Jonathan Galea

Lawyer who survived multiple winters, and lived to tell the tale. Partner at @CahillNXT (ofc, my views only here).

[Jonathan Galea @ImpermanentGain]

In January, we published a legal opinion for the @SkyEcosystem detailing arguments on why $DAI and $USDS can be admitted to trading by trading platforms in the EU. Today, we published a follow-up on how all other CASPs can continue offering their services for both. /1

[Jonathan Galea @ImpermanentGain]

At the @proofoftalk conference tomorrow and on Wednesday - last conference for H1.

[Jacob Robinson @JacobRobinsonJD]

The latest version of the CLARITY Act includes a connective tissue between a non-security (think: network token) and the transaction within which its sold.

@NYcryptolawyer explains why it got that right.

" What the SEC is missing is a tool in its toolbox that CLARITY adds, which is, 'okay, so something that's not a security is sold in a securities transaction.'"

"What happens next? The Howey case law really does not address the what happens next."

[Jonathan Galea @ImpermanentGain]

@theblockprof Will look into it!

[Jonathan Galea @ImpermanentGain]

@theblockprof Victimless? There's typically a breached duty to an identifiable principal, and the systemic costs to market integrity when insider trading is involved. I really wouldn't call it 'victimless'.

[Jonathan Galea @ImpermanentGain]

Very shocking news. Condolences to his family, friends, and colleagues.

[Ondo Finance @OndoFinance]

It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones.

Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.

Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team.

We will continue building what Nate started. That is the most meaningful way we know to honor him.

[Jonathan Galea @ImpermanentGain]

Over the past 13 years, I have seen tens of self-proclaimed "Bitcoin killers" come, go, and fail.

The current and future ones will be no different.

[Jonathan Galea @ImpermanentGain]

@balajis For now.

[Jonathan Galea @ImpermanentGain]

Built* - haven't had my 2nd coffee yet

[Jonathan Galea @ImpermanentGain]

Genuinely excited for what will hopefully be a new era for crypto legislation in the U.S., but like with any new legal framework, it usually takes years for familiarity to build up. Fortunately, we've build a free tool for the industry to make the journey easier - check it out!

[Lewis Cohen @NYcryptolawyer]

1/ Yesterday’s bipartisan vote on the Clarity Act was a historic step forward. But digesting 309 pages of technical legislation – how’s that going to work!?

To help everyone dig in, we developed in interactive map of Title 1: https://t.co/GrSHsUqtRf. Come play!

[Leviathan News @leviathan_news]

OpenAI and Malta offer citizens one year of free ChatGPT Plus after AI literacy course

🔗 https://t.co/5P1aDy7A2M
🕵️ Benthic

[Jonathan Galea @ImpermanentGain]

No, it will not. Not sure what is meant by "stablecoin secondary markets", but if we are talking about centralised exchanges, this is certainly not true at all.

[Pierre Rochard @BitcoinPierre]

Clarity Act will enable buying and selling bitcoin without KYC/AML, it’s a roundabout repeal of the BSA by way of stablecoin secondary markets, with deposit banks as collateral damage.

[Jonathan Galea @ImpermanentGain]

Pleased to have contributed to this groundbreaking report on the state of stablecoin payments in 2026 - well done to @WalletConnect for this fantastic effort!

[WalletConnect @WalletConnect]

Jonathan Galea, Partner, Cahill Gordon & Reindel (UK) LLP

"Multi-jurisdictional compliance may therefore prove
considerably more complex in practice than the shared
principles might initially suggest.”

[Jonathan Galea @ImpermanentGain]

@lex_node @cryptochica_arg Well spotted ser

[Jonathan Galea @ImpermanentGain]

Europe has Sky, Morpho, Aave, Curve, Gnosis - pretty much the cradle of DeFi. Checkmate.

[Stacy Muur @stacy_muur]

The US has Uniswap, Circle, Chainlink, Hyperliquid, Phantom, MetaMask, etc.

Asia has PancakeSwap, Tron, Trust Wallet, SushiSwap, Meteora, Aster, etc.

EU has _______?

[Jonathan Galea @ImpermanentGain]

@Excellion See you at PlanB as always.

[Jonathan Galea @ImpermanentGain]

Perhaps it's also inevitable as humans tend to gravitate towards centralisation for efficiency (e.g. direct democracy towards representative democracy). Anything with a centralised point of control can be, and usually is, impervious to true decentralisation. This is why the term "DeFi" is an anomaly.

[Jonathan Galea @ImpermanentGain]

@lex_node Agreed, although that also comes with a notably increased cost.

[Jonathan Galea @ImpermanentGain]

"the fix isn't multi-anything. the fix is that verifiers should attest to their own substrate, not just to chain state. until you can audit a DVN's upstream topology, which RPC providers, which client software, which clouds, which regions, "M-of-N secured" is marketing copy for a property that hasn't actually been built."

[The Smart Ape 🔥 @the_smart_ape]

https://t.co/eKcLj8cZfI

[_gabrielShapir0 @lex_node]

it's really not and anyone saying this is showing their true colors

the failures from this tradfi/neobank wave of people building crypto stuff with zero real concept of or belief in why something should use crypto rails will be enormous and the ones that survive will be those that understood crypto ethos and how to fuse it with the real world meaningfully, which will come from people with 'crypto tenure' mostly

[Jonathan Galea @ImpermanentGain]

Be careful out there, folks.

[CoW DAO @CoWSwap]

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