Carlo⚖️.eth
@DeFiDefenseLaw
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Crypto Law & Compliance-here to advise the builders of Web3. Criminal Defense Law, Former Law Prof. LexLine Spaces & Podcast show. —Xs are not legal advice. 🛡️
Joined August 2021
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So following this line of thinking, anytime a consumer rips open a pack of baseball cards with the expectation of pulling a rare that may go up in value if that player has a stellar career, it’s not a security. But, if the consumer mints a tokenized digital representation of that
So let me get this straight… the sale of a Pokémon card is not a security but the sale of a tokenized Pokémon card could potentially be an issue?
Seems like Gary Gensler is once again mumbling his words under pressure…
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SEC: We approved SAB No. 121 because discouraging banks from holding crypto protects investors.
Banks: No thanks, we can hold crypto and protect investors.
Biden: If Congress passes a Bill to fix this, I will not veto it.
Congress: OK, we passed a bill
to fix this.
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@scottmelker
CZ falling on the sword to protect Binance’s global operations is a net good for crypto.
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A federal class action lawsuit was filed alleging that Solana is an unregistered security under the Howey Test. The lawsuit names Solana Labs, the Solana Foundation, Solana’s Anatoly Yakovenko, crypto VC giant Multicoin Capital, Multicoin’s Kyle Samani & trading desk FalconX. 🧵
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I am honored beyond words to be on this short list of Web3 lawyers in the space. 🙏🏻
@RugRadio
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If you are an active participant in the digital asset space (DeFi & NFTs), and worry that new SEC regulations may negatively impact the future growth this sector, then please take a moment to read & share this thread. 🧵
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.
@coinbase
I will also be testifying this morning at the IRS/Treasury’s public comment hearing on proposed digital asset broker reporting regs. This is an important day for the future of crypto & DeFi in the U.S.
@iampaulgrewal
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We are delighted to welcome
@Zeneca_33
as our special guest on Wednesday’s Law Line!
@farokh
@RugRadio
@GencoLaw
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It takes money, momentum and massive attention to flip a sitting Senator.
Tonight some of the biggest content creators in crypto came out to support
@JohnEDeaton1
in his campaign to defeat Elizabeth Warren.
And the great
@EleanorTerrett
was there to cover it all for the
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Eleanor is doing an amazing job on the ETF news updates.
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Here’s an excerpt from my comment letter to the IRS addressing proposed digital asset broker reporting regulations—IRS Proposed Rulemaking REG–122793–19 1
I am writing to you as a lawyer deeply involved in the digital asset sector, to express my concern regarding the
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SBF verdict: Guilty on all counts.
Now, the big question—will the judge run his sentences consecutive on each count to reach a Madoff-level sentence?
Next step is he will remain in custody pending completion of the pre-sentence investigation report (PSR) by U.S. Probation
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GM blockchain lawyers. Together we are writing the rule book for this new and emerging area of NFT and Web3 law.📚⚖️
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“Instead, the complaint makes a technical argument: that Kraken’s business requires special securities licenses to operate because the digital assets we support are really “investment contracts.” This is incorrect as a matter of law, false as a matter of fact, and disastrous as a
Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house. We disagree with their claims and plan to vigorously defend our position.
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GM to all the lawyers who are on Twitter Spaces educating the community about Web3 legal trends. It's like early NFT Clubhouse days, only we degen about blockchain law! Join the conversation!🎙⚖️
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🚨Fair Notice to NFT Projects: The legal battle that is coming soon to this space is over whether an NFT project's failure to register a digital asset as an "investment contract" is a violation of Section 5 of Securities Act. A common defense is the "Fair Notice Defense"🧵
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GM to all the lawyers who are present for this historic moment in the Web3 revolution. 🫡⚖️
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We are very excited to announce that Law Line with Carlo & Genco is part of the
@RugRadio
lineup! Join us tomorrow and let's talk NFT vibes & Web3 law. Thanks Rug Fam!
@farokh
@belikewater893
@JohnKnopfPhotos
@jeancarlosxyz
@AmieDelisa
@GencoLaw
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GM to every lawyer who is testing the legal bounds of blockchain law. We are the literally writing the Web3 legal treatise in real-time!⚖️❤️🔥
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Great opening to
#ArtBaselMiami
at the
@MetaverseMiami
conference mixer.
@farokh
@RugRadio
@wagginwendy
#ArtBasel2022
#ad
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Is $WYAC the first celebrity meme launched by a meme celebrity?
I can’t think of another one.
