto faction is calling it "the complexity act" as if this is middle school, but no real critique.
The anti-crypto faction is calling it "the complexity act" as if this is middle school, but no real critique.
People went nuts on here two months ago when the White House had a crypto roundtable and didn't invite anyone from the Ethereum ecosystem.
Today @VivekVentures is testifying in Congress for @Etherealize_io on the market structure bill. Ethereum went to Washington after all 👏
Today @VivekVentures is testifying in Congress for @Etherealize_io on the market structure bill. Ethereum went to Washington after all 👏
I have never been more confident that, in the next few years, we'll finally see what crypto can really do.
Everything is coming together at once — the tech, the talent, the investment, the law — for this whole thing to seriously rip. If you believe in this space, strap in.
Everything is coming together at once — the tech, the talent, the investment, the law — for this whole thing to seriously rip. If you believe in this space, strap in.
It's not clear to me that TradFi will prefer "the most decentralized L1" as they move their business onchain.
These institutions aren't in it for decentralization. Their products will likely be centralized in some way anyway. High speed and low cost seem to be their priorities.
These institutions aren't in it for decentralization. Their products will likely be centralized in some way anyway. High speed and low cost seem to be their priorities.
1/ Congress comes back next week and hopefully will move stablecoin legislation quickly.
The Senate has more to do on GENIUS, then STABLE has to pass the House, then the bills may need to be reconciled before POTUS signs. This is doable by end of summer.
But market structure...
The Senate has more to do on GENIUS, then STABLE has to pass the House, then the bills may need to be reconciled before POTUS signs. This is doable by end of summer.
But market structure...
The Senate voted "yes" on moving forward the GENIUS Act in an epic bipartisan showing, 66 - 32 🎉
There's still more work to do — another formal vote on GENIUS in the Senate, and passing STABLE in the House — but this was the hardest part.
We will have stablecoin legislation 🇺🇸
There's still more work to do — another formal vote on GENIUS in the Senate, and passing STABLE in the House — but this was the hardest part.
We will have stablecoin legislation 🇺🇸
An extraordinary amount of work has gone into the GENIUS Act, even since the failed vote to move it forward last week.
This bill has earned every single "yes" vote it will get today, very likely enough to pass with strong bipartisan support.
Today is a big day for crypto in DC.
This bill has earned every single "yes" vote it will get today, very likely enough to pass with strong bipartisan support.
Today is a big day for crypto in DC.
Being pro-crypto and anti-stablecoin is the midcurve take of the decade.
The new market structure bill draft is better in some ways, worse in others, and more complex in far too many to believe we'll get it done quickly.
Congress should focus relentlessly on stablecoin legislation, which is basically good to go.
Let's get a win and build momentum.
Congress should focus relentlessly on stablecoin legislation, which is basically good to go.
Let's get a win and build momentum.
CFTC is in a bit of a holding pattern until Quintenz is confirmed as chair, but then hopefully we'll see progress on new rules related to crypto:
- perpetuals
- 24/7 trading
- prediction markets
- DeFi protocols and front-ends
More if market structure legislation gets done too.
- perpetuals
- 24/7 trading
- prediction markets
- DeFi protocols and front-ends
More if market structure legislation gets done too.
The Senate just tried and failed to pass the GENIUS Act, its version of stablecoin legislation. Voted down, 48-49.
Many reasons why it didn't pass today, but none that can't be addressed with more bipartisan work.
This isn't no, just not yet. Matter of time until we're back.
Many reasons why it didn't pass today, but none that can't be addressed with more bipartisan work.
This isn't no, just not yet. Matter of time until we're back.
DeFi is infrastructure: plumbing for the financial system.
The more valuable assets flow through the pipes, the more useful DeFi becomes.
The biggest near-term unlock for DeFi is filling the pipes with stocks, bonds, and other securities.
The SEC can and should enable this.
The more valuable assets flow through the pipes, the more useful DeFi becomes.
The biggest near-term unlock for DeFi is filling the pipes with stocks, bonds, and other securities.
The SEC can and should enable this.
There's nothing worse than thinking you're winning at 4D chess when actually you're losing at checkers.
Congress does not play 4D chess.
Getting legislation done is very hard. It requires grinding and teamwork, not grand strategy and masterminding.
Pass stablecoin legislation.
Congress does not play 4D chess.
Getting legislation done is very hard. It requires grinding and teamwork, not grand strategy and masterminding.
Pass stablecoin legislation.
Pass stablecoin legislation now.
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