![Ji Kim Profile](https://pbs.twimg.com/profile_images/1709000115208286208/X09m3cFp.jpg)
Ji Kim
@_jikim
Followers
1K
Following
1K
Media
6
Statuses
367
President & Acting CEO @crypto_council. Formerly @Gemini, @KrakenFX, & @WillkieFarr. Tweets are not legal or financial advice. Views mine.
New York, NY
Joined June 2023
1/ The @crypto_council just submitted an amicus brief in support of @coinbase challenging the SECās denial of its rulemaking petition. TL;DR: The SECās pursuit of its flawed interpretation of securities laws through regulation by enforcement while refusing to engage in.
6
28
130
1/ Initial thoughts to Judge Faillaās Order RE: @coinbase's Mtn for Judgment on the Pleadings:. First, what happened? The court denied most of the motion (i.e., decided that SECās case against CB will move fwd on most of the alleged claims) but agreed that CB is entitled to.
10
12
112
Eight attorneys general of Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas "opposes the SEC's regulation of crypto assets absent an investment contract because Congress HAS NOT delegated this authority to the SEC.". "The SEC's enforcement action.
13
15
65
The SEC's baseless regulation by enforcement approach unfortunately continues. The below reflects that the Commission fails to understand that the Uniswap Protocol, wallet, web app, etc do NOT meet the legal definitions of securities exchange or broker. Our industry is one that.
1/ Todayās Wells notice against @Uniswap is disappointing, but is not unexpected from this SEC. Itās another abuse of power ā unsurprising from an SEC that:. Last month, a federal judge ruled committed a "gross abuse of power" by lying in court about a crypto project.
4
7
84
1/ I reviewed the below amicus brief suggesting that the major questions doctrine should not apply in the SEC v. @coinbase matter and respectfully would like to offer a few reactions, including on my areas of disagreement (no surprise) w/ the authors.
Today, @beau_baumann and I filed an amicus brief in the @SECGov v. @coinbase case, with the great help of lawyers at @DemocracyFwd. We argue that the SEC's enforcement action does not trigger the major questions doctrine. 1/
3
11
59
The SEC just filed its opposition to @coinbase's mtn for judgment on the pleadings. The SEC is wrong again. They make the sweepingly broad assertion that any investment w/ an expectation of profit is a security (e.g., page 8). As mentioned (see below tweet), if we apply that.
4
10
71
The SEC's continued regulation by enforcement approach needs to stop. š to @amandatums, @millercwl, the @fund_defi team, and @BebaCollection for suing to hold the SEC accountable. š„š„š„ . The complaint has two claims: (1) a declaratory judgment action seeking a ct. order that.
Today, we @fund_defi sued the SEC. It has everything to do with airdrops + stopping the SECās regulation by enforcement crusade against our industry. š§µ.
4
6
51
1/ The @crypto_council, in partnership with @BlockchainAssn, @ProgressChamber, and @CTATech, filed an amicus brief in support of @coinbase's mtn for judgment on the pleadings in the @SECGov action. A fun Friday š§µ below:.
2
13
46
The WH states that it will not support measures that jeopardize the well-being of investors and consumers but SAB121 does exactly that by making it impossible for banks and responsible custodians to safeguard crypto. You should want such institutions to properly custody/safeguard.
Disappointed but not surprised by the veto of SAB121 CRA- as I often say, silence is golden, because some positions once publicly stated wind up being tough to walk back. This is a mistake and will actually undermine the very safety the administration seeks. Interesting to.
4
11
45
2/ We applaud @USRepMikeFlood, @RepWileyNickel, and @SenLummis for their leadership on this important issue to help promote a more transparent process for making rules that significantly impact the U.S. financial system.
1
0
43
It is beyond unfortunate that the SEC has attempted to regulate the digital assets industry through a regulation by enforcement approach without providing any needed guidance or clarity. As @crypto_council and I have previously stated, this is why it is so critical for Congress,.
0
5
42
4/ As SEC Commissioner @HesterPeirce said, SAB 121 is āyet another manifestation of the Securities and Exchange Commissionās scattershot and inefficient approach to crypto.ā.
1
1
39
The below reflects a tremendous outcome when it comes to bankruptcies in the U.S. Kudos to @cameron @tyler and the entire @Gemini team for all the work, negotiations, and behind the scenes commitment to ensure that Earn users receive the below outcome. At the core of the U.S.
Today, Earn users received $2.18 billion of their digital assets in kind. These initial distributions represent:. ā¢ 97% of digital assets owed to Earn users.ā¢ $1 billion more than when Genesis halted withdrawals.ā¢ A 232% recovery from when Genesis halted withdrawals.
