Luminous Group, LLC

Luminous is committed to accelerating the transformation of the digital economy focusing on regulatory compliant applications of blockchain-based technology

[Luminous Group, LLC @LuminousGrp]

Luminous Group congratulates Carole House on her new position at the National Security Council. We are thrilled and appreciative that she sat down with Carol Van Cleef on her last day in the private sector to discuss several topics. https://t.co/3TuqY1bGxn

[Carol Van Cleef @Carol_VanCleef]

I had the privilege of talking with Carole House for one hour on her last day in the private sector before returning this week to the White House. Thanks to Carole’s knowledge, experience and passion, we packed in a lot -

https://t.co/EUb8kzNyBD

[Luminous Group, LLC @LuminousGrp]

Join @Carol_VanCleef and Elizabeth Boison at the @WHF_DC Digital Assets Forum Monday November 13, 2023 virtually or in person to review recent digital asset developments https://t.co/tU6Yx6dI6Z

[Carol Van Cleef @Carol_VanCleef]

Thanks to @CryptoKingKeyur for highlighting this call for global regulatory coordination in crypto. This has been a theme in the US for more than a decade. The IMF eloquently laid out the case in 2021. https://t.co/ESeSBQQUGE

[Carol Van Cleef @Carol_VanCleef]

Kudos to @CryptoTaxGuyETH and @lex_node for thoughtful analysis of IRS proposed regs to impose tax reporting requirements broadly across multiple facets of crypto ecosystem. Any one is welcomed to submit a comment to IRS as part of process. And contact your congressional reps.

[Carol Van Cleef @Carol_VanCleef]

Seriously @jp_koning? PayPal is probably better positioned to address Ponzi abusers than almost anyone else in payments. Unlike more recent crypto/payments entrants, it has 20+ years of experience and many, many millions of $ invested in infrastructure - it should be ready. https://t.co/HcP23Qx2zR

[Carol Van Cleef @Carol_VanCleef]

Its complicated @HaileyLennonBTC Yes - ability to control economies was a Libra issue. But minimally regulated tether smashed concern last week (now 14th largest US Treasuries owner?) L/D was more about data. PayPal already has lots but presumably has been more respectful of it

[Carol Van Cleef @Carol_VanCleef]

More realism for those still consumed by Ripple post decision euphoria. Differing views by judges in the same district? Not different districts, not different circuits. Clearly no respect for one’s colleagues? Was this in the forecast @stephendpalley? Summer heat to continue…

[Carol Van Cleef @Carol_VanCleef]

When asked if CFTC takes into account political or media considerations in filing such lawsuits - “like the SEC seems to be doing” - strong NO answer from @CFTCbehnam. Rep. Rose: “good”. Not clear if coincidence includes new legislative proposal last week or today’s hearings.

[Carol Van Cleef @Carol_VanCleef]

CFTC Chair responded diplomatically to Rep.Rose @HouseAgGOP hearing if timing of @GaryGensler’s back-to-back CoinBase and Binance lawsuits was “at all coincidental”. @CFTCbehnam I don’t know…when time is right, for what ever reason, if you have to file the case you file the case

[Carol Van Cleef @Carol_VanCleef]

Much will be tweeted in coming hours/days. As you digest this 136 page complaint(longest SEC crypto-focused?) lots to unpack - and think about. #1 for me is where is DOJ/FinCEN? #2 WHY today - right after the HFSC chair intro’d long awaited crypto bill. https://t.co/Eku7XmsER5

[Carol Van Cleef @Carol_VanCleef]

Never a dull moment for AML(anti-money laundering) and sanctions compliance professionals in crypto and trad-fi. https://t.co/LBPf6S9LTT

[Carol Van Cleef @Carol_VanCleef]

Otherwise, primary focus - protecting depositor funds. Predictable restrictions golden parachutes. Cooperation expected from not only insiders but consultants and others. Crypto community maybe on the verge of learning about the liability of "institution affiliated parties."

[Carol Van Cleef @Carol_VanCleef]

Transaction investigations. Takeaway: expect ALL crypto related transactional activity (including fiat) with nexus to the Bank to be under review.

[Carol Van Cleef @Carol_VanCleef]

Another chapter-or at least a page in the FTX book. Not very exciting consent order against Silvergate. Noteworthy: binds both parent company & bank to preserving almost every conceivable business and personal record, and cooperating with
Fed & others on FTX/Almeda and SEN...

[Carol Van Cleef @Carol_VanCleef]

Clever @SEC attention getter. Not quite on the same level as the HoweyCoins ICO - announced during Consensus 2018 - https://t.co/hwjKuEmScJ Critical question for @GaryGensler - is a #goldfish backed by gold, does it represent an interest in gold or is it simply a commodity?

[Carol Van Cleef @Carol_VanCleef]

Tweeted by @GaryGensler only minutes ago - after two days of being ruthlessly grilled by members of Congress. (S)He who questions the authority of the SEC hopefully has enough lawyers on retainer and money for their fees for the coming deluge.

[Carol Van Cleef @Carol_VanCleef]

Typically if there is a second shoe to drop, it is dropped simultaneously. The silence so far is deafening. But the day is still young.

[Carol Van Cleef @Carol_VanCleef]

Outstanding encapsulation @ProfessorStam of the latest challenge for both the banking industry industry and regulators. The crypto ecosystem “could have told you so if you would have listened.” Sort of like 13 year-olds telling their parents that “you know nothing.”

[Carol Van Cleef @Carol_VanCleef]

IL proactively considering explicit inclusion of NFT marketplaces and other activities in state licensing regime. A little good news (?) - it’s not defined as money transmission - so Federal criminal law won’t apply - and lack of a MT license won’t add 5 years in federal prison.