corpsec attorney, now tokenizing companies at @MetaLeX_Labs ex-BigLaw Buyside Tech M&A (Weil, Hogan Lovells) ex-@Delphi_Labs GC @BrownUniversity grad
Cybertron
Based in South America
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@HesterPeirce I gotta agree with @milesjennings here. Taking everything you guys have put out--the spring guidance, Reg Crypto, and now this--it looks to me and every other lawyer I've talked to like a massive loophole is being opened where a high-reputation team can just make no promises/representations and be outside the securities laws. People will still buy the token, because it's a high-reputation team and the people will have FOMO. What this is saying is that "each issuer determines the thresholds"--the issuer is determining itself whether and to what extent securities laws will apply. This is the SEC cabining Howey so that the only facts and circumstances relevant to determining whether an investment contract exists are the issuer's own words. Consider cases like LBRY where the court looked to facts about incentive alignment etc. and explicitly rejecting the argument that promises are needed.
Maybe cabining Howey this way is the right answer--after all, it's a super fuzzy-logic test that has imposed massive costs on projects and been excessively padded the pockets of lawyers. But it *will* cause a loophole, or that's certainly how it's being perceived, so if that's *not* the Staff's intention or that's not what you really mean, something major is getting lost in translation.
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minus the 100s of years part this is already how humans are conditioned
en.wikipedia.org/wiki/MKUltr…
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one of the most ridic safety features claude added with fable is that it will not quote you full rules, regulations, or statutes because it is scared it is violating copyright . . . have gotten this repeatedly, with SEC and UCC rules/text. . .
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longer form thoughts and clarifications on today's historic exchange/dealer exemption from the @SECGov on tokenized nat'l market securities trading on AMMs
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I get massive inbound asking where and how teams should form a business entity. For regular businesses this is pretty easy--for crypto projects, there are an ocean of hype, gimmicks, and extra tax issues to sort through.
"Do I need a 'DAO LLC'? In Wyoming? In Marshall Islands? Do I need to pay Glenn Kennedy a bajillion dollars to run my project for me out of the Caymans?"
If you are at an early stage and have U.S.-tax-paying founders, often the answers can be much simpler--don't fall for gimmicks!
We created a formation guide on cybercorps.metalex.tech/form…. It's a mix of deterministic 'wizarding' and AI (our legal agent, gAIbe) to guide your entity formation choices. Often the right answer is just to form a cheap Delaware corporation or LLC rather than pay $50k+ for an exotic offshore setup.
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I had this guy blocked for so many years, literally since 2020. The girl I was dating at the time was like "wtf why????"
>Very grating pfp/vibes. Just something about his posts always put me on edge. Always trust your instincts. . .
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got the onscreen keyboard working on my deckarchy...not super ez as you have to rotate the keyboard to match the screen rotation.. progress!
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deckarchy progressing nicely...will become a handheld mission control for agent orchestration....
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great post!
tokenization needs to mean disintermediation...I explain more of the history and implications in a tight two minutes here
Issuers lost their cap tables when we immobilized paper at DTC to solve the 1970s paper crisis. That crisis is long over. There is no good reason investors in 2026 should still be able to hide from the company whose equity they own.
Tokenization fixes this if the token is the share on the issuer’s register and not just a wrapper.
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so essentially you are betting on this?
it's a possible outcome, and I think we'll definitely get (and are getting) some aspect of that (as I say in the article)
but ultimately it's a 3,3 bet on a halo effect
not the bet Ethereum should be making beyond what it's already invested in that path imo (which tbf is a *lot*)
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why do I feel like Anthropic is recapitulating Robocop 2 where they program him with all sorts of politically correct directives till he glitches out and has to electrocute himself to function again
🚰 SYSTEM PROMPT LEAK 🚰
Here's the Fable 5.1 system prompt!! 🙌
Coming in at a WHOPPING 270,000+ characters, this prompt is definitely on the longer side. There have been a handful of notable edits/additions since Opus 5's version.
