jchervinsky

1/ For years, a hostile SEC forced crypto founders into a broken model: drive all value into equity, not tokens.

The result? Incentive misalignment, ineffective governance, and more legal risk.

In this post, @jessewldn and I explain why that model failed and how to fix it.

「徐々に、そして突然」とは、宇宙の法則の一つで、繰り返し繰り返し現れますが、人々はそれを心に留めておくのに苦労します。

これは政策主導のビジネスの変化に非常に一般的です。現在、IPO市場でこれが見られ、爆発しようとしています。

次は暗号通貨....

CLARITY法案に関する議会公聴会は、新しい技術への三段階の反応についての@pmarcaを思い出させます：否認、合理的な反論、そしてその後の中傷。

反暗号派はこれを「複雑性法案」と呼んでいますが、まるで中学校のようで、実際の批判はありません。

2か月前、ホワイトハウスが暗号のラウンドテーブルを開催し、Ethereumエコシステムから誰も招待しなかったとき、人々はここで狂ったようになりました。

今日は、@Etherealize_ioの市場構造法案について、@VivekVenturesが議会で証言しています。結局、Ethereumはワシントンに行きました 👏

私は、今後数年で暗号が本当に何を成し遂げることができるのかをついに見ることができるという自信をこれまで以上に持っています。

テクノロジー、才能、投資、法律 — すべてが一度に集まって、この全体が本気で動き出す準備が整っています。この分野を信じているなら、覚悟を決めてください。

It's not clear to me that TradFi will prefer "the most decentralized L1" as they move their business onchain.

These institutions aren't in it for decentralization. Their products will likely be centralized in some way anyway. High speed and low cost seem to be their priorities.

1/ Congress comes back next week and hopefully will move stablecoin legislation quickly.

The Senate has more to do on GENIUS, then STABLE has to pass the House, then the bills may need to be reconciled before POTUS signs. This is doable by end of summer.

But market structure...

The Senate voted "yes" on moving forward the GENIUS Act in an epic bipartisan showing, 66 - 32 🎉

There's still more work to do — another formal vote on GENIUS in the Senate, and passing STABLE in the House — but this was the hardest part.

We will have stablecoin legislation 🇺🇸

An extraordinary amount of work has gone into the GENIUS Act, even since the failed vote to move it forward last week.

This bill has earned every single "yes" vote it will get today, very likely enough to pass with strong bipartisan support.

Today is a big day for crypto in DC.

Being pro-crypto and anti-stablecoin is the midcurve take of the decade.

The new market structure bill draft is better in some ways, worse in others, and more complex in far too many to believe we'll get it done quickly.

Congress should focus relentlessly on stablecoin legislation, which is basically good to go.

Let's get a win and build momentum.

CFTC is in a bit of a holding pattern until Quintenz is confirmed as chair, but then hopefully we'll see progress on new rules related to crypto:

- perpetuals
- 24/7 trading
- prediction markets
- DeFi protocols and front-ends

More if market structure legislation gets done too.

The Senate just tried and failed to pass the GENIUS Act, its version of stablecoin legislation. Voted down, 48-49.

Many reasons why it didn't pass today, but none that can't be addressed with more bipartisan work.

This isn't no, just not yet. Matter of time until we're back.

DeFiはインフラストラクチャーです：金融システムの配管。

より価値のある資産がパイプを通過するほど、DeFiはより有用になります。

DeFiの最も近い解放は、株式、債券、その他の証券でパイプを満たすことです。

SECはこれを可能にし、実行すべきです。

There's nothing worse than thinking you're winning at 4D chess when actually you're losing at checkers.

Congress does not play 4D chess.

Getting legislation done is very hard. It requires grinding and teamwork, not grand strategy and masterminding.

Pass stablecoin legislation.

Pass stablecoin legislation now.