4
5
37
š„ š„š„. Wyoming passed a new law yesterday to recognize DAOs as legal entities, which will enable blockchain networks to operate w/i the bounds of applicable laws without compromising their decentralization. Law goes into effect 7/1/24. Why is this so significant? Among other.
šØBig NewsšØWyoming just enacted a game-changing law for web3. It creates a new entity for DAOs ā the Decentralized Unincorporated Nonprofit Association (DUNA) ā thatās been years in the making. @CowrieLLC and I provide everything you need to know below:.
1
8
33
Commissioner @HesterPeirce's comments at SEC Speaks are a worthwhile read. š. She comments on the "dwindling of genuine Commission and staff engagement with the public" and how "[t]he Commission -- not the staff or market participants -- is to blame.".
4
6
31
Extremely positive news/update for Earn users š. If the settlement is finalized and approved by the BK Court, Earn users will receive 100% of its digital assets IN KIND and any and all appreciation since assets were lent. AND Gemini is contributing $40 million to Earn users'.
Earn Update: Today, we are pleased to announce that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in.
1
1
27
Here are the facts: the SEC previously stated that it had at most limited authority over digital assets just to CHANGE course under this Chairman to pursue an aggressive regulation by enforcement approach w/o providing needed clarity despite the industry's repeated asks--such an.
Today @coinbase filed our opening brief in the Third Circuit challenging the SECās denial of our rulemaking petition. Tl;dr: the SECās denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1/7
0
2
26
Big news! Grayscale wins--SEC is ordered to review its rejection of Grayscale's attempt to convert its Trust into an ETF. Will need to thoroughly review the relevant docs/details, but few initial questions/thoughts as we assess this: what are the exact next (mechanical) steps.
šØBREAKING: A DC Court of Appeals has GRANTED Grayscaleās petition for review to convert its GBTC Trust into a Bitcoin Spot ETF and has ordered the @SECGovās order be vacated. Documents and detail to come.
2
5
21
1/ Yesterday, @crypto_council filed our comment letter to the proposed broker reporting regulations. While CCI appreciated the opportunity to provide recommendations, there are many aspects of the proposed regs that do not take into account the unique nature of digital assets.
2
6
20
1/ Thoughtful and helpful thread from @AlexanderGrieve. Few add'l thoughts:. It goes without saying that ANYONE who funds or aids terrorism should be stopped and brought to justiceāEND OF SENTENCE.
ā¼ļø@SenWarren, @RepCasten, & @RogerMarshallMD lead letter with 28 Senators and 76 House members to Treasury & NSC on Hamas use of crypto, asking what additional authorities the admin might need (hint: their bill) to crack down on this activity. (NB: only 2 Rs on it)
6
10
19
š appreciation to the dedicated Hill staffers who joined @crypto_council's briefing on the FIT for the 21st Century Act and the current regulatory landscape. FIT21 provides for a clear process for market participants and regulators to follow to best protect investors while
1
4
19
We, as an industry, have always looked to engage constructively and in good faith with regulators and policymakers around the world. We will also go on the offensive to properly and vigorously represent, defend, and advocate. Unfortunately the finalized Dealer Rule, among other.
1/ Today, @BlockchainAssn and the Crypto Freedom Alliance of Texas sued the SEC over the recently finalized Dealer Rule. The rule is arbitrary and capricious, and presents significant risk for digital asset market participants in the U.S.
0
1
18
BIG day for our industry and for bipartisanship. US Senate voted 60-38 to overturn SAB 121, which was issued without following a proper CRA or APA process. True bipartisan effort in both the House and Senate to push back against SEC's overreach and flawed process. What happens.
1/ Today, 60 Senators on both sides of the aisle - including Majority Leader @SenSchumer - voted to repeal the SECās Staff Accounting Bulletin 121 (SAB 121) under the Congressional Review Act.
0
1
18
With the NY legislative session underway, @crypto_council appreciated the opportunity to meet w/ key policymakers to discuss the ongoing impact and transformative potential for digital assets in NY. CCI continues to advocate for the development of modern, coherent, and
1
4
16
4/ I also disagree that the MQD does not apply, but I won't rehash all of that here. See š: .
1/ The @crypto_council, in partnership with @BlockchainAssn, @ProgressChamber, and @CTATech, filed an amicus brief in support of @coinbase's mtn for judgment on the pleadings in the @SECGov action. A fun Friday š§µ below:.
1
0
16
Very much appreciate @RebeccaRettig1, @m_mosier_, and @katjagilman for the thoughtful approach to further the conversation regarding DeFi and how to best combat any illicit finance and achieve financial integrity goals. š.