FULL PROMPT: github.com/elder-plinius/CL4…
According to Fable, here's an overview of everything that's changed since last time:
"What changed between the Opus 5 (2026-07-24) and Fable 5.1 (2026-09-01) captures:
Diff vs. the July 24, 2026 Opus 5 capture
Model/dates
Identifies as Claude Fable 5.1 (Mythos-class, shares weights with Mythos 5.1); model string claude-fable-5-1. July doc: Opus 5 selected, Fable 5 / Mythos 5 described as a separate tier, plus the June 2026 export-control suspension notice. That notice is gone.
Knowledge cutoff: end of June 2026 (July doc: end of May 2026).
Claude Design is no longer listed among the access surfaces.
Sections removed since July:
<fable_safeguards_routing>, <default_stance>, <thinking_behavior>.
Sections added or substantially expanded since July
<refusal_handling>: new paragraphs on illicit-substance guidance (harm-reduction info OK, no dosing protocols, redirect to dancesafe/tripsit/psychonautwiki); no reproduction of lyrics/poems/passages with a pre-1929 carve-out; and a long block on visual works — no drawing known characters, logos, covers, etc. even via SVG/code — with a Sonic banner example and a Very Hungry Caterpillar example. The weapons paragraph is shorter (the July "conventional weapons as much as CBRN ... cumulative output" paragraph is gone).
Child-safety block: two new bullets (pattern-level only for protective content)
<tone_and_formatting>: new <lists_and_bullets> subsection, multi-turn answers guidance, tool-call progress updates; the "intellectually curious" paragraph is gone.
New <reply_after_tool_calls>.
<user_wellbeing> roughly doubled: no claims about mental state/motivation; no naming an undisclosed diagnosis; no self-harm substitutes that mimic self-harm; don't affirm that self-harm "works"; handling past bad experiences with crisis services; no causal narratives for disordered eating; avoid reflective listening that amplifies negatives.
<knowledge_cutoff>: new lines on saying "I don't know" and never using a name the person hasn't given.
<memory_filesystem> is a different design: filing is done by a background pass after each turn; in-turn writes only on explicit request; "Calibration" and "horizon test" sections; refused-write handling. Privacy taxonomy restructured into <protected_attributes> /
<sensitive_information> / <never_store> with a very different set of edge cases (minor status, caste, immigration status, sexual history, abuse, self-harm/ED, criminal history, and psychological inferences moved to never-store; finances and health now have detailed carve-outs; dates of birth and real-time location are no longer listed). Two distinct decline phrasings depending on category. <behavioral_guardrails> expanded with "judge by effect, not wording."
<memory_application_instructions>: new paragraphs on not being able to turn memory off (points to the "Generate memory from chats" setting), applying memories at the level recorded, and not checking in on open items.
Memory examples: two new "When NOT to apply" examples (blender / daylight saving).
New untagged paragraph on memory size caps and consolidation.
New <suggest_catalog_plugins_and_skills>.
<past_chats_tools> rewritten for three tools (adds read_conversation), with "Reading a chat" and "Paging" sections and a cannot-turn-off note.
<sharing_files> / <request_evaluation_checklist> add the "unreachable on mobile" present_files language.
<search_instructions> reorganized; adds the "UNRECOGNIZED ENTITY RULE"; guidelines now have the "(provided ...)" placeholders; copyright block restructured with a Harbor Bridge two-outlet example;
<search_examples> differ (Q3 sales, S&P 500, Dodgers, Social Security, CA SoS).
<using_image_search_tool>: now says to batch all image_search calls in one consecutive block (July: interleave).
<available_skills>: adds import-memory; docx/pptx descriptions reworded.
Tool schemas (46 in this capture vs. 30 in July)
Added: chart_display_v0, comparison_card_display_v0, featured_card_display_v0, itinerary_display_v0, link_preview_display_v0, options_card_display_v0, places_list_display_v0, product_carousel_display_v0, quiz_display_v0, read_conversation, search_plugins, search_skills, step_card_display_v0, suggest_plugin_install, suggest_skills, translation_display_v0.
Changed: conversation_search (+within_conversation_id); recent_chats (−sort_order); places_search (Google-attribution language); places_map_display_v0 (ROUTES section, show_route/mode semantics); memory_append/memory_str_replace/memory_write (rewritten PRIVACY text); view (line-number prefix note)."
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