BusterFriendly

working to patch the legal process

[BusterFriendly @busterFrenly]

@wslyvh It’s Circle

[BusterFriendly @busterFrenly]

@Deliver8tor @lex_node To be fair to Cravath here, there needs to still be an application of the MT definition to the facts. The MT test looks to find “acceptance” and “transmittal”. The DApps section doesn’t provide an application of the test and isn’t useful for comparison to TC

[BusterFriendly @busterFrenly]

@DeFiDefenseLaw Yep, it was intentional and explained in the books

[BusterFriendly @busterFrenly]

@MattCorva Nice job, more attention needs to be paid to the service provider relationship between stakers and the network. Fees for services rendered, it’s not complicated.

[CryptoLaw @CryptoLawUS]

Crypto on the Offense: Radical SEC Faces Pushback https://t.co/FejJRMhtfo

[BusterFriendly @busterFrenly]

@lex_node The connection to Rule 3a-4 is also brilliant. Non-discretionary programs shouldn’t trigger securities registration obligations. This is key IMO.

[BusterFriendly @busterFrenly]

@michaelselig Not sure this is right. Wasn’t the focus for wLuna on the underlying asset being an investment contract. Wrapped ETH would need ETH to be an alleged investment contract first.

[BusterFriendly @busterFrenly]

@milesjennings @BrianQuintenz @a16zcrypto I’m not sure that the details add up but it certainly makes sense in principle. How can we have constructive conversations based on these common ground objectives with regulators?

[BusterFriendly @busterFrenly]

@lex_node @avi_eisen Seems to me that the SEC is really running with the embodiment theory (i.e., all transactions after ICO are securities transactions). They aren’t even trying to connect the ICO to Avi’s secondary market purchases.

[BusterFriendly @busterFrenly]

@lex_node The part that’s disappointing is Gemini could have offered this product compliantly. It’s far from the issues facing DeFi or other token projects.

[BusterFriendly @busterFrenly]

@collins_belton Is this really unprecedented following BlockFi? Seems like the same Section 5 with very similar facts (plus a market maker). SEC is just covering all bases with Reves and Howey in the complaint.

[BusterFriendly @busterFrenly]

@DeFiDefenseLaw @JWVerret Probably look to Terra customers to establish nexus.

[BusterFriendly @busterFrenly]

@jchervinsky VIX?

[BusterFriendly @busterFrenly]

Has a Napster litigation type event occurred in crypto yet? I’d say we’ve had several and are now headed for whatever the next thing is, I guess the death of the music industry or something. Thoughts?:@milesjennings @lex_node @stephendpalley @jchervinsky @novogratz @cdixon

[BusterFriendly @busterFrenly]

@milesjennings This presupposes that legal decentralization is going to be a thing under securities laws. There are no clear regulatory perimeters setting safe levels of managerial efforts or info asymmetries. Why not use more universal concepts like trustlessness/censor-resistant?

[BusterFriendly @busterFrenly]

@cahwit @lex_node @syd_lauren Brilliant and well done!

[BusterFriendly @busterFrenly]

I’m going to @element_fi’s upcoming Space. Will you join too? https://t.co/ElVizdparh

[BusterFriendly @busterFrenly]

@prestonjbyrne Wasn’t this already solved by mirroring front ends on IPFS and the like? See e.g., Mirror, etc.

[BusterFriendly @busterFrenly]

@milesjennings @CFTC It’s Reg CF focused, so probably less crazy than we think. Still sounds like it’ll be tricky to trade as exempted securities. Not much of a market I’d imagine.

[BusterFriendly @busterFrenly]

@jerrybrito This will eventually be built now that decentralized randomization exists in the form of Chainlink VRF