DeFi Education Fund
@fund_defi
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We do policy and advocacy work to help DeFi flourish. Looking to donate? Blog:
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Pinned Tweet
🚨Today, DEF and
@BebaCollection
sued the SEC🚨
The crypto industry is facing an existential threat from an overzealous regulator who is abusing its power by targeting our industry through unending aggressive enforcement actions.
It’s time for the
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1/ The SEC’s proposal to expand the definition of “exchange” is so broad and ambiguous that it may (or may not!) implicate DeFi.
If you’re a DeFi user, write to the SEC asking for clarification!
🧵with the state of play…
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🚨🚨🚨 This evening, we filed an amicus brief in SEC v. Coinbase in which we discuss Coinbase Wallet and Staking Program... 🧵
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🚨 New info from the Netherlands agency that arrested tornado cash developer Alexey Pertsev
We wanted to get this *troubling* statement from the FOID out there (which raises more questions than it answers) while we're chasing down more info + assessing next steps
h/t
@sccanavos
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Some of the DEF's main initiatives to date:
1/ we're educating as many policymakers as possible as quickly as possible, e.g. meeting with all 535 Congressional offices for "DeFi 101s:"
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Some of the DEF's main initiatives to date:
1/ we're educating as many policymakers as possible as quickly as possible, e.g. meeting with all 535 Congressional offices for "DeFi 101s:"
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Update on our brief re: CFTC/Ooki DAO action.
Federal judge accepted our amicus brief + ordered CFTC to respond to our motion to reconsider the judge's ruling that the CFTC's service was valid.
TL;DR, good news.
Next response deadline for CFTC: Nov 7 👀
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Today's been a real-time case study on the benefits + importance of DeFi protocols and the fundamental differences between DeFi and CeFi.
The transparency of on-chain protocols means there's no need to speculate about questions like solvency.
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🚨1/ Today, we submitted our third response to the SEC’s proposed “exchange” rulemaking.
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Last night, we filed a motion to submit an amicus brief in CFTC vs Ooki DAO that discusses our concerns with the CFTC's action generally and requests the court reconsider its order granting the CFTC's alternative service.
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1/What is DeFi? It’s a question that still stumps (or frightens) many in our govt, legacy financial institutions, and the general population.
To help explain the ecosystem + ease those concerns, we’re going to post a 4-part “DeFi 101” course here over the next week.
Part 1
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Interested in working on groundbreaking policy work for DeFi?
We are hiring a Policy Director to lead the charge on:
- Establishing strategy for the DeFi Education Fund
- Engaging with policymakers
- Developing transparent reporting process
Apply here!
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We've just submitted our comments in response to the SEC's "exchange" rulemaking.
There's still time to submit a letter. You can comment in three clicks here:
🧵w/ additional info + 🔥🧵s + what comes next
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1/ 🚨The SEC conducted its Open Meeting in which they voted (3-2) to reopen the comment period for proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 regarding the definition of “exchange.”
🧵🧵🧵
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🚨1/ Today, we submitted our comment letter to the Treasury Department and IRS in response to the proposed “broker” rulemaking, which would make brokers out of thin air and be totally unworkable and confusing for taxpayers. 🧵🧵🧵
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PSA: at 8PM EST tomorrow, the DEF will be hosting a Twitter spaces discussion.
Topic: the senate infrastructure bill.
Tune in to hear us discuss a *critically important* topic.
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Criminalizing US persons' legitimate use of a technology because it's also used by illicit actors is unprecedented and has significant societal implications.
Treasury is rightfully seeking to prevent illicit activity, but sanctioning software isnt the way to do that.
Today, Treasury sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. Virtual currency mixers that assist criminals are a threat to U.S. national security.
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Are you a US person who used Tornado Cash for lawful purposes and now your funds are frozen?
We want to hear from you.
Reach out and tell us your experience: TC
@defieducationfund
.org
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With the help of
@GenesisTrading
, we sold 500k UNI for ~$10.2M USDC in order to fund the efforts of the Defi Education Fund.
In the next 24 hours, we will be sending 500k UNI to Genesis and receiving ~$10.2M USDC in return.
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1/ 🚨Today, we submitted a comment letter to FinCEN re. its proposed rulemaking that would classify “Convertible Virtual Currency Mixing” as a class of transactions of primary money laundering concern.
