🧵1/ Turning 30 tomorrow. Wow. My 20's were a whirlwind and I wanted to take some time to share with you my experiences, my journey and lessons learned.

read the SEC's new crypto assets FAQ the securities laws are starting to look opt-in now, at least as applied by the SEC to crypto if you raise money by selling a non-rights-bearing token, are careful about what you represent or promise, and have a functional crypto system, there is now an extremely broad path outside the securities laws--arguably 'functionality' is not even necessary but there's some equivocation on this the buyback guidance goes further than I expected. once the system is functional, even announcing a token buyback *program* (which I guess even could be a 'perpetual program') does not, in the staff's view, constitute a promise of essential managerial efforts. same for promises to improve the system or grow its network effects so you can retain enormous influence over the thing, keep developing it, support its price with buybacks (including under a permanent "program"), and get many of the benefits of having a public investment instrument, without giving holders the rights or protections that normally come with one they have opened a loophole in a regulatory regime whose whole point was supposed to be that you couldn't draft your way around economic reality (see e.g. papers.ssrn.com/sol3/papers.…) can't really say if this is good or bad, but VCs etc. got a lot of what they wanted & the market should absorb all the implications of this among others, I am growing skeptical how much of a 'long tail' there will be for tokenized equity. . .if you can get people to buy a coin in the style of BNB, HYPE, PUMP, etc., with minimal regulation, why voluntarily take on the burdens of selling them equity? if you are not mag-7 level, it doesn't seem there would be much reason to focus on equity securities for your capital-raising. . . if you want to access 'traditional buyers' you can wrap the token in an equity instrument like an ADR for those institutions. . . the obvious next question is how far this extends beyond crypto businesses. can an ordinary company attach a functional token to its business and apply 100% of its profits to discretionary buybacks, without giving holders any right to those profits or making representations about future business efforts that independently trigger Howey? the FAQ doesn't expressly resolve that, but it opens a pretty enormous door equity still gives investors something a discretionary buyback token doesn't. . .the question is whether the market will pay enough for those rights to make granting them worthwhile. otherwise the incentive is to keep the equity for insiders and sell everyone else the coin crypto's current focus on hyping tokenized equity may be misguided, the bigger trend is "get all the benefits of equity with none of the burdens" of course this is SEC guidance, not a repeal of the statutes or a command to the courts. a private plaintiff or a future SEC could have other ideas but did not think I'd see it in my lifetime. . .the securities laws are being "disrupted" in substantial part by incentivizing making fewer commitments to investors. and if Warren Dems eventually take control and try to undo all this, after an entire market has organized around it, the resulting chaos will be something to behold sec.gov/about/divisions-offi…

Absolute mess in progress and will worsen here in surf city beach #njwx Road COMPLETELY submerged and unpassable in rapid flooding from the bay. Homes started to likely flood as flood waters are rising rapidly. Terrible situation developing for residents #wxtwitter

Democrats demanded that front-end DeFi platforms comply with U.S. sanctions law like every other financial platform. We wrote it into the Clarity Act. Senate Democrats voted against protecting our national security from sanctioned bad actors using DeFi.

New crypto FAQs: sec.gov/about/divisions-offi…

*SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION *SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS *SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES *SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS *SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT

StonkFun Revenue (Sept 24th) Revenue: $1,095,334 Buybacks: $672,362 Burned: 2.05M solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx stonkfun.xyz/revenue

Pro-Bitcoin advocate @SenLummis has posted every day since Clarity failed at the Cloture vote stage. Same format: "Democrats wanted X. It's in the bill. Democrats voted no." Eight posts. Insider trading, fraud authority, delisting, audits, disclosures, BSA, ATMs. But notice what's NOT on the list. I'll have more to say in an upcoming Forbes piece, but here's the TL;dR for now. 🧵 1/5

