Delphine Forma

Head of Policy at Solidus Labs
Crypto Compliance and Legal TG Founder Compliance
#regulatoryaffairs #Policy

[Backpack 🎒 @Backpack]

https://t.co/BHfYFJfB6u

[Patrick Hansen @paddi_hansen]

One of the most interesting elements in the European Commission’s new consultation on the functioning of MiCA is the section on global stablecoins and multi-issuance models 🇪🇺

While this was always clear to those who followed MiCA closely - from the original impact assessment through the Level 1 adoption and subsequent Level 2 standards - it is notable to see the Commission publicly acknowledge that MiCA, as currently drafted, is open to multi-issuer structures (see question 30 attached).

Too often, previous discussions blended together two separate questions:

• The legal interpretation question: whether MiCA legally permits multi-issuance

• The policy and risk question: whether such models raise supervisory, prudential, or operational concerns, and what safeguards should apply

Those are distinct issues.

On the legal interpretation, previous legal analyses - including for example the thoughtful DARTE note by Max Atallah (link in comments) - have consistently concluded that MiCA’s text, structure and level two measures clearly and explicitly support global and multi-jurisdictional issuance arrangements. The Commission’s consultation language now provides further public confirmation of that reading.

This is important because it allows the debate to move toward the real policy questions during the consultation process:

➡️ What safeguards are the most effective today?
➡️ Which additional safeguards, if any, should be implemented to mitigate risks?
➡️ How are other regulatory frameworks (e.g. U.S., UK, Singapore) approaching foreign stablecoins and what can the EU learn from that (e.g. equivalence assessment, tiered approach)?

Thoughtful discussion around these questions during the consultation will help ensure MiCA's stablecoin framework remains robust, effective, and globally aligned --> Link to the consultation in the comments.

[Solidus Labs @Solidus_Labs]

1/5 Solidus Labs welcomes today's bipartisan advancement of the Digital Asset Market Clarity Act by the Senate Banking Committee — a meaningful step toward a clear and responsible regulatory framework for digital assets in the United States.

[Amanda Wick @Amanda_S_Wick]

A few years ago, @FT and industry members shredded @CopperHQ for merely serving sushi on a man and a woman in skin-colored suits. This week, @consensus2026 held a “networking event” at @11Miami strip club. The industry’s response will be defining, because THIS is actually awful.

[Solidus Labs @Solidus_Labs]

The data is stark:
🔸 <1% of wallets capture ~50% of total profits.
🔸 $253M in gross notional volume flagged as wash trading.
🔸 New "Cross-Symbol" wash trading strategies unique to binary markets.
🔸 Multi-chain bridge obfuscation to hide insider trading.

Read the full report: https://t.co/2LVVH6h8AH
#PredictionMarkets #MarketIntegrity #SolidusLabs

[Delphine Forma @DelphineForma]

New #ComplianceChampions episode is out: When #AI Meets #DeFi: Building the Next Generation of Financial Markets with Isono San General Manager of the DeFi Technology Department at @smbcnikko_jp 🔥 for a very #futuristic conversation ▶️ https://t.co/QuWevGWqLZ

[Delphine Forma @DelphineForma]

New #compliancechampions with Dianah Njeri Igati @PepperstoneFX who shares insights on #crypto #regulation, emerging markets, Australia’s framework, and building scalable compliance programs.
Listen here ▶️ https://t.co/7BF9Jlp8VL
@Solidus_Labs

[Solidus Labs @Solidus_Labs]

Onchain prediction markets hold immense promise, but our latest research reveals a harsh reality: they have become a breeding ground for systemic manipulation.

We analyzed millions of executions to uncover patterns that legacy tools are missing 🧵

Read the full report: https://t.co/2LVVH6h8AH

#PredictionMarkets #MarketIntegrity #SolidusLabs

[ZachXBT @zachxbt]

A summary of the RAVE -95% price fluctuation from $26 to $1 over the past 24 hours.

RAVE Timeline: April 18, 2026

7:26 am UTC: I posted a call to action for Binance, Bitget, & Gate to investigate RAVE market manipulation and offered a $10K bounty.

10:56 am UTC: I posted an update increasing the bounty to $25K.

