Rusty

Pioneer playing at the frontier. Passionate about building a more human digital economy.

[Paul Grewal @iampaulgrewal]

Today @coinbase filed our answer and notice of intent to file a motion to dismiss the @SECGov case against us. You can read our response for yourself – our arguments speak for themselves. 1/2 https://t.co/Ld2ZEejhyM

[BitSafe @BitSafe_Finance]

Excited to Announce: Bitcoin-backed NFTs on @Arcade_xyz !

Lock $BTC in on-chain escrow to take a loan in $USDC. No custodians and no bridging, so you maintain custody in your wallet

Watch our Lead Developer @scolear_eth walk through it in this video (1/2)

[John E Deaton @JohnEDeaton1]

The @coinbase filing today is the 2nd Writ of Mandamus filed involving Crypto. I ❤️ the Petition b/c I filed Crypto’s 1st Writ of Mandamus when I sued the SEC asking a judge to order the SEC to do its job and amend the @Ripple Complaint to only include direct sales by Ripple.

[BitSafe @BitSafe_Finance]

Exciting news!

Rusty Mason is joining https://t.co/JbZtY2BI0e as a Business Development Advisor.

With his vast experience in blockchain strategy and partnerships, we are confident @rustymason_ will help expand our market presence and enhance our brand. Welcome to the team!

[Adam Cochran (adamscochran.eth) @adamscochran]

1/23

Oh boy https://t.co/2JnbfirRrp

Case is up and it's bad.

This is the CFTC attempting to strike *fatal* blow to Binance, and at first read through... I think they actually have really strong chances here of succeeding in toppling the Binance empire.

[nic carter @nic_carter]

Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandal

https://t.co/Sa25w6Au7b

[Bill Ackman @BillAckman]

This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to no consequences. Those were bailouts.

Here, shareholders and bond holders have been wiped out. The @FDICgov insurance fund capitalized by premiums paid by banks will absorb any losses. The fund will recoup any losses by assessing more premiums on the banks.

Had the @FDICgov @USTreasury and @federalreserve not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions.

More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov’t will manage them.

Bank boards and managements have received a massive wake up call. Being a director or CEO of a bank that fails is no fun: years of litigation, regulatory investigations, personal liability, potential civil and criminal charges, and enormous reputational damage.

Our gov’t did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn’t adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate.

Importantly, our gov’t has sent a message that depositors can trust the banking system. Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast.

Our government did the right thing for the country. We are very fortunate it did so.

[Jason Choi @mrjasonchoi]

A failed engine mid-flight does to the atheist what a run on the bank does to the libertarian

[Balaji @balajis]

In a talk given four days ago, the FDIC chair noted (a) the potential for bank runs due to huge unrealized losses and (b) how “complex & challenging” it was to operate when “interest rates change to the extent they have.”

In other words, the Fed did it.
https://t.co/cZ8w1o2mHq

[Jake Chervinsky @jchervinsky]

US crypto policy goes one of two ways:

1) align with democracies by supporting decentralized technologies, which embody American principles of open access, fair treatment, and personal autonomy

2) align with dictators by trying to ban them as a threat to authoritarian control

[Rebecca Rettig @RebeccaRettig1]

One port in the storm: para 39 distinguishes staking as a service from "staking . . . on your own". This is a critical distinction, indicating that regulators are starting to distinguish between decentralized, native crypto activity & centralized activity that resembles TradFi.

[Brian Armstrong @brian_armstrong]

1/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.

[Genevieve Roch-Decter, CFA @GRDecter]

Google's cost savings from laying off 12,000 workers: $2.5 billion

Money spent on stock buybacks last year: $57 billion

[Tom Emmer @GOPMajorityWhip]

Crypto is here to stay. I will keep advocating for policies that advance crypto innovation and adoption in the United States because crypto is more than a financial investment: it’s about restoring liberty and choice to individuals.

https://t.co/XpAgqcZHpH

[Sahil Bloom @SahilBloom]

The most dangerous lies we tell ourselves:

[Aleksandr Volodarsky @volodarik]

Since 2011 Peter Thiel has been giving out $100K to college students to drop out and start a company.

Forbes wrote, "Thiel Fellows will create lesser successful companies than degree holders."

10 yrs later, they've founded some of the most breakthrough companies of the decade:

[DAN KOE @thedankoe]

How to do whatever the fuck you want:

[Rusty @rustymason_]

@ensdomains rustymason.eth

[Jon Wu @jonwu_]

Right now, blockchains are experiencing the same challenges as the early internet.

That's why I'm thrilled to share @aztecnetwork's $100 million Series B round led by @a16zcrypto.

The goal?

Bring encryption to blockchains:

[Alex Cohen @anothercohen]

I mean this sincerely when I say that ChatGPT might be the most incredible tech to emerge in the last decade.

Here's how I got it to create a weight loss plan, complete with calorie targets, meal plans, a grocery list, and workout plan 🧵: