Centralization caused the FTX fiasco, not DeFi. Regulators must make sure not to conflate the two. My OpEd in the @WSJ @WSJopinion with @VivekGRamaswamy

Manyreading the new GENIUS Stablecoin act think it will allow issuers to pay yield to holders. I don’t think so. Today, issuers dont pay yield for two reasons: (1) Securities law, (2) BSA. The Act removes #1 but not #2. The BSA today does not permit banks to make interest payments to anonymous tokenholders. Probably, Issuers will give yield to those who KYC but not everyone. And thats basically what already happens today (eg coinbase accountholders get ‘rewards’ on their USDC.

The King has arrived. Happy to be backing my friend @JoeBjornsen

@sushi_labs @ShipyardSW So excited for what's next for Sushi!

RT @sushi_labs: Excited to announce that Sushi Labs has acquired @ShipyardSW! Founded by DeFi OGs @MarkLurie & Abe Othman. Their innovatio…

RT @ShipyardSW: Big news! 🚀 Shipyard Software has been acquired by Sushi Labs! It's been an incredible journey, from innovating at the for…

Very excited to announce that @ShipyardSW has been acquired by Labs! @sushi_labs @SushiSwap. @Clipper_DEX will rise to new heights as part of the Sushi platform. It has been a journey, and it's still just beginning!

RT @JoshuaKushner: “pro america” technologists openly supporting a chinese model that was trained off of leading US frontier models, with c…

The removal of tariffs since WW2 combined with containerized shipping beginning in the 80s is what enabled massive money printing without inflation - the lower cost of goods netted out the inflation for every-day purchases. Put tariffs back and you will finally see serious inflation emerge, and then Trump will be forced to roll back at least some tariffs.

@KyleSamani The @MIDAODS entity allows this as a legal structure. Algorithmically-managed LLC with governing docs onchain and no managers required.

@CowrieLLC @0xThriller @Cypherpunk69 @lex_node @MIDAODS Ha yah ok bro. That you would take issue with the car analogy that you yourself brought up and ignore all substantive points about international tax structuring kind of says it all… I think I’m done wasting my time here, end of thread.

@StockSavvyShay That seems like plenty of time…consensus will be easy if the threat is existential

PSA: the historical precedent for quantum computing breaking encryption is the Y2K bug. Everyone will freak out, but upgrade with plenty of time, so it will be a big nothing burger.

RT @ItzSuds: I'm speechless at how anti-founder @cartainc is. They make it impossible to cancel your subscription or speak to a human suppo…

RT @safetyth1rd: the fact that Uniswap is getting disrupted and instead of fixing the issue, they're solving things people dont care about,…

This is Twitter; everyone knows the difference between an answer and and a dunk. But I guess this is good engagement farming so ok, why not :). Personally, I find tax fascinating. It explains a lot of why the world around us is the way it is. The tax lawyers I've worked with on various matters over the years are all partners at top-tier firms. They're too busy billing large financial firms $1,200+/hr to spend time on X. Nor would they risk the pristine reputation of their firm by shitposting strong positions without reference to specific facts and circumstances. And many of their facts and circumstances are attorney-client privilege. Which...is why....you don't see tax debates on X and you probably shouldn't take your tax advice from this thread. With respect to facts and circumstances: Your understanding of the facts wrt AdmiralDAO is not correct. And for the record, none of this thread is in reference to AdmiralDAO's facts and circumstances. But facts and circumstances do matter. For example, there is a whole spectrum between 100% US and 0% US connection. For example, with a US LLC, *all owners* have to file a personal US tax return, even if some are non-US and won't owe any US tax. Lots of people don't want to do that, which is why VC funds (who all have non-US LPs as well as US LPs) require startups to be C-corps and not LLCs. That's why all venture-backed companies are Corporations. It's not because its better for the founders, it's because it's tax-optimal for the VC's LPs. For a non-US entity that is majority-owned by US persons (a controlled foreign corporation or CFC), the non-US owners don't have to file US returns, but the US owners still have to file US returns and pay taxes on their proportional share of the income. Usually, this is bad b/c taxes could be due even if the entity doesn't actually distribute profits. But if there is *actually no profit* (irrespective of whether it is formally designated as a for-profit or non-profit) then that's not so bad, because the US tax-payer won't have anything to pay. They will report a portion of zero. For a non-US entity that is minority owned by US persons, no one necessarily has to file US returns (US persons will once they receive distributions). This is great. I'm not actually a tax lawyer, so maybe I got a detail wrong here. But the point is that there are A TON of different situations and reasons that a DAO or any entity would want to consider a non-US jurisdiction. For example, if they ever expect to have a DAO member who isn't a US person. If all of your clients are US-centric, then of course all they ask about is the US. That's how bubbles work. While the RMI is not the lowest-cost tax jurisdiction around, it's the only legitimate non-US country I personally know of that explicitly allows for smart-contract based governance. And its a nice benefit that it is largely based on Delaware law so most US lawyers can get up to speed pretty quickly and so its much cheaper (and simpler) than a cayman sandwich or whatever. Personally, I like the little pop-up headlights on the 1984 Toyota Celica. I drive simple, reliable cars that get me where I'm going, not Lambos or Gwagons. This is why facts and circumstances matter. And why dunking is not a serious thing to do in the case of law.

RT @gondixyz: 🚨 RECORD-BREAKING NFT LOAN 🚨 The unique 7-trait Punk #8348, owned by @seedphrase, was just used as collateral for a 2,750,00…

RT @MIDAODS: Creating an AI agent with an on-chain address? The RMI DAO LLC is the only legal entity in the world that allows members to a…

The Republic of the Marshall Islands (RMI) is racing to issue the first sovereign yield-bearing stablecoin. Thanks to @USTreasury for the feedback! Delegation included (L to R) myself, B. Muller, Ambassador Paul, Chari Ading, Secretary Yamaguchi-Eliou, Commissioner Korean, Speaker Waze, and Finance Minister @SenatorDPaul. The @RMI_Govt is making big moves!

David is there some reason you're dunking on this? Obviously tax treatment is facts and circumstances for each DAO, whether a DAO LLC or a DUNA or whatever. AdmiralDAO ( is incorporated in the RMI as a nonprofit LLC and every tax lawyer I've ever spoken to agrees it is nontaxable, precisely because of the nature of its activities (e.g. no profits, no ownership, etc). You don't know the specifics of AdmiralDAO so why are you speaking in such broad, sweeping terms? Even it it were for-profit, maybe the members are Non-US persons and so it wouldn't be a US CFC. Forming in the US would just create more unnecessary tax complexity for them. Do you think every group of people incorporating a DAO is the same? Are you myopically US-centric? In general, nonfalsifiable generalities are always going to carry less weight than specific points about specific examples. If you want our example, feel free to reach out!

8/ What’s your take on stablecoins like USDT and USDC? Will they disrupt the traditional financial system? Let’s discuss below 👇