11:18 am UTC: Bitget publicly acknowledged the call to action.

2:08 pm UTC: Binance publicly acknowledged the call to action.

3:06 pm UTC: RaveDAO posted claiming they have no involvement.

4:19 pm UTC: Gate publicly acknowledged the call to action.

In the days leading up, on April 13 & 14, I confronted RaveDAO co-founder Yemu Xu (wildwoomoo) but have yet to receive an answer.

RAVE launched in Dec 2025 on Binance Alpha with a 1B total supply. The addresses below, linked to the initial distribution, control ~95% of the RAVE supply (h/t Mlm):

0x9831156F1a6E506Fca41503590b42F07c2e80f54
0x8Ed6245C3276307E1A9D9Dc872E98A0E770070fd
0x6020656d1EF182173E45D4Fc375BDD5a48c674B0
0x2664cB80a5ee7D8EC05fe7C752dD62E078056E6d
0x2D81F8AeBf3e58A5e638006c9fd8F38C5220ecab
0x31694d761A8e851cFFbCd286aC54D01e5Ce5aFe6
0x0A1F07993a51CcEb4f52CA67765AECeADDA790d7
0xEB74Df8588cFC1C179Df4bd96C0bB8B227B9bE92
0x53d7d52301366DC14E1916b14eFeC1aDD8F3487b

I found suspicious CEX activity in April 2026 tied to RaveDAO team addresses onchain, which potentially contradicts their recent statement:
Bitget
0x2dc20f2180582172f5450c5d71e23fa438a7031b
0xa3a02aeb97fc1737c66f50d07d024799c137891d
0x2d95eb42525e6087e0cb7869f98da6838ed2e743
Gate
0x31711246b05d71e9eda5e38a3abb654020ee3353

Given the supply concentration, the team at minimum knows who is responsible for this price action.

A simple litmus test: $6B in market cap was wiped out on just $52M of 24hr liquidations (h/t CoinGlass). That ratio points to a manipulated and unsustainable valuation.

RAVE is not the only token with manipulation we have seen on major centralized exchanges. It's just the most blatant, reaching a top 15 market cap within 10 days before dropping 95% in hours.

Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER.

Exchanges need faster intervention on manipulation. Detection at scale isn't easy, but each day of delay means retail traders absorb losses while platforms collect fees on the volume. The outcome is the same regardless of intent.

While it's good the exchanges responded, I find it unlikely this activity wasn't spotted internally before I raised it publicly.

I recognize how much this behavior takes from retail traders, and I plan to investigate similar movements in hopes of identifying the responsible parties.

I want to reiterate that I did not take a position. If I had, I would have been liquidated myself. I also could not anticipate if or when the exchanges would comment publicly.

My $25K bounty will remain active since the only DMs received were unverified claims rather than non-public information with supporting evidence as requested.

[Delphine Forma @DelphineForma]

New #compliancechampions, "Standardize the What, Localize the How: Scaling Global Compliance" with Joanna, CRO and Head of Compliance at @Derivdotcom , about building and leading compliance at scale over more than two decades. ▶️ https://t.co/GXXM1iENsu
#cryptocompliance

[Plume @plumenetwork]

Monday mornings are a great time to talk RWA architecture and built-in compliance.

Stay ahead of the narrative this week and tune into the recent conversation between Plume GC @banamlas and @DelphineForma.

[Delphine Forma @DelphineForma]

New #compliancechampions ep is out with @banamlas, GC at @plumenetwork. What if compliance didn’t sit around the system… but was built directly into it? Tune in it to find out ▶️ https://t.co/XHVWhf2Us3 @Solidus_Labs

[Solidus Labs @Solidus_Labs]

1/6 Our CEO @asaf_meir sat down with @AInvest_Official to talk about why prediction markets are at a turning point — and why integrity is now the product.

A thread.

Full interview: https://t.co/6U2G9uiBNV

[Delphine Forma @DelphineForma]

@umikathryn Sakura 😍😍😍I miss it

[Asaf @AsafMeir]

@AOC You’d be surprised at the level of sophistication applied today to detect and prevent market abuse. If you’re interesting to dig deep, we visit Congress often and we’d be happy to showcase to you the frontier work that’s been done.

