Matt Corva
@MattCorva
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Law and things @ConsenSys . Card carrying member of team #DoLittle .
Joined October 2016
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Pinned Tweet
While you're here, please read our complaint to learn more about how we got here and why this is important. You can find it at this link:
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The irony of BSC literally copying and pasting Ethereum NFT projects designed to help creators retain rights is not lost on me. We will aggressively look into any and all actions against this rip off and any who assist them in infringing our copyright.
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/1 Some common misconceptions on regulations/securities law and the crypto industry that largely goes ignored:
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/1 The SEC has a very difficult task with respect to crypto. It hasn't been perfect, but it's a tough challenge. B/c of that, I do think it's important to be respectful and professional... but these "walk back from the line" comments are so worrying to me...
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We can't backdoor your MetaMask accounts to go buy yachts and penthouses. That's the whole damn point. It will be a long few months of explaining it, but everyone should explain the difference to anyone who will listen. It's on all of us to distinguish from this mess.
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Today's notice regarding the closure of the SEC's investigation into Ethereum is a welcome one, and I am grateful to our team
@Consensys
and our counsel who assisted along the way. It's a great win but...
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We
@Consensys
submitted a comment letter to the SEC today in support of Ethereum ETF approvals. You can find a blog describing the letter and the comment itself here (link to PDF in upper left):
Our comment responds to a request from the SEC seeking
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Here are my personal thoughts on ETH ETF summarized:
-It's denied, maybe on correlation but could also be on an argument ETH itself is an unregistered security. ETH is too big a moment for them. They have already been working hard to lay the ground on how they might arbitrarily
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1/ People largely don’t need protection from crypto. They need protection from centralized service providers who seek to exploit their interest in any number of ways, so here’s an obvious idea.
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Reminder that the agency that can't keep its twitter account safe wants all of your trading information.
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Regardless of content, the
@facebook
ban of token/bitcoin ads tells you all you need to know about the importance of decentralization. Translation: you can only consume what Zuckerberg thinks is fit for consumption. Excited for
@Join_Civil
@ConsenSys
.
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50MM+ verified users on
@coinbase
is so impressive and final validation that crypto should be viewed as here to stay. Regulators should regulate with that in mind - not a "how do we kill this" attitude.
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/2 and they are not worrying to me because of Howey or Reves or tokens. They are worrying because they reflect a view of the law that I don't share, which is that people serve the law, not the law serving people.
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/6 In crypto/securities the most basic example I can give is the transfer agent stuff. Why shouldn't people push against the need for costly middlemen by regulatory decree when a few lines of zero cost code provide the same (and better) service?
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/1 So much low hanging fruit for US policymakers and regulators to win back over the crypto crowd and help us remain competitive globally. Some general one's right of the cuff:
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/10 We are losing valuable business overseas, and US consumers are increasingly missing out on opportunities. This is an outcome no one should want.
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/5 This leads to a few problems. Need a transfer agent. Need a custodian. Need disclosures. Need reporting. Need examinations. Need transparency. All things inherently done by a blockchain itself that regs would often require an intermediary do.
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/2 The crypto community and exchanges for the large part have no issue with being regulated. What they do have issue with is regulations that undercut the value proposition of the technology.
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/9 It's important to remember that the law serves the people and not the other way around. I cringe a bit when we get quotes about the stone tablets of the securities laws coming down from on high as some divine being which must never be questioned.
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/10 And that is our history. Of questioning the regime and pushing it forward with rule changes and regs as markets, companies, and infrastructure change. Securities, commodities, civil rights or otherwise. Progress ONLY happens when people are willing to push the norms.
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/7 As a policy matter, the first principle of access is implicated by layering on accredited investor rules, which are outdated, exclusionary, and work to perpetuate a wealth gap - not foster innovation like community owned utilities that participants can share value creation in.
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/5 How do these laws change? BECAUSE THE PEOPLE PUSH AGAINST THEM. That push spurs regulators and policymakers to look at the issues and think about what makes sense and what doesn't.
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@ConsenSys
is pleased to submit our response to
@CFTC
's request for comment. We advocate for a flexible approach that recognizes the versatility of tokens (not just currency) and systems that promote consumer safety. TY for hearing us
@giancarloCFTC
.
