Ben Far

Co-Founder

[Ben Far @ben0far]

The original AI-agent-crypto thesis

[Dinis Guarda @dinisguarda]

Must read:
“How #crypto-enabled #AI will transform our #economy and what policymakers should do today”
by Ben Fargher
https://t.co/wnElc7tO6p

[Ben Far @ben0far]

@0xMasonH @pronounced_kyle 😂

[Ben Far @ben0far]

@dangtony98 Yes been doing this and a bunch of other things too

[Ben Far @ben0far]

@DataChaz I dont get it @DataChaz ?

[Ben Far @ben0far]

Anyone else finding Codex to be >>> Claude atm? Claude is making tons of mistakes and missing things that Codex catches.

[Ben Far @ben0far]

@chinyich Your website is beautiful

[Ben Far @ben0far]

Opus 4.7 gets tired

[Ben Far @ben0far]

@RyanSAdams Lol this was obvious the moment L2s became a thing

[Ben Far @ben0far]

Prediction markets make more unlikely things likelier

[Ben Far @ben0far]

@samthekorean V. cool. Sent you a DM.

[Ben Far @ben0far]

@BullTheoryio Haven’t thought it through too deeply, but my initial reaction is that this should mean more demand for cyber companies, not less. Companies need to spend more to ensure they’re secure.

[Ben Far @ben0far]

@levie 100%

[Ben Far @ben0far]

@JimBWise @vchennai2 Yup

[Ben Far @ben0far]

@shiftj Third parties can still request this from their vendors if they want > But real diligence is still better than outsourced reassurance.

Classic approach:
> security teams did their own due diligence
> they were responsible for the outcome
> sellers had to pass those checks

[Ben Far @ben0far]

You misunderstand what a SOC2 is designed to do.

A SOC2 doesn’t mean the company is secure. It means that, to a reasonable level of assurance, the description of the system is accurate and the control objectives as stated in the report are met.

The point of the report is to give assurance to third parties on the system of control, not on the applications/databases themselves. That would require a different kind of opinion.

[Ben Far @ben0far]

Building on this, I think there will be both structured and fuzzy APIs.

Structured APIs for transactions, like booking the hotel. Fuzzy APIs for agent-to-agent queries, like finding out the conditions under which a booking is refundable.

You don't want your agent reading 20m tokens of internal company policy. It just needs an endpoint where it can ask the company's agent which already has the context.

[Ben Far @ben0far]

@0xshawnpang Very nice article dude.

[Ben Far @ben0far]

It took 8 years from my feb 2018 article to now, to define what cryptoassets are.

[RYAN SΞAN ADAMS - rsa.eth 🦄 @RyanSAdams]

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.

[Ben Far @ben0far]

@AndrewYNg I’m building the risk version of this at https://t.co/pRGRc8HROb

[Ben Far @ben0far]

@AdamNisman2 @PredictParity @Kalshi @Polymarket @cryptocom @opinionlabsxyz @trylimitless @IBKR Appreciate the breakdown

[Ben Far @ben0far]

@TFTC21 SIG / CME investing in Blockfills' equity on a venture basis is different to an institution assessing Blockfill's for counterparty risk.

RE: Susquehanna and CME Ventures did their due diligence and still got it wrong. If they can't assess counterparty risk in this market