Noah Axler

General Counsel | @injectivelabs | Tweets are not legal or investment advice.

[Noah Axler @noahaxler]

My thanks to @TheDRC_ for its work on this letter and the opportunity to join in supporting it.

[Decentralization Research Center @TheDRC_]

The industry has made it clear: effective blockchain policy must incentivize decentralization.

DRC and 50 other leading stakeholders in the crypto industry just delivered a joint letter to @SpeakerJohnson, @RepJeffries, @LeaderJohnThune, and @SenSchumer in support of the CLARITY Act’s robust, control-based decentralization test for digital assets. This is the largest coalition of organizations in agreement on a particular test for decentralization.

The CLARITY Act establishes a much-needed standard for evaluating when a digital asset has met a threshold to justify its transition from security to commodity — an essential step for effective market structure legislation.

We look forward to engaging further to ensure that blockchain legislation supports decentralization, responsible innovation, and consumer protection to further establish U.S. leadership in blockchain technology.

Want to add your voice? DM us to join the coalition in support of decentralization.

Thank you to our co-signers: @1kxnetwork, @AleoHQ, @alongsidefi, @a16z, @aragon_fdn, @aztecnetwork, @bcap, Bright Point Law, Brookwood PC, @buidlbox, @ProgressChamber, @Consensys, Cowrie, @crypto_council, @daylightenergy, @Delphi_Ventures, @DLxLawPLLC, @dragonfly_xyz, @ElectricCapital, @EspressoSys, @Etherealize_io, @farcaster_xyz, @gensynai, @HallidayHQ, @HaunVentures, @injective, @interchain_io, @axelar, @LayerZero_Core, @LeXpunK_Army, @LidoFinance, @the_matter_labs, @merit_systems, @MetaLeX_Labs, @Mysten_Labs, @NEARFoundation, @OPLabsPBC, @Optimism, @proximityfi, @apublicstate, @Sei_FND, @Sei_Labs, @SkyMavisHQ, @storyprotocol, @syndicateio, @tallyxyz, @graphprotocol, @deptvc, Varia Law, and @xmtp_

[Dan Spuller @DanSpuller]

At this week’s #InjectiveSummit2025, I joined @NYDFS Deputy Superintendent John Melican for a fireside chat — a timely and thoughtful discussion on trust charters, tokenization, stablecoins, and the evolving regulatory landscape for digital assets.

It was a full-circle moment for me. Nearly a decade ago — following 16 months of deliberations between 2014 and 2016 — I worked during my tenure at @NCCommerce and the Office of the Commissioner of Banks to help negotiate and shape the North Carolina Money Transmitters Act of 2016, defining “virtual currency,” clarifying licensure requirements, and securing key exemptions for miners, colored coins, smart contract platforms, software developers, and non-custodial wallet providers.

Thank you to @injective for convening an extraordinary summit — and to John for joining me on stage for this important dialogue.

Special thanks to @ericinjective @noahaxler @mirza @cooper_emmons @YaeSul_ @XinranXu1 $INJ @bangjelkoski

[Noah Axler @noahaxler]

I'm looking forward to my conversation with @summermersinger, CEO of @BlockchainAssn!

[Summer Mersinger @SummerMersinger]

4/ I’m then taking the stage with @Injective GC @NoahAxler for a conversation on Blockchain Association, our member priorities, and what’s next for the industry in DC.

https://t.co/vPqsEyYdLp

[Noah Axler @noahaxler]

As the year ends, I want to say how grateful I am for my wonderful colleagues at @InjectiveLabs. Looking forward to supporting them in 2024, as they continue to build great technology!

[Noah Axler @noahaxler]

@MarcGoldich @stephendpalley Uggh

[Noah Axler @noahaxler]

@g_co Finally, someone who understands this phrase. Although usage may have trumped accuracy at this point.