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There will be appeals, but there will also be a pivot from the dems/sec to "we need new laws" - which I think is the right outcome. People still should have access to info/disclosures and there are plenty of sensible ideas for logical regimes. This is the right outcome.
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/3 People do make bad laws that are simply bad or become outdated or unnecessary due to innovation or changes in societal preferences.
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What a week. I’ll write more about our case and how we got here in the coming days, but for now just a big thank you to our tremendous legal team
@Consensys
@BillHughesDC
@laurabrooksie1
@megaulodon
and our great team based in Europe who can’t use Twitter because of GDPR, or
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/9 For the better part of five years, the industry put forth suggestions/SRO-advocacy. It's time for regulators to trade "tough talk" and regulation by enforcement with meaningful dialog on how to achieve regulatory aims while doing more than paying lip service to innovation.
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/4 The American history is one of laws that we look back on now and say "I can't believe that existed."
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/6 Introduction of intermediaries means elimination of non-custodial options, and increases in fees.
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When you understand 👇, you will understand precisely why the SEC is being wielded for policy reasons not for consumer protection, not for clarity, not for adherence to law or agency practice, but for chaos to prevent these primitives from threatening to status quo.
Uniswap is one of the most salient examples of what Ethereum can enable: simple but powerful primitives that can be used at scale by ~anyone with minimal trust assumptions 🦄
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/8 Without these pushes, there is no incentive for upgrade, for progress. It's a core function of lawyers globally - to work with the innovators to move us ALL forward.
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.
@PatBerarducci
@awrigh01
@consensys
and
@TheBKP_Official
just released a draft token taxonomy. Check it out and contribute feedback. Crypto - strong on memes, weak on naming. Help bring clarity!
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/7 Of course people should push against things like this, which in turn will cause regulators/policy makers to look at the NEW landscape, and evaluate the EXISTING laws and rules.
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It's honestly getting hard to keep up with how little we're accomplishing. Check out what's arguably the most advanced public blockchain analytics suite and dashboard just soft launched. Congrats
@AlethioEthstats
team. Another fine release by team
#DoLittle
@ConsenSys
.
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220lb of sushi grade yellowfin + albacore tuna were imported from SeaQuest in Fiji and arrived at our offices at 8AM. The sushi will be served today at
#EtherealSummit
. Tracked all the way bait to plate using
@ConsenSys
@viant_io
by the great
@MulvihillTyler
@AtreyaKishore
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/2 Adopt
@HesterPeirce
safe harbor or similar, strengthen anti fraud enforcement. Will make business formation in the US competitive once again, generate thousands of jobs and US corporate taxes.
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Another example why
@coindesk
has a bad rep in the Ethereum community. EEA has been quiet for 1.5 years? It's barely 14 months old. In that time, assembled a world class team, hundreds of members, and dozens of active groups.
@twobitidiot
@VitalikButerin
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/4 By declaring something a security or exchange subject to registration, decades of regulation are heaped on top of the technology.
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/8 When the SEC says "they need to register with us" - I don't think registration is a bad thing. Regulation can have a positive impact on markets, but it needs to be well tailored.
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Narratives are detached from reality.
@BillHughesDC
and I put our heads together to help simplify staking so people (including regulators) can be educated and grounded in understanding the state of the current universe. Please, read, share etc.
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/3 This takes two prime forms. The first is the principle of access. The second is the principle of disintermediation.
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I won't comment on the merits, but this attempted play at "attack on crypto" is pretty laughable. In five years of doing this, I haven't heard anyone interested in or working on decentralized tech or "crypto" say ANYTHING positive about XRP. "Crypto" will be just fine.
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Back to
#Wyoming
and the work by
@CaitlinLong_
and others on a Saturday morning... What impresses me about this is it just makes sense. In a world where people are engaged in incomprehensible mental gymnastics, Wyoming is clear, practical, pro-business AND pro-consumer.