🧵🧵🧵
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2/ In the lawsuit, we seek relief on two claims:
@BebaCollection
, an apparel company based in TX, brings a Declaratory Judgement Act claim asking the court to rule that $BEBA tokens are not themselves investment contracts & its free airdrop of $BEBA tokens for marketing
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1/ This morning the Treasury Department released their “DeFi Risk Assessment,” which “explores how illicit actors are abusing” DeFi and related issues.
🧵🧵🧵
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Does FOID believe TC "was created for the sole purpose of committing criminal acts" (even the sanctions designation didn't claim)?
Merely "putting online" code cannot be "punishable." Holding developers responsible for all potential uses of code they write is wrong.
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1/ We submitted a second response to the SEC's "exchange" rule making with
@BlockchainAssn
In brief, we argue that the fundamental functional differences btwn CeFi and DeFi means they require fundamentally different regulatory approaches.
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How the CFTC’s suit against Ooki DAO plays out will have major implications for all DAOs and participants in DeFi.
We stand ready to assist any party willing to fight on issues, like this, that affect the broader DeFi ecosystem.
Please reach out.
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1/ Over the next few weeks, we’ll publish a series of posts to inform nascent policy/regulatory/legal debates related to the DeFi ecosystem.
First up: An overview of the current anti-money laundering/illicit finance situation:
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end/ We will keep the community updated throughout the entire process.
And if you want to support DEF or Beba, please consider donating to DEF or purchasing Beba’s beautiful handmade goods.
Join the DeFi People in our fight against agency overreach!
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4/ Re: airdrops, Beba is asking the court to rule that the free airdrop of its $BEBA token is not an “investment contract” or any type of security because it does not include an “investment of money.”
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While speaking to the
@HouseAgGOP
today, CFTC Chair Benham gave the following answer in response to a Q on how to determine a commodity v. security:
"What the bill does well, is focuses on decentralization as a key characteristic of what would constitute a commodity or security.
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🚨The DeFi ecosystem is gravely threatened by this provision. 🚨
We urge you to call your Senators as
@jchervinsky
suggests, but if you want to engage long-term in advocacy for DeFi, we implore you to *apply for the DEF's Rapid Grants program.*
11/ Portman-Warner protects PoW miners & some (but not all) wallet projects.
That's it. 🤡
Not software developers, or Lightning node operators, or PoS validators, or DEX liquidity providers, or DeFi aggregators, or many other non-custodial actors who can't comply with the law.
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Join
@jillrgunter
+
@M_Mosier_
+
@jchervinsky
+
@boironattorney
and us on Friday to discuss updates on the Tornado sanctions and next steps + get your questions answered
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3/ Together with Beba, DEF seeks a declaration from the Court that the SEC violated the Administrative Procedure Act when they adopted their policy that nearly all digital assets themselves are investment contracts and nearly all digital asset transactions are securities
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1/ While we are supportive of effective measures to combat the illicit use of DeFi, the bill introduced today essentially says “centralize, shut down, or get out of the United States.”
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6/ The Howey test requires there to be an “investment of money” to satisfy the definition of an “investment contract.” But we explain that since $BEBA tokens were given away for free, there was no “investment of money” by recipients of the airdrop, and therefore, no investment
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We are pleased to see the IRS belatedly recognize the impossibility of adhering to these reporting requirements and clarify the state of the law for the 60 million law-abiding Americans who own digital assets and want to accurately report their tax obligations.
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A quick update on our progress.
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10/ Instead, the SEC ramped up its enforcement actions, hired more people to make them happen, and created a “who’s next?” fear in the industry. The natural outcome of the SEC’s actions is: “cross your fingers and hope the SEC does not come knocking on your door.”
We can’t allow
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11/ Success here is pretty straightforward.
If the court here rules that the SEC’s approach to crypto has violated the APA, this case would present a massive barrier to the SEC’s continued campaign of regulatory overreach. And if the court rules that $BEBA tokens are not
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At today's
@SenateBanking
hearing on "Combating the Networks of Illicit Finance and Terrorism," while asking a question to one of the witnesses, Senator Brown acknowledged that crypto was not a main source of funding for Hamas:
"Understanding as all of you said, one way or
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👋 from the “DeFi people”
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Massive s/o to the team at
@ensdomains
who today stood up for the development of open-source software and transparent, inclusive and accessible systems through petitioning the USPTO to invalidate a patent granted to Unstoppable Domains.
