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    I'm honored to be leading @SolanaInstitute as we work to educate policymakers on the incredible potential of decentralized networks like Solana. It's a pivotal moment for our industry, and we need clear rules to unleash the innovators building the digital economy of the future.
    🔆 We are excited to announce the launch of Solana Policy Institute (SPI), a new non-partisan, non-profit focused on educating policymakers on how decentralized networks like @solana are the future infrastructure of the digital economy—and why the people building on and using
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    1/ Just sent Treasury a FOIA request for docs + comms on the Tornado designation (yes... via snail mail)
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    aka "cost of carving out 1st amendment protected speech"
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    We're going to have to update our tracker to include Gensler's latest feeling on what the law is:
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    There's nothing incompatible in the crypto mkts w/ the securities laws. A goal of our work @SECGov is to bring this field into compliance. That way, investors get the same time-tested protections they get elsewhere in the mkts. Watch my discussion at @CouncilInstInv's Conf.
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    1/ 🚨 Long-ish thread on the crypto + DeFi guidance issued by the Financial Action Task Force. tl:dr, it’s not great. My initial read is that the FATF sees a world in which permissionless + decentralized systems are—at best—suppressed. fatf-gafi.org/media/fatf/doc…
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    "DeFi shouldn’t be ensnared in a catch-all regulatory response to the FTX debacle." The DCCPA "might have hampered decentralized exchanges by burdening them with rules more suited to centralized ones."
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    This should end any doubt that "come in and register" is a fig leaf for the SEC usurping Congress to block crypto in the US.. It requires investment advisers to custody all assets with qualified custodians while saying it's unlikely crypto can be custodied in compliance with the
    We @SECGov just proposed to expand & enhance the role of qualified custodians when registered investment advisers custody assets on behalf of investors. Thru our rule, investors would get the time-tested protections—and qualified custodians—they deserve. What does this mean? ⬇️
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    CA Governor @GavinNewsom has vetoed AB 2269, the bill that would have effectively ended crypto in California. Some (much-needed) good news to end the week! gov.ca.gov/wp-content/upl…
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    The Senate just voted 60(!)-38 to overturn SAB121, which the House voted to overturn last week. This is the most significant moment for crypto in Congress to date, and it is a strong bipartisan rebuke of the SEC’s unlawful approach to crypto. Thank you @SenLummis and
    In less than an hour, the US Senate will begin voting on a Congressional Review Act resolution to repeal the Securities and Exchange Commission's SAB 121. This is the first senate floor vote on a major crypto issue, and the world will be watching closely to see what happens.
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    Comm. Mersinger: “If a DeFi protocol is developed for lawful purposes but is used for purposes that violate the CEA, should the developer be held liable?” Judge Failla: “it defies logic that a drafter of computer code underlying a particular software platform could be liable
    Perhaps we should lay to rest the idea that the CFTC is "a better regulator" for crypto than the SEC. Today, the CFTC violated the court's opinion in the Uniswap class action—and its own principles—in an attack on DeFi. Read @cftcmersinger's dissent: cftc.gov/PressRoom/Spee…
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    FDIC to banks: "we respectfully ask that you pause all crypto asset-related activity." Shocking. Thank you to the Coinbase legal team for doggedly pursuing these documents.
    Re: the letters that show Operation Chokepoint 2.0 wasn't just some crypto conspiracy theory. @FDICgov is still hiding behind way overbroad redactions. And they still haven't produced more than a fraction of them. But we finally got the pause letters: downloads.ctfassets.net/c5bd0wqjc7v0/6…
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    🚨 The CFTC has filed a complaint against a DAO for violating the Commodity Exchange Act 🚨 "Defendant Ooki DAO... is an unincorporated association comprised of holders of Ooki Tokens... who have voted those tokens to govern... the Ooki Protocol."
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    Pretty disastrous outcome. Guilty verdict on unlicensed money transmitting charge threatens all software developers in the United States. Looking forward to DOJ’s theories being thrown out on appeal and to the end of regulation by indictment.
    Replying to @innercitypress
    Judge: Let me see it... Deputy: Mr. Foreperson, Count 1, how do you find? Foreperson: Not unanimous. Deputy 2: Count 2? Foreperson: Guilty. Deputy: Count 3, IEEPA? Foreperson: Not guilty.
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    “While abandoning good faith attempts to clarify how the commission's existing authority applies to digital assets, the SEC is hellbent on expanding the size of its crypto enforcement division and using enforcement to unconstitutionally expand its jurisdiction.”
    🚨The SEC Director of Enforcement admits the SEC is cracking down on companies outside its jurisdiction. Absolutely unacceptable.
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