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Looking forward to tokens sales going back to being about networks built by communities and consumers instead of a mechanism for speculation by privileged few at the expense of the many. Sure, we won't see absurd money come in, but very few compelling arguments that's a bad thing
👇Token sales are so bad due to the SAFT and other pre-sale agreements, even prominent token boosters are disgusted. These structures result in unsupportable public prices. Consumers are going to get hurt and entrepreneurs sued. All predicted here:
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3/ “crypto” didn’t do this. “DeFi” most certainly did not do this. Wall St equivalent grift did this. Congress should do their jobs and protect people’s ability to access crypto without fear of entering into a wall st Rube Goldberg machine.
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Good article that highlights a low-hanging fruit effort for congress in the US. We've had bank accounts closed with no justification and no notice because we work with the nefarious "blockchain." It's time for that to end. Good on you, France.
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Early draft of
@TheBKP_Official
standard for token purchaser assessment, a core component for consumer protection. Feedback is welcome. Excellent work
@PatBerarducci
@awrigh01
@consensys
and all of our 700+ community contributors so far.
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/6 Stop the anti-developer unamerican rhetoric. It's contrary to everything that has made this country what it is. Provide sensible regulatory frameworks for front-ends that offer services based on protocols. Foster innovation.
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This may go under the radar today, but an important development. Dozens of qualified REAL applicants for ATS who have been rejected or told to withdraw their apps. But the aptly described potemkin project gets in just in time to appear in front of congress? Great job
@RepRitchie
🚨
@SECGov
is acting like an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret.
It prefers to communicate by enforcement rather than by rules or guidance. But that's no way to regulate digital assets.
I'm calling for an investigation.
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Just my personal views, but imagine those working on public protocols such as HTTP/FTP/DNS etc. were concerned that the SEC would have something to say about their actions and as a result chilled development. Sounds crazy, right? Builders should continue to build public protocols
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@ConsenSys
is a tremendous place to work and
@ethereumJoseph
is a tremendous person to work with. With, not for. Congrats to all on a great event and thanks to the great speakers.
I couldn’t be more proud of all 800-something cells in the
@ConsenSys
organism. Forever growing, evolving, celebrating successes, learning from mistakes, and sharing experiences.
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/3 Create special purpose charter for 1:1 stablecoin issuers (or close to it) rather than attempting to impose banking registrations for entities who simply aren't performing even close to the full suite of banking services.
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Incredibly proud of the growth of the
@EntEthAlliance
- and it still feels like we're just getting started.
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Just arrived back in Brooklyn after a rewarding long day in DC talking regulation with
@ConsenSys
greats
@thejoycelai
@PatBerarducci
and (pic dodger)
@awrigh01
. Thanks for having us
@WarrenDavidson
@tomemmer
Congressman Budd
@DarrenSoto
.
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Excellent work by
@JohnLilic
@CodeToInspire
@f_forough
@ethBounties
and all of those who have worked to support this excellent cause. Thanks also to
@coindesk
for this fair and accurate coverage. We need more of these stories.
Forget Prices, Ethereum Is Offering a Different Value in Afghanistan
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Another hit, this time from
@consensys
🇸🇬. Scorecard for team
#dolittle
is looking pretty strong lately...
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/5 And my personal favorite, because I see it every single day with hacks and phishing scams, create a framework for TECHNOLOGY providers to provide multi--sig as a service type functionality WITHOUT forcing them into a banking/money transmission framework.
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I've been quietly impressed with what I see as a general uptick in the quality of reporting across crypto-info including
@coindesk
@TheBlock__
@BreakerMag
@decryptmedia
@MessariCrypto
. Only fair to support these outlets when they do well if we want to critique when they don't.
We discovered that Stellar suffered an inflation bug in 2017 that created over 2 billion $XLM, and they quietly patched it with an equivalent token burn.
Read more:
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1/ Seeing a lot of "don't support" Kik/Kin takes. Can't say I get it. The case is important not because of Kik, but because of its potential to set precedent for the rest of the industry.
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.
@ConsenSys
filed a response to
@CFTC
's req. for input on
#ethereum
. Thanks to
@PatBerarducci
(who I bet will do a thorough tweet storm) for the hard work, and to all of our other contributors. A bigger thanks to
@giancarloCFTC
for community engagement.
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1/ Amazing time at
#devcon4
. Went as half a fan, half a lawyer in the space. Here are some short thoughts on my takeaways from the event.