We are mission aligned with ENS in
ENS Update 🧵: In 2023 Unstoppable Domains (UD) obtained a patent for technology ENS Labs developed as open-source. Today, we petitioned USPTO to challenge the validity of that patent, and to ensure the web remains a collaborative space. Here's why and what’s at stake.
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5/ The SEC would argue that this airdrop is an illegal securities offering, but they are wrong on the law.
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8/ We argue that since Chair Gensler took office, the SEC in fact “adopted a radical new policy and began aggressively enforcing it.”
Generally, if any agency adopts a new policy (as the SEC has here), they are required by the APA to provide an opportunity for the public to
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1/ Today, we are excited to release our FIRST EVER commemorative NFT to support our work.
🚀🚀🚀
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1/ Last week we welcomed the newly elected members of the 118th Congress with a quick introduction to DeFi.
⬇️⬇️⬇️
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1/ We’re pleased to announce the next DEF grant recipient: Fight for the Future.
@fightfortheftr
will receive a $501,168 year-long grant to focus on DeFi advocacy and community mobilization.
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We want the DEF's letter in response to this rule-making to be as broadly representative of the DeFi ecosystem as possible.
Here's the *draft*:
Review it!
Comment on it!
Tell us where we went wrong and what we're missing!
🧵 with sections...
1/ The SEC’s proposal to expand the definition of “exchange” is so broad and ambiguous that it may (or may not!) implicate DeFi.
If you’re a DeFi user, write to the SEC asking for clarification!
🧵with the state of play…
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7/ On the second claim, DEF joins Beba in asking the court to hold the SEC to the APA, which “tells agencies that when they make new rules, they must do so openly, clearly, and with the benefit of public input.”
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In a new piece in
@FortuneCrypto
, DEF’s
@amandatums
discusses the SEC’s proposed “exchange” rulemaking and why “the proposal should concern every American—regardless of how they feel about crypto.”
⬇️⬇️⬇️
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1/ DeFi promises to make financial services and the digital economy more accessible, efficient, interoperable, dependable, and consumer-focused.
However, the IRS’s proposed “broker” rulemaking is a direct threat to this promise and it must be stopped.
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1/ 🚨 first edition of our weekly update on the DEF's efforts + policy developments that affect DeFi:
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1/ The CFTC’s unprecedented action seeks to create novel policy in response to novel issues, all via an enforcement action. *Congress* should create new legal standards it believes are in the public interest, not regulatory agencies without any public process whatsoever.
🚨 The CFTC has filed a complaint against a DAO for violating the Commodity Exchange Act 🚨
"Defendant Ooki DAO... is an
unincorporated association comprised of holders of Ooki Tokens... who have voted those tokens to govern... the Ooki Protocol."
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9/ But, in the case of the SEC and digital assets that…just didn’t happen.
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"In addition, the DeFi Education Fund has announced that it will be petitioning OFAC to issue a 'general license' that would cover all affected persons without each having to file individually and we will support that effort."
Here is Coin Center's new, full analysis of the Tornado Cash action by OFAC. Bottom line: We believe that OFAC has overstepped its legal authority and are exploring a court challenge.
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1/ Yesterday, the Illinois legislature ended its current term without passing a bill with definitions so broad that it would have captured protocols themselves. This is a very welcome development for Illinoisans who develop and use crypto & DeFi protocols.
🚀🚀🚀
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1/ 🚨 Today alongside
@paradigm
,
@a16zcrypto
&
@LeXpunK_Army
, we filed an additional amicus brief in the CFTC v. Ooki DAO litigation 🧵🧵🧵
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1/ We have several important updates for the community:
-We’ve hired
@millercwl
as the DEF’s policy director
-We’re launching a Rapid Grants program
-We’re seeking to hire a grants director
Details here:
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You asked, we answered. The DeFi People now have merch. 🧵
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1/ Our next grant recipient:
@HODLpac
HODLPac will deploy a $35k grant over three years to build and maintain its “HODLscore” tracker - an open source resource for the DeFi community to learn about where Congressional candidates and legislators stand on crypto-related policy.
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The
@FinancialCmte
led by
@PatrickMcHenry
continues to show tremendous leadership in pushing back against the SEC and its apparent desire to ban crypto in the US.
