BIGJONASTY @bigjonasty - Twitter Profile

11 days ago

Well @vladtenev you have written an articulate defense of unauthorized stock tokenization. However, it’s built on a substitution that doesn't survive contact. Your case rests on three principles: investor property rights, issuer authority, and technology neutrality. Property rights: The argument is that shares in a public company are transferable personal property, and owners should be able to decide how they hold and use them. That's correct. But thats also not what's happening here. By @RobinhoodApp own description, Stock Tokens are separately issued instruments backed 1:1 by underlying shares. The person buying a token never owned the share. They cannot have exercised a property right over an asset they never held. The entity exercising property rights over those shares is Robinhood. So the investor-autonomy principle, which carries all the moral weight in the piece, applies to exactly one party in this transaction, and it isn't the retail buyer in Warsaw or Lisbon. What the buyer holds is a debt obligation of Robinhood Assets (Jersey) Limited. Not a share. Not a claim against the company on the label. If that Jersey entity fails, the holder is an unsecured creditor of an offshore issuer, standing in line; not a shareholder with a claim on a corporation's assets. "Backed 1:1" is doing a great deal of work to obscure a difference that only becomes visible on the worst day. Issuer authority: You.point to unsponsored ADRs, options, and third-party structured products as precedent for building products around a company's shares without permission. The precedent is weaker than it looks. Exchange-traded options are registered, standardized, cleared through the OCC, and live inside US securities law; the issuer doesn't consent because a comprehensive regulatory perimeter already governs the product. Unsponsored ADRs exist precisely because the underlying issuer sits outside US registration; the mechanism solves a cross-border gap rather than creating one. Neither analogy describes an unregistered offshore instrument marketed to global retail under an American company's name, in a structure that cannot be sold in the country where that company is listed and regulated. Now this is the whole argument for this principle: Robinhood blocks US retail from this product. Not because Americans don't want it; because the @SECGov has not approved a regime for it. Robinhood has built a product it cannot lawfully offer to Americans, using American companies' names, and offered it to everyone else. Every principle in your little essay here, is justification for pausing until a regulator defines the perimeter. You are arguing instead that the absence of a rule is a permission slip!! Technology neutrality: Agreed!! However, applied honestly, it convicts rather than acquits. For context: Strip the blockchain out and describe what remains: an unregistered structured product, issued offshore, referencing US equities, branded with the issuers' names, distributed to retail at scale across jurisdictions, with no issuer disclosure obligations attached. Ask whether that product clears US registration on its own merits, with no reference to the technology. Robinhood's own conduct answers the question. If the tokens are genuinely technology-neutral, they should be evaluated against the standard that would apply to their offchain equivalent; that standard is the one keeping them out of the United States.

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BIGJONASTY

@BIGJONASTY

over 1 year ago

I voted #AMC #GME

QUICKSILV3R

@quicksilv3_r

over 1 year ago

Short selling is destroying small businesses, retail investors, and market integrity. It’s time to stop the manipulation. Sign the petition and demand action. #StopMarketManipulation #ProtectRetail #FinancialJustice #amc #gme #MMTLPArmy https://t.co/kIBfX6ppJh

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BIGJONASTY retweeted

ZNO 🇺🇸 @therealZNO

about 2 years ago

Another conspiracy theory confirmed: Obama’s Arrangement—A Puppet Presidency “The Biden campaign and many Democratic officials do believe that Barack Obama is quietly working behind the scenes to orchestrate this.”