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It’s not that Bitcoin is also a security. It’s just that under the SEC’s made up ecosystem theory it could also be incorrectly labeled a security. And that’s the problem with totally made up tests by oral argument no one understands. Good thing bitcoins can be independently
Livestream of an entire Austin TX conference about BTC and its future as a programming platform.
No "ecosystem" to see here, for sure.
It's going to be interesting to see what new theory the litigators come up with to excuse grotesque regulatory overreach when the current
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/1 I've been using the
@MetaMask
Swaps feature by
@Consensys
frequently lately. A short thread on my experience and why I think this is such an important part of the web3 stack moving forward.
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It’s time to update this. Wealth isn’t a great proxy for sophistication in the free Information age and the byproduct of the laws is further concentration of wealth. I continue to be optimistic that
@HesterPeirce
and others can bring change, change that’s been nudged by crypto.
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This thread is exemplary of why we are fortunate to have
@VitalikButerin
as a contributor in
#ethereum
or any community. He excels at making pragmatic points, and further, making them in amusing ways. Plutocratic cellos!
@Nouriel
1. Crypto inequality also includes inequality of *level of interest* in crypto, which is still niche. I'm sure the Gini of cello ownership is more than 0.88, but that doesn't mean cellos are plutocratic.
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I will leave the tweet storming to others, but after a quick read, this
@SEC_News
clear guidance is immensely helpful (and clear!). If you've been following
@TheBKP_Official
, you will see many familiar themes around tokens for consumer use - no wild west.
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It's rare I have 60 minutes free to join the Bi-Weekly "Spoke" update call at
@ConsenSys
. Incredible to get such robust development updates. Essentially dozens of board meetings in 60 minutes. Hard to even wrap your head around the volume of work being done.
#ethereum
#dolittle
.
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On TCR: People find subjective utility/purpose in services they interact with. For TCRs to have value, users must have a shared understanding of utility and purpose. Rulesets and their comprehension are as vital to TCR success as code.
@Join_Civil
@ad_chain
@MessariCrypto
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Jeff Bezos is rumored to be purchasing (or attempting to) an NFL team. I’ll set the over/under for his first Super Bowl at 4 years and take the under. His savvy data driven approach will run circles around dinosaur orgs like the Giants and Redskins.
@evansilva
@adamlevitan
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4/ Community is the x-factor of Ethereum. Most, if not all, at the conference, attended because they believe in the technology's ability to bring about change. Prices rise and fall, but the community is what keeps the lights on. Those lights have never been brighter.
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Another great demo from the OpenLaw team. Buyers, sellers, and lenders. “The Purchase and Sale of Real Property on Ethereum” by
@OpenLawOfficial
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This is a terrific thread. Your data is everywhere, and it should belong to you. Anything that takes your data and silos it away from you is an obstacle to open innovation and consumer leverage.
@fredwilson
@gridplus
@ConsenSys
@fredwilson
We couldn't agree more. Unfortunately in Texas, a closed door meeting between the TDSPs and PUCT with no input from actual ratepayers reached a settlement to remove HAN functionality from meters. This means that Texas citizens can no longer access their data before it goes (1/n)
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/1
@Consensys
spent the holidays cozied up with the FinCEN NPRM. We just filed our comments, which you can find here:
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Please join us on this important mission.
#BrooklynProject
@ConsenSys
. Let's create positive standards and maximize healthy outcomes for innovators and consumers. Follow the link to learn more and see how you can help.
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1/ These VC takes continue to be amusing. Any of this tech may work. None of it may work. But the marketing is hysterical. See...
3/
The blockchain is faster and more efficient than others, executing transactions at over 6000x the speed on Ethereum for 0.1% of the cost.
Flow does not use sharding, which reduces friction for developers.
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Player 2 has entered the game. Will be interesting to follow and support
@BlockchainsLLC
. Easy to mock, but we should be cheering these efforts.
#consensys
#ethereum
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.
@metamask_io
mobile app and path to decentralization in one presentation. As always: 🦊🔥🦊🔥🦊. I’m not allowed to pick favorites but this is one of the finest teams around.
