Jason Berkun

Attorney @CarltonFields

[Jason Berkun @JasonBerkun]

Here is some help. Today, I submitted a letter to @SECGov on a workable decentralization framework for examining the sale of digital assets that may not be investment contracts under SEC authority.

This would provide needed regulatory clarity to grow the blockchain industry.

[Hester Peirce @HesterPeirce]

People have been telling me for years – “There's too much confusion. I can't get no relief.” We’re on a journey to fix that, but we need your help: https://t.co/qe3vNZRb9i

[Jason Berkun @JasonBerkun]

@MattFiebach SIPC protection is huge

[Jason Berkun @JasonBerkun]

Is a wager on a prediction market considered a "swap" under the Commodity Echange Act? Now it is no longer a civil question.

Soldier Used Classified Information to Bet on Maduro’s Ouster, U.S. Says https://t.co/Ul8NaTdYEK

[Jason Berkun @JasonBerkun]

@joeshoeth This interpretation looks like a road map to disaster.

Issuers may raise money through ambiguous, but plausible promises of investors expecting to profit - and a court may reject any reliance on the SEC's interpretation, finding it inconsistent with the law.

[Jason Berkun @JasonBerkun]

@david_r_barrera What's also interesting is that if a crypto asset represents a digital security, the crypto asset is a security. But if a crypto asset represents an investment contract, the crypto asset is not a security. It's a distinction without a difference.

[David Barrera @david_r_barrera]

Incredible mental gymnastics here to say that the token is not a security but that selling the token is a securities transaction. If a sale of an instrument is a securities transaction, by definition and logical necessity the instrument is a security. But fine if they insist on saying it is not a security because it makes them feel better. The result is the same anyway.

[John Carreyrou @JohnCarreyrou]

The mystery of Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, has remained unsolved for 17 years. Not anymore. Read my 18-month investigation to find out who Satoshi really is. https://t.co/fPtaK6YHJC

[Jason Berkun @JasonBerkun]

@_ayanadow @fund_defi Excellent work! I previously wrote a paper on why DEXs likely don't qualify as securities exchanges and agree with your points.

Glad to see the DeFi Fund moving the ball on this issue.

[Jason Berkun @JasonBerkun]

@propelforward @larryflorio When would the official announcement typically be public?

[Gavin Newsom @GavinNewsom]

No new funding.

Kristi Noem must RESIGN.

Greg Bovino must be FIRED.

Suspend the LAWLESS mass deportation raids nationwide NOW — ICE is no longer just deporting dangerous criminals.

Send the border patrol back to the border.

End the militarization of ICE + the sick racial profiling.

End the perverse cash incentives that are bounties to perpetrate Trump’s cruel agenda.

Require thorough, real background checks for everyone, and 2+ years of training before even setting foot in the field.

INVESTIGATE and PROSECUTE every single federal agent who is breaking the law.

[Jason Gottlieb @ohaiom]

@SenSchumer You have the power. No government funding until ICE disbands.

Don’t fund a fascist occupation with our tax dollars!

[Jason Berkun @JasonBerkun]

@david_r_barrera Sorry for not responding. I ended up writing a class paper on this: https://t.co/0tJDFMmpO4

[Jason Berkun @JasonBerkun]

@JacobRobinsonJD Congrats!!

[Jason Berkun @JasonBerkun]

@jchervinsky @Citadel The better interpretation of the definition of an exchange (imo) is that it does not apply to decentralized exchanges. This is what I argued in my paper below 👇

https://t.co/0tJDFMmXDC

[Jason Berkun @JasonBerkun]

@theblockprof @Citadel If you want arguments on why a decentralized exchange does not meet the definition of a securities exchange, read my paper!

https://t.co/0tJDFMmXDC

[Jason Berkun @JasonBerkun]

@KhurramDara Amherst is a great place to grow up. Go flames!

[Jason Berkun @JasonBerkun]

@amandalfischer What section of the Clarity Act says that?

[Jason Berkun @JasonBerkun]

Nasdaq Looking to Unveil Tokenized Trading Platform Next Year: Will the SEC Approve? | Carlton Fields https://t.co/jDFXQvz8jy

[Jason Berkun @JasonBerkun]

@david_r_barrera Feels like their new "taxonomy" goes out the window when the SEC wants to maintain jurisdiction over securities fraud

[Ignas | DeFi @DefiIgnas]

Uniswap fee switch proposal is killing the decentralized DAO model.

Uniswap foundation activities move to Uniswap Labs, meaning...

...decision power moves from a non-profit organization governed by $UNI holders to a Delaware centralized corporation.

- Most Foundation employees move to Uniswap Labs
- The Foundation only keeps a tiny grants team
- After the remaining ~$100M grants are deployed, the Foundation shuts down

Thus $UNI token is no longer a DAO token but a token purely valued by buybacks/fees Uniswap will be able to generate.

It's not a criticism but admitting the facts that:

- The DAO model was indeed just pretending decentralization due to regulatory struggles
- DAOs are inefficient at governing and allocating resources

----

Uniswap isn't the first to do it either:

- Scroll fully shuts down the DAO and moved to centralized governance

- Arbitrum's "Vision for the Future" moves many decisions to the core group of Arbitrum Foundation and Offchain Labs to 'fix inefficiencies'

- Optimism Season 8 centralizes power by moving real decisions to curated stakeholder groups and councils while tokenholders only keep veto rights

- Lido’s BORG model centralizes execution into legal foundations run by appointed directors while the DAO only sets high level direction

-----

The famous a16z "Progressive Decentralization" model of finding PMF and exiting to the community for sufficient decentralization is dying.

Or it was just simply pretending in the first place.

[Jason Berkun @JasonBerkun]

If the Uniswap Foundation has reached the decision to become the de facto governing body of Uniswap, as is seemingly planned, it sure casts doubt on whether protocol layer decentralization is attainable.

Also raises doubts on the whole purpose of market structure legislation.

[Ignas | DeFi @DefiIgnas]

Uniswap fee switch proposal is killing the decentralized DAO model.

Uniswap foundation activities move to Uniswap Labs, meaning...

...decision power moves from a non-profit organization governed by $UNI holders to a Delaware centralized corporation.

- Most Foundation employees move to Uniswap Labs
- The Foundation only keeps a tiny grants team
- After the remaining ~$100M grants are deployed, the Foundation shuts down

Thus $UNI token is no longer a DAO token but a token purely valued by buybacks/fees Uniswap will be able to generate.

It's not a criticism but admitting the facts that:

- The DAO model was indeed just pretending decentralization due to regulatory struggles
- DAOs are inefficient at governing and allocating resources

----

Uniswap isn't the first to do it either:

- Scroll fully shuts down the DAO and moved to centralized governance

- Arbitrum's "Vision for the Future" moves many decisions to the core group of Arbitrum Foundation and Offchain Labs to 'fix inefficiencies'

- Optimism Season 8 centralizes power by moving real decisions to curated stakeholder groups and councils while tokenholders only keep veto rights

- Lido’s BORG model centralizes execution into legal foundations run by appointed directors while the DAO only sets high level direction

-----

The famous a16z "Progressive Decentralization" model of finding PMF and exiting to the community for sufficient decentralization is dying.

Or it was just simply pretending in the first place.