Today, GOP members sent a letter to Chair Gensler on the SEC's proposed "exchange" rulemaking, writing, "the SEC is
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Today, DEF submitted a response to a
@SenateFinance
consultation regarding the taxation of digital assets.
S/o
@CryptoTaxGuyETH
for his invaluable insight as we crafted our response.
And be sure to check out the following thread from DEF's
@LazPieper
as he breaks down our
1/ We,
@fund_defi
, had the pleasure of working with
@CryptoTaxGuyETH
to submit a comment letter in response to the Senate Finance Committee’s June consultation concerning the taxation of digital assets:
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The DeFi People have more amicus briefs to write.
Help us make it happen:
9/ So, here's what to do if you want
@mtcoppel
and
@amandatums
to keep filing amicus briefs and fighting the SEC in every court in the country:
If you're a US crypto company, join
@blockchainassn
.
if you're anyone else who cares, give to
@fund_defi
.
This is how we win.
[end]
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We are just getting started.
Consider donating to the DeFi People, we can't do it without your support 🫡
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It’s a big day for crypto in the United States.
Later this afternoon, the House of Representatives will vote for the first time on a comprehensive regulatory framework for crypto.
To watch the debate (starts around noon) and floor vote (around 4:30 ET), use the link below.
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Are you a current student looking to roll up your sleeves and get on-the-ground experience working in the crypto/DeFi policy space?
If so, we are still looking to fill positions in the Fall for both our Policy and Legal internships.
Don’t miss out on the opportunity to be on
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2/ we're replying to the SEC's proposed rule-making, more info on this new development here:
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🚨The House’s passage by a massive bipartisan majority of FIT21, the first comprehensive crypto bill to be considered by either chamber of Congress, marks a significant milestone for crypto in the United States. 🚨
It is a historic attempt to establish a regulatory framework
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BIG NEWS from Texas!
DEF's CLO
@amandatums
breaks it down 👇
So this is huge. Today,
@LEJILEX
and the Crypto Freedom Alliance of Texas (CFAT) sued the SEC seeking a declaration that “secondary-market sales of digital assets like the ones that LEJILEX intends to facilitate through the are not sales of securities.”
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1/ Senator
@gillibrandny
brought some incredibly incisive thoughts and questions on DeFi in today’s
@SenateAgDems
&
@SenateAgGOP
hearing to review the Digital Commodities Consumer Protection Act (DCCPA).
Here’s the clip!
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1/ More and more it’s clear that DeFi will be a major focus of DC lawmakers + regulators over the next few years...we’re making a few hires to ramp up our educational work and make sure any new regs do no harm (at least) and hopefully support the growth of this ecosystem.
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🚨Exciting News: On Jan. 26, we are teaming up with
@SolanaFNDN
&
@0XPolygonLabs
for their next edition of the Crypto Policy Bootcamp 🚀
If you’re in crypto & want to learn about the policy landscape at a high level/how you can play a part in advancing sensible crypto policy,
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3/ At a high-level, we make two core arguments:
- Coinbase, similar to any other wallet application dev, does not act as a broker through “Wallet”; and
- Coinbase’s “Staking Program” provides an administrative service to users and does not = a securities offering.
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1/ Part 3 of our DeFi 101 course from
@MattBartlett__
’s paper: what on earth is a DAO and why do they matter so much?
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3/ we're sponsoring DeFi fellowships at think tanks (currently
@CatoInstitute
,
@mercatus
, and
@TheWilsonCenter
) to develop DeFi policy expertise from multiple perspectives. Here's one of the postings:
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We asked the about the implications of the arrest for other software developers, and that was their response.
Prior info in this thread
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1/ DEF's first grants...
We're pleased to announce the first 4 recipients from our grant program, a mix of orgs and individuals working to advance policymakers' understanding of the DeFi ecosystem.
For a full rundown of this first batch, read more here:
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1/ We appreciate
@PatrickMcHenry
for proposing an amendment to hold the SEC accountable for its notice-less "exchange" and "dealer" rulemakings.
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1/ There’s *still* a persistent misunderstanding from traditional media of what is and isn’t DeFi…most recently in yesterday’s
@WSJ
:
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🚨Another amicus from the "DeFi People"🚨
It is always a pleasure to work w/ the great team
@BlockchainAssn
.