@ConsenSys
#ethereum
#devcon4
#opensource
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In which an arrogant reporter tries to tell Vitalik a longtime colleague is about to Brutus him and that he’s dropping the scoop on Vitalik. See related for where same reporter argues with his sources about what they actually said vs reported. Demand more from your media people.
@mdudas
@luigidemeo
@VladZamfir
The first sentence is just false:
> Vlad Zamfir, one of Ethereum’s lead researchers, is stepping back from the blockchain empire
Vlad's level of focus on ethereum has not decreased. I know because his team has been giving feedback on my CBC beacon chain work for the last week.
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/1 I voted against this
@LinksDAO
proposal because my experience has taught me that executing on a single vision is challenging, shiny additional objects can be heavy anchors. Scotland is beautiful, but weather and geography are challenging.
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Some
@Consensys
thoughts (support) on the recent
@HarvardLawBFI
Uniswap policy proposal.
cc
@RebeccaRettig1
@boironattorney
@jchervinsky
@ammori
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Look, I like have a job and I don’t want my personal views to cause anyone headaches. But one day I’ll tell you how I really feel about what’s going on in government at the moment. Makes me angry. Anger leads to us building more useful things. Then we win anyway.
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@msantoriESQ
Scenario 491. Coinbase credits BSV to my account (that I don't want, but they do it anyway). I do nothing with it. Coinbase and all US exchanges delist BSV. I still have taxable income on an asset I didn't want, didn't manipulate in anyway, and can't dispose of without 490 issues
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Couldn't disagree more with the arm chair takes by people who have zero experience operating a company, let alone a company in this regulatory environment. This thread misses the salient points
@iampaulgrewal
is making re: a clear understanding of the rules evenly applied.
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Very good take here by
@jerrybrito
that's worth spending the 90 seconds on. It's a powerful argument for those who struggle to find value in new systems because the existing systems haven't failed them (yet).
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From the studio who's accomplished so little, please note the upcoming release of the
@Cellarius2084
anthology on December 11. Welcome to a wonderful experiment in collaborative storytelling and rights management by
@consensys
- doers of little.
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Unveiling of the
@gridplus
Lattice1 at DevCon. Come by the
@ConsenSys
booth to check it out.
@mark_dago
@mechanikalk
@crypto_dev_alex
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My
@LinksDAO
membership has already paid for itself probably 2x over from discounts on merch I would have otherwise bought from
@bridgestonegolf
@CallawayGolf
@GreysonClothier
and many more. That's before we even get into the golf.
The drop you've been waiting for is here: Links x
@GreysonClothier
⛳️🐺 This limited edition drop features both men and women’s styles including hoodies, polos, and QZs -- all with exclusive members-only pricing.
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Hosted about 20 engaged faculty and students from
@UWyonews
@ConsenSys
today where they heard about our views on the future of work,
@treum_io
,
@ConsenSysCodefi
@metamask_io
w/ impromptu demos of
@ensdomains
and
@GodsUnchained
. Future is ☀️ C.C.:
@CaitlinLong_
@Tyler_Lindholm
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If you think the popular tax apps aren’t doing this as well I have a bridge to sell you. Would consider checking out things like
@rotkiapp
(unaffiliated). It’s not about skirting the law for 99.99% of actors, it’s about basic notions of privacy.
SCOOP:
@chainalysis
has been secretly operating a bitcoin block explorer site, , and scraping certain visitors' IP addresses to find leads for law enforcement clients, leaked documents show.
@realDannyNelson
reports
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Want to know how much GBTC Greyscale needs to sell and on whose account? Thought the SEC disclosure regime would protect you by providing this timely information? Stay tuned next quarter to learn more about how wrong you were about now being protected.
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Very excited for this team and project. They've been heads down on this since I've been
@ConsenSys
. Meaningful implications to data cost and accuracy in the legacy markets, as well as follow-on use cases in token markets.
Check out our new website and what TruSet can do for fixed income and token data . TruSet: the foundation of trusted, accurate data
@ConsenSys
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Here we go again with fake news and poor reporting.
@coindesk
@mikejcasey
. Never happened. "Hinman said that although ether was a security at the time of the ethereum proto-ICO in 2014, it no longer met that definition because of how it now functions within the ethereum network."
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