[Noah Axler @noahaxler]

This is a good overview of how Credit Suisse went wrong. Another lesson in the volatility of 21st Century TradFi: CS was around since 1856 and, key point, was considered to be among the strongest banks coming out of the 2008 crisis.
https://t.co/qJXaGKHyGi

[Noah Axler @noahaxler]

These two situations don't look comparable to me in any useful sense.

[Noah Axler @noahaxler]

I've seen some respected publications comparing SVB to Lehman. I'm going solely by memory here but I recall Lehman used 30x leverage to increase trading profits, had to refi nightly in the repo market just to survive, and was carrying lots of the "bad" mbs on its balance sheet.

[Noah Axler @noahaxler]

SVB, according to the same publications, was invested in long term treasuries and mortgage bonds with near zero credit risk. SVB simply failed to manage the interest rate risk as rising rates eroded the value of these investments.

[Noah Axler @noahaxler]

Good overview from @lex_node, only point I'd add is that, if SEC has had a lot of investigations pending for a while (likely), then a group of Wells Notices could go out around the same time. Not likely, but possible.

[_gabrielShapir0 @lex_node]

quick legal PSA--

a Wells Notice is typically the culmination of a long SEC investigation, is final step before lawsuit and takes significant time/effort to prep

it seems incredibly unlikely that there is a wave of Wells Notices all at once

be a bit skeptical of rumors

[_gabrielShapir0 @lex_node]

quick legal PSA--

a Wells Notice is typically the culmination of a long SEC investigation, is final step before lawsuit and takes significant time/effort to prep

it seems incredibly unlikely that there is a wave of Wells Notices all at once

be a bit skeptical of rumors

[_gabrielShapir0 @lex_node]

big moment tomorrow in the @LBRYcom case ; learn the stakes from @NYcryptolawyer here 👇

[Noah Axler @noahaxler]

The lawsuits filed in the wake of FTX's collapse are adding to a growing list of private civil litigation in crypto. Law will be made in these cases. It isn't just regulators who will determine the law through enforcement. And not all of the rulings will be consistent.

[Noah Axler @noahaxler]

Excellent advocacy here. Ooki DAO litigation promises to address whether smart contracts + governance can constitute a legal entity for liability purposes. CFTC says "yes" but @LeXpunK_Army explains why CFTC is mistaken.

[LeXpunK_Army @LeXpunK_Army]

We are proud to be represented by our venerable elite white-shoe attorney @DumbApe69420 , Esquire

And ofc the somewhat more rough-around-the-edges @stephendpalley 🤣

[Noah Axler @noahaxler]

So the decision came before end of day, not end of year.

[LBRY 🚀 @LBRYcom]

The full ruling in the SEC vs LBRY case can be read here.

The language used here sets an extraordinarily dangerous precedent that makes every cryptocurrency in the US a security, including Ethereum.

https://t.co/plLZuzBRpO

[Noah Axler @noahaxler]

This is worth reading to understand how a federal judge actually attempts to apply the Howey test to a token and the arguments made by the SEC in real time in court. There may be a decision on this by end of year.

[LBRY 🚀 @LBRYcom]

The SEC vs LBRY transcript is now public, so we've published it to LBRY:

https://t.co/6zVzkrL48i

We're re-rereading it now and will highlight some parts in the replies as we do so.

[𝙼𝚊𝚛𝚌 𝗚𝗼𝗹𝗱𝗶𝗰𝗵 @MarcGoldich]

Much respect to Gabe for making this available. This is vitally important for crypto communities to know about.

[Noah Axler @noahaxler]

Interesting development here

[LeXpunK_Army @LeXpunK_Army]

@LeXpunK_Army has been graciously granted leave to submit an amicus brief in the CFTC v. Ooki DAO case on the issue of the CFTC's methods of service of process.

The Court is also viewing this as a motion for reconsideration of the CFTC's prior motion.

[Noah Axler @noahaxler]

Congratulations to @stephendpalley and the group!