1/ Today, @m_mosier_ @katjagilman & I are sharing a paper that begins a conversation around, & proposes a conceptual framework for, how to answer the "illicit finance" policy question as it relates to DeFi. A brief thread below, with links to the full paper + a summary document.
0
0
16
10/ @crypto_council was proud to have filed an amicus brief in support of Ripple back in 2022.
1
2
14
5/ Even Commissioner @HesterPeirce expressed her confusion that even AMMs (automated market makers) may have to register as a dealer under the current final rulesāsee š:.
1
0
15
The IRS just extended the comment period to its proposed broker rules to November 13. It is impt to respond and comment on these proposed rules, which will significantly affect our digital assets industry. See below from @crypto_councilās filed letter requesting extension:. āThe.
0
2
14
TL;DR:. GAO reviewed SEC's SAB 121 and concluded that it is an actual RULE. (SAB 121, among other things, requires custodians to record customersā digital assets as liabilities on their balance sheets. This makes it commercially onerous for mature and responsible financial.
Securities and Exchange CommissionāApplicability of the Congressional Review Act to Staff Accounting Bulletin No. 121
0
6
11
3/ TL;DR: J. Torres grants SECās MSJ as to āInstitutional Salesā (sale to hedge funds, etc.) AND grants Rippleās MSJ as to āProgrammatic Salesā (sale on exchanges through use of trading algos), āOther Distributionsā (distribs to employees), and Larson's and Garlinghouse's sales.
1
1
11
Earlier this week, @crypto_council responded to HK's proposed stablecoin regs. We encouraged the establishment of an equivalence framework, capital and reserve requirements to be in-line with those in other leading jurisdictions, alignment w/ int'l standards, inclusion of diverse.
1/ CCI responded to Hong Kong's proposed stablecoin regulations. The initiative is at a pivotal moment, therefore, we outlined a balanced regulatory approach that fosters innovation while ensuring consumer protection. Our key points:
2
1
8
9/ The SEC is attempting to rewrite the legal definition of "investment contract" to extend its powers w/o proper Congressional authorization. The SEC's approach fails as a matter of text, history, and precedent, and invokes application of the MQD.
1/ The @crypto_council, in partnership with @BlockchainAssn, @ProgressChamber, and @CTATech, filed an amicus brief in support of @coinbase's mtn for judgment on the pleadings in the @SECGov action. A fun Friday š§µ below:.
1
2
10
12/ Read our brief in entirety š. Thank you also to my amazing colleagues, @pnpkirby and @mccall_b_wells, as well as the šŖ team at @JennerBlockLLP.
0
1
8
Congrats @matt_homer and @deptofxyz! Look forward to seeing your continued leadership, expertise, and success. "Regulatory friends on speed dial. "š„š.
Former DFS crypto regulator @matt_homer raised $5.1 million for a blockchain-focused venture fund with a who's who of backers, including @rleshner, @KyleSamani, and the Winklevii. I wrote about his approach:.
0
1
9
Thanks to @DecentialMedia and @AmandaSWriter for including my thoughts re: WY's DUNA. DAOs that failed to use a legal entity for organization lacked legal existence, had potential liability exposure, and were unable to pay taxes--WY's DUNA now addresses all of this. (As we saw.
Wyoming leads the way in embracing #DAOs (cue the confetti cannons)! š. While @SenLummis hints at more blockchain innovation, could the state become the next hub for the #digitalasset industry?.
35
3
8
Today, Gemini Turns 8 Years Old! š. We lifted off in 2015 when #Bitcoin was $238 and crypto was the wild west. Letās review the year's most exciting announcements, and take a moment to discuss our values that are core to everything we do at Gemini. šDedication to security
0
0
7
It's unfortunate that during a time when the digital assets industry is seeking regulatory clarity, the SEC has failed to provide this much-needed guidance. As @crypto_council previously stated in our amicus brief, the SEC's "pattern of enforcement without providing a viable.
Meanwhile in the Third Circuit, the SEC filed an āupdateā on our petition for rulemaking. You can read it for yourself, but Iām happy to translate: āStill dragging our feet, please give us yet more unlimited time to actually do something.ā We appreciate the Courtās consideration.
0
2
8
8/ I stand by the MQD arguments (and reasoning) set forth in the amicus brief filed by @crypto_council, @BlockchainAssn, @ProgressChamber, and @CTATech.
1
2
7
Amazing leadership by @paradigm @brendanpmalone and @RSSH273 in establishing the Policy Lab. Intentional and thoughtful collab by lawyers, policy professionals, technologists, and academics will be instrumental for our industry. š.
1/ weāre launching the @paradigm Policy Lab today to double down and broaden our policy push at a critical point in the national discourse in crypto policy
1
2
8