[Umi @umikathryn]

A boss embarrasses you. A leader corrects you privately.

A boss holds mistakes over you. A leader helps you learn from them.

A boss makes you feel replaceable. A leader makes you feel valued.

A boss looks for flaws. A leader sees your effort.

A boss ignores burnout. A leader notices it, cares and checks in.

A boss uses fear to get compliance. A leader uses trust to get commitment.

-V. Gordon

[Patrick Hansen @paddi_hansen]

The new EU Inc - how it works and what's still missing 🇪🇺

3 days ago, the EU tabled its long-discussed proposal for a “28th regime” ��� a new optional company form: EU Inc.

→ Europe still has 27 different company law systems
→ A major barrier for startups scaling across the Single Market
→ A core theme of the Draghi & Letta reports and the EU competitiveness agenda

What is EU Inc.?

→ An optional EU-wide corporate form
→ A single rulebook you can opt into instead of national regimes
→ Still anchored in a Member State (not a fully separate EU system)

Registration / setup

→ Fully digital (no paper, no physical presence)
→ Via EU interface (BRIS) or national registers
→ 48h incorporation (with templates), max €100
→ 5 working days with custom statutes
→ “Once-only” principle: data reused across tax, VAT, etc.

Governance

→ Board structure (at least 1 EU-resident director)
→ Fully digital governance (online meetings, e-voting)
→ Harmonised duties, liability, conflict rules
→ Minority shareholder protections (incl. exit rights)

Shares & fundraising (key for startups)

→ Fully digital shares (no paper, no notaries required)
→ Free transfer of shares across borders
→ Flexible share classes (incl. multiple voting rights)
→ No minimum capital (can be €0)
→ No nominal value shares by default
→ Designed to support SAFEs, convertibles, warrants

Employee stock options (big one)

→ New EU-wide ESO regime
→ Taxation only at sale of shares (not grant/vesting/exercise)
→ Aimed at fixing Europe’s “dry tax” problem

Cross-border scaling

→ Branches & subsidiaries set up digitally EU-wide
→ Company data shared automatically via BRIS
→ EU Company Certificate + digital power of attorney
→ No re-submission of the same info across countries

So what’s the catch? (key criticism from the startups)

→ Core areas still national: tax, labour, insolvency -> this won't change anytime soon
→ Not a fully unified EU company code
→ Disputes in countries remain with national courts (no EU-level system) -> probably the main point of criticism at the moment

What’s next?
→ Parliament + Member States negotiations starting now
→ Political deal targeted by end of 2026
→ Likely application ~2028 (after entry into force + 12 months)

Bottom line:

One of the most ambitious EU steps in history toward a real Single Market for companies. Not yet “one rulebook” across the board - but a big step in the right direction.

Pushback from usual interest groups will be significant, so outcome and final shape remain tbd. The history of similar proposals such as the Societas Europaea in 2004 shows how tough it is to crack that nut. But Fingers crossed.

Congrats for this initial success to long-time supporters like @euinc_petition @euacc @euacchq. Keep pushing!

[Web3 Harbour @web3harbour]

@web3harbour is excited to welcome @Solidus_Labs as one of our newest member firms, strengthening Hong Kong's dynamic Web3 ecosystem! 🚀

Solidus Labs is the leading crypto market integrity platform, delivering AI-powered trade surveillance, transaction monitoring, and compliance solutions that safeguard exchanges, institutions, and regulators.

Special shoutout to @DelphineForma (Head of Policy at #SolidusLabs) for the great collaboration!

[Delphine Forma @DelphineForma]

Bringing the Crypto Compliance and Legal Community together:
* March 2 in Tokyo: https://t.co/vAVzerbM5V Mori Hamada and the JFSA
* March 24 in Frankfurt: https://t.co/qotsUBVEm1 with Deloitte
* April 14th our legendary Paris drinks are back https://t.co/Phw2CCksRp
@ORWL_Avocats

[Solidus Labs @Solidus_Labs]

Prediction markets are in their “crypto 2017” era.

Fast growth. Retail scale. Integrity playing catch-up.

We break down the 6 surveillance blind spots unique to these markets, and why legacy tools won’t cut it.

https://t.co/RaQXtbljkz