_Ha_yes_

The Times 01/03/09 Chancellor on brink of second bailout for banks

[_Ha_yes_ @moonboys7]

Elon musk will be the next EIC

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Details from the White House stablecoin yield meeting, per banking and crypto sources in the room:

People on both sides called the meeting ‘productive,’ but, again, no compromise was reached by the end of the meeting. However, deal specifics were discussed in more detail today.

For example, banks and the banking trades came prepared with a written set of ‘prohibition principles’ (in the pic below) which detailed what they are willing and not willing to compromise on when it comes to stablecoin rewards. One source pointed out a key concession from the banks being the “any proposed exemption” language in paragraph two, because they were previously unwilling to discuss any exemptions with respect to offering rewards on a transaction-based basis at all.

Chief Legal Officer at @Ripple, @s_alderoty, said “compromise is in the air.”

There was heavy focus on so-called “permissible activities,” aka what kinds of account activity could be allowed in order for crypto firms to offer rewards. Crypto wants definitions on this to be broad, banks want it to be narrowed.

For next steps, further discussions between the present parties are expected to happen in the coming days, but it’s unclear whether another meeting of this scale will take place before the end of the month. The White House has urged both parties to reach a deal on the matter by March 1st.

This gathering was also notably smaller than the first one. Led by Executive Director of the President’s Crypto Council @patrickjwitt, Senate Banking Committee staff were also present. On the crypto side, attendees included @iampaulgrewal of @coinbase, @milesjennings of @a16z, @s_alderoty of @Ripple, @JoshRosner from @Paxos, @SummerMersinger of @BlockchainAssn and @_jikim of @crypto_council.

Banks in the room were @GoldmanSachs, @jpmorgan, @BankofAmerica, @WellsFargo, @Citi, @PNCBank and @usbank, along with trade groups @bankpolicy, @ABABankers and @ICBA.

Bottom line: It was a smaller, more productive meeting than the first and both sides are talking about ways to solve the issues at hand, but no final resolution has been reached yet.

[_Ha_yes_ @moonboys7]

@jchervinsky @Citadel After consulting gpt I am now suited to discuss this - this may be the best hand a chameleon can offer

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Today at the @philadelphiafed Fintech Conference, @SECPaulSAtkins announced the next step in Project Crypto that includes establishing a framework, or token taxonomy, to categorize digital assets under U.S. securities laws.

Here’s what you need to know from the Chairman’s speech. 🧵

[_Ha_yes_ @moonboys7]

@MichaelBloch15 @SBF_FTX He intentionally told Singh to allow alameda to have an unlimited credit line and bet against his own customers. The customer funds were mishandled and he was complicit. Hope the .50$ per word is worth the joke you just posted.

[_Ha_yes_ @moonboys7]

Re Warren:
1. Outside speech and debate clause - no absolute immunity.
2. Provably false and made knowingly - subjects Warren to liability.
3. CZ suing would be incredible as Warren has been anti crypto and not anti fraud.
4. Regardless of prior bad acts - crypto needs warriors

[_Ha_yes_ @moonboys7]

@ramahluwalia The real value is turning consumers accounts into a quality high yield interest bearing account - maybe we can even have C2C txs having the benefit of efficiency, immutability, and high yield.

Ventures are going to get more complex and with the chain the time is now - ETH/LINK

[_Ha_yes_ @moonboys7]

Why should Bitfinex get the benefit of credit backed purchases and be the only one - let’s have major etfs also buy crypto through tether!

Freedom to pay later is now an American trait

Major etfs should also have that right, maybe…

[_Ha_yes_ @moonboys7]

With the legality of open carry still fresh I wonder if gun companies and their parent companies will offer new products since accessorizing a weapon is now within range…

The 2nd once stood for the right to self defense - now it is for the right to hold weapons.

[_Ha_yes_ @moonboys7]

new purchase?if so then credit backed?or just clever accounting…

[_Ha_yes_ @moonboys7]

Per Potter and Hoegner:

Date: 05/17-09/17

USDT minted via IOU’s(receivables) + BFNX credit boosted buying power that appeared cash backed.

Market looked lively but was all retail paying retail for crypto. It was a wash

[_Ha_yes_ @moonboys7]

In 2017 the FUD was getting to tether - the real question is who would’ve eaten their lunch if tether went under in 17?

[_Ha_yes_ @moonboys7]

Phillip Potter on “network effects”:

‘Credit lines let the “Anonymous Trader”(Bot) push USDT out of Bitfinex and buy crypto on other exchanges. Pushing volume and price. And with chats between tether and Bitfinex soliciting price increases we have a ‘don’t fight the fed moment’

[_Ha_yes_ @moonboys7]

Tether or Bitfinex invest in Noble Bank to get Tether a bank account in 2018. Major shareholders of both corporations include G.D., P.A., JL.V., and “redacted”.

From 05/18 - 09/18 Bitfinex was using USDT reserves for trading. Court docs reliably state the amount being ~356mm$!

[_Ha_yes_ @moonboys7]

@ramahluwalia Case name is: In re Tether and Bitfinex Crypto Asset Litigation(1:19-cb-09236)

[_Ha_yes_ @moonboys7]

@ramahluwalia If you want reliable insight into Tether - check pacer and you’ll see how their secret sauce is made.

Note that the current company may have changed substantially since 2019 - otherwise I’d be curious about CF and HL making comments in public about seeing USDTs Cusip#s

[Joe Carlasare @JoeCarlasare]

Amazed how few people have read this

[_Ha_yes_ @moonboys7]

@JohnReedStark Too arduous to protect contributors who’s goals are based on nUMbeRs gO uP and WAGMI

[_Ha_yes_ @moonboys7]

That’s all For-dow.

TRUMP

[_Ha_yes_ @moonboys7]

@RyanSAdams @rstormsf Is it just a software or is it a service?

[_Ha_yes_ @moonboys7]

@iampaulgrewal Looking forward to the states filling in the gaps with the current securities laws promoted by the Gensler regime. Many missed opportunities that are the direct result of regulation by enforcement.
Ultimately, will COIN work with companies on how to create biz’s and raise money?