JUST IN: ANSEM SAYS HE THINKS $STONK IS GOING TO BE ABLE TO CAPITALIZE ON THE TOKENIZED STOCKS META “I THINK THE TOKENIZED STOCKS THESIS IS SUPER IMPORTANT FOR CRYPTO” “IF YOU LOOK AT HOW WELL STABLECOINS HAVE DONE, I THINK WE’RE GOING TO SEE A SIMILAR TREND WITH TOKENIZED STOCKS”

🚨BIBI JUST FUCKING DID IT. 💀 Netanyahu stood at the UN in NEW YORK CITY and directly called out Mamdani AND Hasan Piker. “Mr. Mamdani, you tried to stop me from coming here.” Then he brought up Hasan saying America deserved 9/11. This is absolutely fucking insane. 🇺🇸🇮🇱

Today, the @CFTC took an important step toward bringing regulated onchain markets to the United States: firms can now keep required records on a public blockchain without being required to maintain a separate offchain copy. The CFTC also clarified that firms can invest customer funds in tokenized versions of investments that are already permitted. That matters because a regulated firm can now use a public blockchain as its system of record, where every entry is transparent, tamper-evident, and verifiable by anyone. Those are the assurances the CFTC’s recordkeeping rules exist to provide, and public blockchains deliver them by design. In July, HPC and @phantom asked the CFTC to provide this clarity. Today, the CFTC delivered.

we are completely cooked

what if AI becomes addicted to WoW and all scientific progress stops

Introducing the Million Dollar Club. Each of these coins has distributed $1M+ in rewards to holders. Who’s next?

JUST IN: $STONK HAS BURNED A HIGHER PERCENTAGE OF THEIR TOKEN SUPPLY IN 7 WEEKS THAN PUMPFUN HAS IN 140 WEEKS STONK: 16.9% PUMPFUN: 16.76%

WTF just happened with $STONK People started FUDing them for keeping too much of its fees and reward-tax wallets dumping Pumpfun-aligned accounts all went loud the same week stonk started beating Pump on revenue Stonk team responded by routing 75% revenue into buybacks instead of usual 60% with no announcement They also flipped pump and pons in 7D revenue for first time ever STONK is up 20% today and 18% of supply is burned The FUD week became their best week

Keeping this bag on has helped me prevent others from knowing how much money I have lost... The bag remains on 😭😭😭 solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR

I’m happy to connect with you on LinkedIn but no I’m sorry I don’t want to try your new AI tool for lawyers

NEW: @LaunchOnSF (StonkFun) has surpassed PumpFun and Pons combined in 24-hour revenue, becoming the #1 memecoin launchpad by revenue across all chains.

1/ We’ve closed Breed VC Fund II, a $15M early-stage fund. We back the founders bold enough to rebuild the world we see today and return sovereignty to users. @breed_vc

Yesterday X was full of FUD about StonkFun. Tax going to team wallets. Sell pressure. They can change the tax whenever they want. Same old noise. The team explained it on TG. Rewards go to holders. On the top coins they now look at supply. If a coin holds too much of its own token, payouts go in the base. That keeps sell pressure off the quote. An indexer is coming that tracks this right away. Then those clogs go away. You only pay out in the base if a bug lets too much base pile up. Those reward wallets sit behind Turnkey. Not some random team wallet doing whatever. The transfer tax is not locked forever. That is not possible. It is secured through Turnkey on the platform wallets. That is the difference between a screenshot of sells and how the system actually works.🤡 Stonkfun launches over 10,000 tokens a day. More than 100k tokens on the platform. You do not fix that overnight. Backend first. User updates after. No VCs. No raise. Built in public. When you hit this scale you have to catch up. That is not a rug brother. If you FUDded yesterday without reading this, you saw a distribution wallet sell and screamed extraction. Sit down until you know how rewards work bro. Or stay on platforms where holders get nothing. StonkFun keeps building. That’s it.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​🫡 @LaunchOnSF 👑