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So, there’s still no
#web3lawyer
on the
#veecon2023
speaker list. Please retweet and tag
@garyvee
and
@veecon
and let’s change that! 💛⚖️
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Oral Arguments Today in the SEC v. Coinbase Case:
Today, Coinbase is set for a landmark legal battle with the SEC, challenging the agency's claims that it operates as an unregistered broker and clearing agency, and that 13 cryptocurrencies on its platform are securities.
This
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Got invited to a dinner tonight with
@garyvee
in NYC. Really enjoyed visiting with Gary. We talked about so many interesting topics including, of course, NFTs! Shout out to Gary and his team. Class organization.
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I took a close look at OpenSea’s new flagged NFT policy from the perspective of a blockchain criminal defense lawyer and one change in policy stands out to me. Here is a thread discussing that new change and how I predict it will impact the space. 🧵
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@punk6529
Every morning Monday to Friday, it’s coffee at 5 AM and a deep dive into new developments in blockchain law. Gotta put in the time if you’re gonna gain competence and a master any new thing.
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GM. Being a lawyer in
#Web3
involves so much more than simply doing "legal work" for projects. Teams can also benefit from lawyers who act as strategic advisors & have a deep knowledge & understanding of how to best execute a business in this space.
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GM to all the lawyers out there who know that "IP" is an essential part of "Web3."
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GM to every lawyer out there who, regardless of the current market conditions, is committed to building a future in the Web3 space. ☀️⚖️
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🚨Blockchain Crime Update: Nate Chastain’s lawyers have filed a motion to dismiss the government’s indictment charging him with wire fraud and money laundering in connection with the CoinBase “insider trading” case. Here’s a thread breaking it down.
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When overzealous regulators “spray and pray” demand letters in the hope of getting mass settlements, the typical & best defense response is to set everything for trial.
If the SEC actually proceeds with lawsuits on this wave of crypto Wells Notices and only half of those
The SEC just sent a Wells notice to Robinhood.
The number they've sent about crypto in recent months is astonishing. It's hard to imagine that they would (or could) bring so many enforcement actions at once.
It seems like they're abusing the Wells process as a scare tactic now.
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GM to all the lawyers who are thinking through complex blockchain legal questions and coming up with answers. It's not easy, but someone has to do it! 🌞⚖️
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GM to all the lawyers out there who's bags may be down, but are still bullish on the future of Web3. ☀️⚖️
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GM to all the lawyers out there who are helping clients build in Web3. You are the future of legal services!
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Congress: This Bill passed the House with rare and overwhelming bipartisan support.
Biden: Nah, I’m gonna veto it.
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GM to all the lawyers who take the time to jump on Twitter Spaces and keep this community informed on the latest Web3 legal developments! ⚖️🌞
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Took over a year, but DeFi Defense Lawyer trademark is finally officially registered with the United States Patent and Trademark Office. LFG! 🔥⚖️
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GM to all the lawyers out there who know that we've haven't even scratched the surface when it comes to use-cases for NFTs and smart contract technology.
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Nate OpenSea case only reinforces how critically important Web3 lawyers are to this space. I’m so proud to be part of this community of brilliant and exceptional lawyers.
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GM. Knowing a good Web3 lawyer in this volatile market is like pulling a rare 1/1 mint. HODL those connections! ⚖️
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Financial intermediaries have made billions, if not trillions, in fees moving illicit fiat around the world on behalf of transnational criminal organizations.
They file their “suspicious activity reports” (SARs) with the government, but keep the transfer fees on these illicit
🚨JPMorgan's CEO Jamie Dimon says he would "close down" crypto if he were the government.
"I've always been deeply opposed to crypto, Bitcoin, etc. You pointed out that the only true use case for it is criminals, drug traffickers, anti-money laundering, and tax avoidance.
And
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GM to the blockchain lawyers who know that innovation and regulation are both necessary for the continued growth of Web3.
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GM to the small, but solid community of Web3 lawyers in this space. Really love it when we get together and talk about the future and the possibilities!
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🚨Blockchain Regulation Update: Yesterday, the CFTC filed a declaration informing the court that it seeks to perfect service of process of a lawsuit on every voting member of Ooki DAO via its chat bot and forum posts. 🧵
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GM to every lawyer in the space who is genuinely excited to be a part of the Web3 revolution. Congrats on being this early! 🌞
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@punk9059
Why isn’t revoke dot cash a module plug on every platform that automatically revokes every blockchain transaction connection after execution. Seems this would solve a lot of these hacks. Unless of course revoke dot cash module gets hacked.
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GM! If you’re a blockchain lawyer who is still here, then odds are that you’re here for more than just floor prices and profits—you’re here to be a part of the next internet revolution. Thank you for sticking around!
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Breaking News: 98% of baseball card collection is worthless.
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We do a little pasta lemon juice, basil, butter and Parm. 🍋🌿🤌
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GM to all the Web3 lawyers out there who actually read the terms of conditions of NFT projects.
