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[Stuart Alderoty @s_alderoty]

As we have said throughout, we have always felt confident about our case and with each ruling, even more so. 4/4

[Stuart Alderoty @s_alderoty]

We need to have more frank discussions about what it means to build crypto companies in the US. Thanks @caseywagnerr for the chat!

[Stuart Alderoty @s_alderoty]

Crypto lawyer PSA: Chair Gensler has again proclaimed that every cryptocurrency, except BTC, is an unregistered security. He now must recuse himself from voting on any enforcement case that raises that issue since he has prejudged the outcome. Antoniu v. SEC (8th Cir. 1989)

[Jack Solowey @JackSolowey]

U.S. regulators are in crypto crackdown mode. Some see hostility nudging crypto offshore as a feature, not a bug. But pushing crypto overseas would be a strategic mistake for U.S. hard power, tech innovation, & economic dynamism. Latest blog+🧵1/n
https://t.co/zXDl7adLca

[Stuart Alderoty @s_alderoty]

“From the lightbulb to lasers, and from semiconductors to supercomputers, America has always been a nation of invention, entrepreneurship, and innovation.” U.S. Secy. of Commerce on the CHIPS Act’s vision to reclaim America’s technological leadership

Don’t forget Subtitle H

[Susan Friedman @ss_friedman]

An exercise in futility. This isn’t going to make crypto disappear - these actions will just push activity to corners where agency oversight is nowhere near as clear.

[Stuart Alderoty @s_alderoty]

The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.

[Stuart Alderoty @s_alderoty]

To the extent that the mere will of an agency official or an agency itself
is permitted to exceed the authority granted by law, the government becomes an autocracy. Against this threat of “officialdom unchained” the “courts have always been vigilant.” Jones v. SEC (1936).

[Stuart Alderoty @s_alderoty]

Reminder that agency authority rests “on laws and regulations, not on personal beliefs or political motivations. Regulatory threats, undue pressure, coercion, and intimidation … have no place.” - 2019 FDIC statement ending Operation Chokepoint
https://t.co/cduEn0mC7S

[Stuart Alderoty @s_alderoty]

Over 40 million Americans own crypto. Most of those are between the ages of 18-34 and are demographically and racially diverse. That’s a lot of votes. Gary Gensler is a political liability.

[Stuart Alderoty @s_alderoty]

A metaphor?
Skiers vs Snowboarders in 1985 https://t.co/sWwQT1ymGU via @YouTube

[Stuart Alderoty @s_alderoty]

Today's US crypto-related doomscrolling aside...here are some positive updates elsewhere in the world.

[Stuart Alderoty @s_alderoty]

Just released photo of SEC’s misguided case following two years of Ripple’s relentless defense.

[Stuart Alderoty @s_alderoty]

Wait, it’s not April Fool’s today?! Adding this to the list of the most ludicrous things I’ve read in a long time (that the US should ban crypto to be more like China…) https://t.co/VqdCaKmlkD

[Stuart Alderoty @s_alderoty]

What a punchline: “The SEC not only has expanded its regulatory reach far beyond its legal authority; it has morphed from an umpire objectively enforcing the rule of law to an economic policy maker dictating how the economy will operate.”
(paywall) https://t.co/AANvesH9dB

[Stuart Alderoty @s_alderoty]

I also heard about Bitzlato for the first time today, but (despite the funny memes) the DOJ's action makes clear that they will prosecute those who exploit the crypto ecosystem to commit crypto crimes. That's good policy.

[Stuart Alderoty @s_alderoty]

No matter how you dissect it, the experts agree -- the outcome of the Ripple case will likely have a significant impact on crypto's future in the US.

[Stuart Alderoty @s_alderoty]

I laid out a few thoughts today in @FortuneMagazine on the need for congressional oversight of the SEC after the recent collapses of BlockFi and FTX (among others): https://t.co/Z91Hk48fsc

[Stuart Alderoty @s_alderoty]

Even if true, this only shows that the SEC’s unelected bureaucrats believe they have unchecked power to issue indiscriminate closed door edicts under pain of punishment to those who don’t blindly obey. We have crossed from regulation by enforcement to hubris most foul.

[Stuart Alderoty @s_alderoty]

The SEC admits that FTX customer assets were used to bail out BlockFi. Were those customer assets funneled to the SEC to make payments on the $100 million SEC/BlockFi settlement? Did the SEC bother to conduct any due diligence on the source of those funds?