"Build for the agent six months from now. Not the agent today."
@kaiynne sat down with @RobertSagurton to talk about how the old world doesn't exist anymore, and what it takes to build for the new one.
THEY DID IT.
The SEC and CFTC just dropped a landmark document that officially classifies crypto assets.
They're actually telling us which crypto assets are securities and which ones aren't - by name!
THIS IS SOMETHING GENSLER REFUSED TO DO
(he focused on prosecuting crypto out of existence)
This rule doc gives crypto many of the benefits of the clarity bill - it lifts us out of the gray market - it gives every asset a path.
It's almost like the Clarity act just passed by way of regulator.
(of course, the actual clarity act will harden all this into legislation and make it irreversible in the event we get another Gensler, we still want it)
This rule says there's 5 categories for crypto assets:
1) Digital Commodities - assets tied to a functional, decentralized crypto system (e.g., BTC, ETH, SOL, XRP, ADA, DOGE). Not securities. (yes, they name them on page 14)
2) Digital Collectibles - NFTs, meme coins, artwork tokens, in-game items. Not securities (fractionalized collectibles may be an exception).
3) Digital Tools - membership tokens, credentials, domain names (e.g., ENS). Not securities.
4) Stablecoins - payment stablecoins under the GENIUS Act are not securities. Other stablecoins, it depends.
5) Digital Securities - tokenized versions of traditional securities. Like tokenized stocks. Always securities.
Amazing! This makes so much sense I can't believe it's coming from a regulator.
No more enforcement threats to Ethereum developers and crypto exchanges.
How about the Howey test?
More common sense! If an issuer makes specific promises of managerial efforts from which buyers expect profits, the offering is a security until those promises are fulfilled. Then it's a commodity. The asset itself was never the security, the deal around it was. (E.g. XRP was a security pre launch, became a commodity after).
How about stuff like staking and mining?
Mining? Not a securities transaction.
Staking? Also not a securities transaction, that includes custodial and liquid staking even with LSTs!
How about wrapping BTC? Not a securities transaction.
Airdrops? NOT SECURITIES. NO MORE GEO BANS PROTECTING AMERICANS from free airdrops.
Remember this is a joint doc from the SEC and CFTC, They're actually cooperating on this, no internal strife, this is binding to both.
SEC regulates $80-100 trillion assets
CFTC regulates $5-10 trillion assets
Both of the world's largest capital markets are showing us that crypto assets are here to stay and they're welcome alongside traditional assets.
Every country will follow.
This is the biggest move toward legitimacy I've seen in all my time in crypto. Maybe bigger than the genius act since is covers all crypto assets.
Well done @MichaelSelig and @SECPaulSAtkins.
And especially well done to the indefatigable @HesterPeirce. Her fingerprints are all over this, couldn't have happened without her eight years of principles-based curiosity.
Recently @kaiynne sat down with @VirtualBacon to talk about why the altcoin market is structurally broken, how agentic loops are changing everything, and why Infinex is building for a world where your agent manages your crypto.
Full interview and 🧵↓
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defi yields are so far only a function of defi leverage, which is a comparatively small market
to escape itself and have competitive yields, protocols need to RECREATE high yielding tradfi endogenously in DeFi
a few teams come to mind like @eth_strategy :)
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ICYMI: The case for a crypto super app in a multi-chain world
In this episode of The White Papers, @Timccopeland sits down with Kain Warwick (@kaiynne) to discuss @infinex and why crypto needs a non-custodial super app to finally make onchain products as easy to use as centralized exchanges.
00:00 – Introduction
01:48 – What Is Infinex
02:18 – Wallets vs Super Apps
04:15 – Why Super Apps Matter
06:08 – Conviction Behind Infinex
08:55 – Building the Architecture
11:46 – Can Onchain Win
16:02 – Centralization Tradeoffs
32:27 – Token Launch Breakdown
40:07 – Roadmap & Closing Remarks
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