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GM to all the blockchain lawyers who are here for the culture! Web3 lawyers definitely have a vibe!
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My recent interview with
@BoredApeGazette
discussing KYC and BAYC recent announcement.
@BoredApeYC
#NFTCommunity
#BAYC
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GM to every lawyer out there who is up, drinking coffee right now and looking up the latest in blockchain legal news. I see you! ☕️⚖️
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GM to all the blockchain lawyers who know that Tweets are great, but Tweets are also evidence that can be used against “you” later at trial. ⚖️
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Lawyers are now serving anons with lawsuits on-chain. Mfers are never going to look in their hidden wallets again.
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GM to all the lawyers out there who know that smart contract technology has uses that go far beyond NFTs. Virtually any term and condition of an agreement can be recorded on the blockchain via a self-executing and autonomous set of code.
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Thrilled to announce photo artist Guido Disalle will be our guest on Law Line with Carlo & Genco. Join us for an in-depth talk about
@GuidoDisalle
's career & his latest drop "Sicilian Kiss"--for the culture! Wednesday, April 27, 12:30 PM EST.
@rugradioshows
@GencoLaw
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Pumped that
@veecon
finally added Web3lawyers to the conference! Congrats
@sh3k1n4h
&
@schmupergirl
! Well done
@garyvee
⚖️💛
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GM to all the lawyers out there who had the vision & courage to jump into blockchain &
#Web3law
. To those who haven't yet, we're still early. You have time!
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GM to all the blockchain lawyers out there who are currently debating whether Beanie Babies would pass the Howey Test.
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GM to all the lawyers who are new to Web3. If I'm not following you, please leave a comment below!
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GM to all the lawyers out there who are building deep and lasting connections in the Web3 community. These connections will outlast any bear market that comes our way.
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On last night's Law Line Space, Web3 lawyers had a great conversation about NFTs and ("IP") intellectual property rights. One of the pending IP lawsuits we discussed is the Hermès International v. Mason Rothschild case. 🧵
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Had to grab this nerd off the floor
@Simon_Goldberg
I've got a story to tell and looking forward to telling it through this dude.
@nuclearnerds
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GM to all the Web3 lawyers out there who are here and ready to advise clients in these challenging times. Together, we will get through this.⚖️🦾
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Well, it finally happened. Two individuals have been charged in federal court with wire fraud and money laundering for their role in an alleged NFT rug pull. Here is a copy of the crimninal compalte that was linked to the DOJ press release
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🚨Blockchain Crime Update: The US Attorney for the S.D. of N.Y. returned an indictment against the former head of product at OpenSea alleging he committed wire fraud and money laundering in connection with "insider trading" of NFTs. Let's breakdown the charges. 🧵
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@RaoulGMI
The toughest challenge right now for me with full adoption of AI is breaking old habits when doing tasks i.e.—remembering we now have AI for this.
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There is an ongoing debate over whether NFTs are securities and subject to SEC regulation. If NFTs are securities, then are NFT "rug pull" projects subject to prosecution for securities fraud? Here's a thread discussing what constitutes securities fraud. 🧵
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GM. I've seen the future and it's a virtual room full of Web3 lawyers hashing out complex legal questions. Next stop, metaverse CLEs!
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GM to every lawyer out there who knows the in the end, the blockchain wins. Keep on innovating.
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My recent interview with
@BoredApeGazette
discussing proposed crypto regulations in the 2021 Infrastructure Bill.
@BoredApeYC
#NFTCommunity
#BAYC
LEGAL TALK » Many In The NFT Have Been Discussing 6050I And What It Means For The NFT Space
Find out what Crypto lawyer
@defidefenselaw
had to say about it:
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GM to everyone who understands that because we are still so very early, Web3 legal work is novel, complex and full of uncertain outcomes. 🌞
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GM to the Web3 lawyers who show up regardless of how the Twitter algorithm responds. Stay consistent!
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So, Who Is A "Digital Asset Broker" Under Proposed IRS/Treasury Regulations?
If approved, these new regs may likely be the most comprehensive and far-reaching set of KYC reporting requirements ever imposed on U.S. digital asset transactions.🧵
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It will be wild when we see the first Web3 lawyer from this revolution become a judge.
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GM. If you’re a Web3 lawyer and you are attending NFT NYC, comment below! 🗽⚖️🫡
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GM to all the lawyers out there who are putting in late nights and early mornings advising clients in Web3. Respect the hustle. ☀️⚖️
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GM to all the blockchain lawyers out there who bring honor to our profession. You have my respect.
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GM to all the lawyers out there with long IRL to-do lists who still manage to find the time to engage with the Web3 community. Legends!
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