Today, we
@fund_defi
, alongside our partners
@BlockchainAssn
, submitted an amicus brief supporting Kraken’s motion to dismiss the SEC’s complaint accusing Kraken of being an unregistered securities exchange, broker dealer, and clearing agency. 🧵
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There is no sugarcoating it, 2023 was a challenge. But we’re starting 2024 with sustained momentum for positive, lasting change.
We remain steadfast in our commitment to fight for DeFi, in the courts, across relevant federal and international regulatory bodies, and on Capitol
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.
@cobie
No snark, appreciate you highlighting these issues. We're fixing those grant links on the site, we're going to issue more regular roundup updates (aside from the grants + results we've already posted on the feed).
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Markup day is here!
Be sure to follow
@fund_defi
as we highlight key moments in the markups of both the Financial Innovation and Technology for the 21st Century Act & the Blockchain Regulatory Certainty Act.
And if you are following along and have any Qs, drop us a DM.
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From DEF, to the
@BlockchainAssn
and
@Consensys
, the industry continues to go on the offensive.
We cover the latest push back in the newest edition of the DEF Weekly 👇
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1/ Today, alongside
@BlockchainAssn
, we filed an amicus brief in support of the plaintiff’s motion for summary judgment in the Tornado Cash suit.
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9/ “To conclude otherwise would be tantamount to finding companies that create a web browser have control over their users’ online activities…”
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Today, DEF filed an amicus brief in support of dismissing the indictment against Roman Storm in US v. Storm.
This case has broad implications for the future of this industry and software developers more generally.
Our phenomenal CLO
@amandatums
breaks down what's in our brief
Today we
@fund_defi
are proud to submit an amicus brief in US v. Storm, arguing that the court should not validate the government’s unprecedented and damaging theory of criminal liability for software developers. This case has important implications for developers in every
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We submitted a FOIA request attempting to uncover why the SEC decided not to weigh in on whether "syndicated term loan notes” are securities in Kirschner v. JP Morgan Chase Bank, N.A, despite a request from a federal appeals court to do so.
Our CLO
@amandatums
breaks it down 🔽
1/ Last week,
@fund_defi
submitted a FOIA request to the SEC asking for docs, comms and info related to its decision *not* to file an amicus brief in Kirschner v JPM. Here’s why you should care 👇
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"Litigation is probably going to be more important over the next two years, for better and for worse.."
DEF's
@millercwl
joined
@laurashin
&
@sheila_warren
on the
@Unchained_pod
to talk about what he thinks lies ahead for crypto policy.
What is the future of crypto regulation? Listen to today's episode:
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"Without a fundamentally new and better way to generate, circulate, save and exchange wealth, Americans will be increasingly powerless to prevent their financial system from being used to transform their country into a technological cage."
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OPEN POSITION
We are looking to hire a Policy Counsel to work on novel, complex, and exciting issues in DeFi law and policy. This person will play a leading role in researching, crafting, and conveying the DEF’s policy positions and strategy.
More info:
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6/ “…Crypto assets are not stored ‘in’ a wallet, but rather, are recorded on a blockchain’s ledger, with only the private key holder having access…
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1/ There are several crypto bills being marked up in
@FinancialCmte
this week.
First up: The bipartisan Blockchain Regulatory Certainty Act by
@GOPMajorityWhip
+
@RepDarrenSoto
that provides much needed certainty to:
Devs ✅
Miners/validators ✅
Front ends ✅
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2/ The biggest issue is that no one is quite sure what the proposal means… in fact, this (591 page!) notice does not mention DeFi even once… tho the danger signs are clear enough.
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Yesterday represented a milestone for the U.S. digital asset sector in our journey to achieve regulatory clarity.
In a new blog, DEF breaks down what this means for the industry going forward and why it's a game-changer.
And BIG s/o
@mikewawszczak
for leading this charge 🫡
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1/ Congratulations to
@katiebiber
on her new role at Paradigm.
Katie has also stepped down from the DEF’s steering committee. We will miss her insight and guidance and thank her for contributing to the organization and its mission over the last year!
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1/ While we wait for the House Financial Services Committee to unveil their stablecoin bill, it’s worth a refresher on the stablecoin basics.
Luna/Terra’s collapse looms large in these discussions, so we’ll zoom out on the bigger picture…
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4/ Starting with Coinbase Wallet, we argue that “there is no basis for finding that Coinbase acts as an intermediary between users and the securities markets,” the hallmark of broker activity.
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