Daniel Shapiro

An almost-balanced lawyer (tweets are not legal advice)
4A legal @phantom 19 prev. legal @blockchainassn
writer

[Daniel Shapiro @MTCoppel_]

1/ Big news: phantom has received first-of-its-kind no action relief from the CFTC. We can now connect users to regulated derivatives markets and event contracts without registering as an introducing broker.

[Daniel Shapiro @MTCoppel_]

1/ We've been waiting for this. The SEC proposed "Regulation Crypto Assets," which relates to token offerings. If you ship token products, this is the framework that's been missing. A few thoughts from the product counsel perspective.

[Daniel Shapiro @MTCoppel_]

2/ What jumps out for builders: two exemption tiers ($5M/4yr "startup," $75M/yr "fundraising"), a safe harbor from "investment contract" status, AND airdrops and network rewards written directly into the startup exemption. Disclosure is principles-based.

[Daniel Shapiro @MTCoppel_]

How are the lawyers, particularly product and regulatory lawyers, feeling about Claude vs Chat these days?

[Daniel Shapiro @MTCoppel_]

Great thread + graphic larryflorio on Hester's statement regarding crypto vaults/onchain lending, which is informative not only for creators or curators, but also for front-end devs providing access to these products. Key point: discretion matters.

[Daniel Shapiro @MTCoppel_]

Clarity passing out of committee is a huge moment for finance. Thank you to the committee staff who worked (and will continue to work) tirelessly to get this over the finish line. And thank you to BlockchainAssn fund_defi crypto_council for serving as key industry voices 🙏

[Daniel Shapiro @MTCoppel_]

1/ Today phantom filed a comment letter with the USOCC on its proposed rulemaking implementing the GENIUS Act — specifically taking issue with a provision that we think goes further than Congress intended on stablecoin yield. 🧵

[Daniel Shapiro @MTCoppel_]

2/ The GENIUS Act prohibits permitted payment stablecoin issuers (PPSIs) from paying yield to holders. Makes sense — it's designed to prevent stablecoins from functioning as uninsured deposit products.

[Daniel Shapiro @MTCoppel_]

Always love joining thinkingcrypto on his podcast! This time, my first as a member of phantom’s legal team, we chatted about our CFTC no action letter and what’s on the horizon.

Thanks, Tony!

[Daniel Shapiro @MTCoppel_]

Legislation that protects software developers is absolutely key to maintaining the momentum of this technology in the US.

Most. Important. Thing.

[Daniel Shapiro @MTCoppel_]

Thank you BlockchainAssn for all of your work for the industry!

[Daniel Shapiro @MTCoppel_]

Big day today for phantom users! 🇺🇸

[Daniel Shapiro @MTCoppel_]

Wondering what a no-action letter is?

[Daniel Shapiro @MTCoppel_]

With much gratitude to the CFTC and ChairmanSelig for their commitment to innovation 👏👏👏

[Daniel Shapiro @MTCoppel_]

Extremely well thought out paper that begins a much-needed conversation. Delving into why systems that don’t depend on intermediaries fundamentally cannot be regulated in the same way given that our current laws depend on the existence of an intermediary.
👏👏👏

[Daniel Shapiro @MTCoppel_]

Big case for prediction markets. And yet another example of the importance of litigation.

Also an excellent thread. 👏

[Daniel Shapiro @MTCoppel_]

So excited to be part of this!

Founders, please don't hesitate to reach out.

[Daniel Shapiro @MTCoppel_]

Valuable read from a prominent covered financial institution. Key part: there is no regulatory gap to be filled here.

[Daniel Shapiro @MTCoppel_]

2/ We support FinCEN's aim to combat illicit finance and our input is geared toward helping this effort.

Bottom line: the Proposal's definition of “CVC mixing” is FAR too broad and does not provide sufficient evidence backing up such a broad definition.

[Daniel Shapiro @MTCoppel_]

1/ On Friday evening