GC @superstateinc🗽 | fmr @coinbase & @secgov | from Central PA | apropos of nothing | views are my own | go birds
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alex zozos retweeted
Our response drew on the Clarity Act’s heavily negotiated control principles. Some may find them inconvenient.
When one group owns and controls the trading venue, sequencing, settlement, and everything in between, that infrastructure isn’t public and permissionless.
The SEC's tokenization exemption has a big open question: what counts as a "public, permissionless" blockchain? 🤔
The first 3 tokenized stock venues:
TSV LLC on @CantonNetwork
OKXICE on its own @Ethereum L2
Kephas Corp. on its own @Ethereum L2
Who wants what:
@SolanaInstitute , @malekanoms and @lex_node want it tighter
@hedera wants it wider
@SIFMA wants clarity
@BetterMarkets wants it scrapped
Meanwhile, 22 of 62 companies have objected to having their shares tokenized on OKXICE.
The rules for onchain stocks are being written right now & this graphic is a busy one!!
Via @CryptoAmerica_ @EleanorTerrett.
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alex zozos retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
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More than half of trading in tokenized equities takes place outside regular market hours. The demand for 24/7 access is real. The challenge is building markets that are also deep, liquid, and resilient. Learn more in our GFSR chapter on tokenization: imf.org/en/publications/gfsr…
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alex zozos retweeted
My wife when I file a particularly effective comment to a proposed federal regulatory effort.
wok
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alex zozos retweeted
My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.
I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future.
Stay tuned.
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.@Payward leaning into the DeFi mullet
- CFTC regulated entities (DCM, FCM)
- operating permissioned instance of open protocol
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Codifying digital asset market structure through Congress remains the most durable and fulsome solution
But @SECGov already has the existing authority to bring securities markets onchain
@SECPaulSAtkins said it yesterday "with or without" CLARITY, the SEC will deliver on promises to bring markets onchain
sec.gov/newsroom/speeches-st…
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It is time for Clarity on digital assets
Today, @BlockchainAssn joins @Crypto_Council and @DigitalChamber in respectfully urging every Senator to vote YES on Clarity. Our joint statement follows:
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alex zozos retweeted
This proposal would streamline and modernize the Commission’s rules to reflect transfer agents’ current processes and operations, including the use of electronic communications and blockchain technology in connection with securities offerings and the transfer of shares.
TODAY🚨: The SEC proposed to update the rules and forms that apply to registered transfer agents.
Read more: sec.gov/newsroom/press-relea…
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alex zozos retweeted
We applaud the SEC for proposing updates to transfer agent rules. As a digital transfer agent, we look forward to commenting on how the framework can evolve with market demands. Tokenization is here, and modern TA rules are essential to trusted markets.
The transfer agent rule proposal, more than a decade in the making, is finally out. We welcome comment on all aspects, including implications for tokenization: sec.gov/files/rules/proposed… and sec.gov/files/34-106246-fact…
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Excited for @SECGov proposal to modernize the TA Rules for the first time since the 80s. The proposal codifies prior guidance permitting a blockchain to serve as a TA's MSF
@SuperstateInc knows 17Ad needs updating & TAs are critical to the NMS
🙏 @HesterPeirce
The transfer agent rule proposal, more than a decade in the making, is finally out. We welcome comment on all aspects, including implications for tokenization: sec.gov/files/rules/proposed… and sec.gov/files/34-106246-fact…
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alex zozos retweeted
Paul Tudor Jones (I always want to call him John Paul Tudor Jones- anyone else have that problem?) buying $IBIT is interesting.. as is UAE wealth funds and Harvard, Dartmouth, Texas pension etc. Also interesting is IBIT's 13f list is now 1,500 deep even after 50% pullback. Amazing. On flip side, what is NOT INTERESTING to me is JPM, GS, Jane, Citadel buying $IBIT- it just doesn't mean much.
In a filing this afternoon, Tudor Investment (Paul Tudor Jones) reported owning 688,529 shares of IBIT as of June 30, valued at $22.9 million.
That's an increase from 579,083 shares reported for the previous quarter.
Remember: No one knows inflation cycles and their historical patterns better than PTJ.
Filing:
sec.gov/edgar/search/#/dateR…
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Rule 611's price-only routing hierarchy was designed for centralized exchanges and firm quotes. Removing it clears the way for onchain execution — like AMMs — to compete on their own merits, while best execution stays intact.
In @Law360 piece with @NYcryptolawyer & Edward Leaf we discuss implications and potential for onchain finance from SEC's proposal to rescind Rule 611.
law360.com/articles/2511211
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1 year ago today @SECPaulSAtkins Project Crypto set out to move markets "from off-chain to onchain"
12 months in— real progress —but still no innovation exemption & there's more work to do
The vision is public The direction is set
Let's Finish the Job!
superstate.com/newsroom/proj…
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buddy
.@JasonKelce son of Cleveland adopted by Philly
@KingJames son of Cleveland adopted by Philly
@iampaulgrewal son of Cleveland adopted by…
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alex zozos retweeted
LEBRON IS COMING TO PHILLY.
By the power vested in me as the Governor of the great Commonwealth of Pennsylvania and a die-hard Sixers fan... I hereby proclaim today to be LEBRON JAMES DAY.
Welcome to the City of Brotherly Love, @KingJames.
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