The hits keep coming and they don't stop coming.
Looks like @ChairmanSelig’s January remarks on leveraged crypto trading and August vision for a @CFTC crypto market structure are coming to life.
Let's go!
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January remarks: cftc.gov/PressRoom/SpeechesT…
August remarks: cftc.gov/PressRoom/SpeechesT…
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Apparently harmonization extends to the morning release schedule too.
This is a meaningful expansion of the @phantom framework. Similarly situated software providers now have a path to operate in, subject to clear conditions.
Thank you to @ChairmanSelig and the @CFTC staff. nitter.net/SolanaInstitute/status…
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Promises made, promises kept.
Grateful to @SECGov for moving quickly to deliver a real pathway for securities trading on public, permissionless blockchains.
Thank you to @SECPaulSAtkins, @HesterPeirce, the Task Force, and SEC staff for getting this across the finish line.
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Patrick Wilson retweeted
I was in the room for the vote, and it was disappointing to watch live.
One way or another, we will get clarity for crypto. I look forward to working with Congress and the agencies to find the path forward.
Our work isn’t done.
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It was clear from the conversation with @passalacqua_mj that the CFTC is ready to roll. Tomorrow, we’ll see if the Senate gets this train moving!
Great sharing the stage with @pmwnyc to discuss the @CFTC’s work on crypto, AI, & prediction markets. As @ChairmanSelig often says, the U.S. must lead in this new frontier of finance.
Tomorrow, the Senate can take an important step toward securing that leadership 🇺🇸
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Patrick Wilson retweeted
Today, @fund_defi and @SolanaInstitute submitted comments to @FinCENnews on its proposed GENIUS Act customer identification rules. Our main message: CIP obligations should not apply to DeFi, decentralized blockchain infrastructure, or peer-to-peer crypto users. The GENIUS Act should not be implemented in a way that imports the same problems (and unnecessary friction inherent in traditional financial intermediaries) onto decentralized, non-custodial systems. The final rule should preserve clear protections for self-custody, secondary-market activity, validators, protocols, and other non-custodial infrastructure.
We will continue to push to ensure GENIUS Act implementation protects decentralized blockchain infrastructure and crypto users.
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Patrick Wilson retweeted
After years of uncertainty, @secgov has proposed a workable path for crypto projects to raise capital and launch tokens in the U.S., along with a clear regime that protects investors. We look forward to engaging.
🚨 TODAY: The SEC proposed new rules, “Regulation Crypto Assets,” that would create a clear and fit-for-purpose framework for certain investment contracts involving crypto assets.
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Patrick Wilson retweeted
We’re disappointed that tomorrow’s @SECGov open meeting has been canceled.
We look forward to the Commission moving quickly to take up this important work and help provide a path for builders to launch and grow their projects in the U.S.
🚨NEW: The @SECGov is cancelling its planned open meeting tomorrow due to a scheduling conflict.
Per a spokesperson: “The SEC is committed to delivering on the President’s agenda to bring certainty to the crypto space. Due to an unforeseen scheduling issue, tomorrow’s Open Meeting will be moved to a later date.”
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Patrick Wilson retweeted
So not only do these op ed authors not know how decentralized networks work (not at all like publicly traded centralized company eBay), they also didn’t read the Clarity Act / are just misrepresenting its provisions.
The opening line of this op-ed: “Congress often passes legislation riddled with policy land mines because the Members don’t want to do the hard work of defusing them.”
WSJ notes the bill has promise (regulatory clarity, customer protections etc) and then dives into the problems
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Patrick Wilson retweeted
Our message - loud and clear: Pass Clarity. Give industry the rules of the road so it can LEAD the way in digital assets!
In this final week before recess, we urge the Senate to pass the Clarity Act and give Americans a clear, workable framework for digital assets. Read more about what's at stake in today's @WashingtonPost.
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Patrick Wilson retweeted
1/ We're calling on Senate leadership: schedule a floor vote on the Clarity Act ahead of August recess. American builders, institutions, and consumers are waiting for the certainty that only passage can deliver.
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The specific intent to derail this bill is well documented at this point.
This is not a constructive or serious proposal from these groups, and it actually shows their hand: they want every software developer to be treated like a financial intermediary even when that isn’t what they are/ the technology is doing. Countless hours have been spent working with law enforcement groups to address their concerns and make it clear what Clarity Act does and does not do, and the response to that hard work appears to be an 11th hour DOA “offer” via press release. This is not what good faith looks like.
We remain available to work productively with lawmakers and stakeholders who actually want to do so.
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Patrick Wilson retweeted
Grateful to @NBCIBlackChurch—150,000 African American and Latino faith communities, 27.7 million members—for backing Clarity and rules that protect consumers from fraud while allowing responsible innovation to serve communities too often excluded from traditional finance.
The National Black Church Initiative (NBCI) is urging the United States Senate to pass the Clarity Act before the August recess, emphasizing the need for clear federal regulations that promote innovation while protecting consumers, businesses, and communities.
NBCI believes responsible public policy should encourage technological advancement while ensuring fairness, transparency, and equal opportunity for all Americans. As our nation continues to shape the future of digital innovation, timely legislative action is essential.
Read the full press release: einpresswire.com/article/929…
Support NBCI: tinyurl.com/bddajfv2
Learn more about NBCI: naltblackchurch.com/
linktr.ee/naltblackchurchini
#NBCI #ClarityAct #USSenate #Innovation #TechnologyPolicy #ConsumerProtection #DigitalInnovation #PublicPolicy #FaithInAction #SocialJustice
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So much for the claim that Clarity protects criminals.
The facts are winning. Pass Clarity.
A critical endorsement for the Clarity Act: the Fraternal Order of Police is supporting the bill.
Clarity strengthens the fight against illicit finance while preserving the tools law enforcement needs to investigate and prosecute crime.
Protect consumers. Protect developers. Support law enforcement. Pass Clarity.
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Patrick Wilson retweeted
I've been loudly pushing back on the corp-chain FUD that MEV makes permissionless networks un-useable for traditional fin'l tx's. My article in @traders_tweets today lays out the full rebuttal. Open networks have won out every time; they'll win again now.
tradersmagazine.com/flashbac…
Made with AI
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Patrick Wilson retweeted
1/ The updated Clarity Act text is here, reflecting a tremendous amount of work to get the details right. It creates new consumer protections, new tools for law enforcement, and most critically, it protects software developers, filling the gaps that exist in law today.
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Patrick Wilson retweeted
Literally nobody is as good at this as @KristinSmith as we run through the tape
Developers believe in her leadership, members and staff seek her counsel, the anti-crypto army fears her, and she is a joy and a delight to have as a friend and mentor
Win or lose, we are at the precipice of the unprecedented because of the work of an unchosen few who put in the countless hours, untold effort, personal risk, and substantial capital to build things like @SolanaInstitute @BlockchainAssn and @AIPLeads
@KristinSmith is one of those few
We should count ourselves lucky she is
We have come so far with this legislation since the House passed the Clarity Act a year ago. There has been a lot of bipartisan input, and it is the best, most comprehensive language we have seen. - @KristinSmith on with @MariaBartiromo
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DOJ isn't opposed to the Clarity Act. It already said Clarity doesn’t restrict its ability to prosecute crypto crime.
But as the saying goes, when you’re a hammer everything’s a nail, and when you’re trying to kill Clarity everything’s money laundering.
@amandatums lays it out
This story gets DOJ’s position wrong, gets Section 1960 wrong, and gets both Senator Cortez Masto’s amendment and the Grassley compromise wrong. I’d be impressed if it wasn’t so disappointing to see more unsupported anti-Clarity reporting.
Putting aside the fact that @BrendanPedersen does not include recent, directly-on-point, publicly reported DOJ statements from June 23 saying the exact opposite of the supposed DOJ email cited here (see below), the bigger issue is that the article and the DOJ statements cited within do not accurately cite the criminal code.
Money laundering is prohibited in 18 USC 1956 and 1957; operating an unlicensed money transmitting business is covered in 18 USC 1960. The BRCA clarifies the application of “money transmitting” for the BSA and 1960 and says nothing at all about money laundering or 1956 or 1957.
Further breakdown in replies
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