Gyges
@mud2monarch
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work @uniswap . former cantillon insider.
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Old Uniswap chart that shows the effect of turning off a market on the weekend.
EUR<>USD in grey
EUROC<>USDC in pink
Kind of crazy in an ~2.5t/day market
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@skooookum
let he who hath not carried around a fully cooked rotisserie chicken cast the first stone
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The House Financial Services Committee is marking up the stablecoin bill and there is DRAMA.
Lots of news is being made, but seemingly no one is paying attention. You can learn a ton by watching rare moments like this.
Let's pull out some highlights in this thread:
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Unfortunately, I was affected by the layoffs at
@Circle
yesterday along with all other non-managers on my team. While I enjoyed working at Circle, I’m excited to find new professional and personal challenges. Here’s a bit about what I did and what I’m going to do now:
I was a
Stablecoin issuer
@circle
has cut some workers in an effort to maintain a “strong balance sheet.” It says it will continue to hire in certain key global areas, however.
@HeleneBraunn
reports
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I kind of don’t get all of the doom and panic on the feed.
Watching the Senate hearing now, and it seems incredibly bullish to me.
R Sens are great as always. And D Sens aside from Warren seem to be pretty measured and reasonable.
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Great point by Georgetown professor James Angel that by delaying BTC ETF approval over so many years, Gensler's
@SECGov
has actually maximized attention and hype around the launch:
"The SEC is unleashing the marketing might of the entire Wall Street – all at once."
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TOPICAL: Yesterday, the Treasury Department released new Risk Assessments for AML and CFT: .
It confirms exactly what we’ve been saying about crypto’s use in illicit finance - possible, but minimal in practice. And far outstripped by fiat.
🧵👇
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gmeow anon, WE ARE SO BACK. After being laid off in July, I’m now working
@Uniswap
Labs in Strategy & Operations with our COO
@mclader
. I’ll help MC as she and the team continue to build up the business strategy and execute on the ambitious vision
@haydenzadams
first laid out.
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Crypto is actually real and it actually does work and help people, and don't let anyone tell you otherwise.
The UNHCR is making aid distributions via USDC which can be cashed out via physical off-ramps in Ukraine. Clear problem, clear solution.
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I mean these are not things you say when you've made up your mind to be staunchly anti-crypto! Our advocates in DC are making headway with policymakers. They continue to benefit from our support, and I think all of us should continue to provide it generously.
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The biggest regulatory news from Consensus 2023 will likely go uncovered: PayPal announced $50k of voluntary Reg E coverage for consumer crypto payments.
I explain Reg E, provide some historical context, and unpack the implications in this short blog.
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@cburniske
interesting fund strategy to buy the top on crypto just to "pivot" and buy the top on ai 🫡
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SEC enforcement lawyers, the vast majority of whom are true public servants, are being forced to take a mandatory training about THE IMPORTANCE OF NOT LYING because of their political appointees' vendetta against crypto companies.
Unreal. I would be so pissed.
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Today, Circle commented on the SEC’s “exchange” proposal. We urged the SEC to NOT finalize its rulemaking because we don’t believe it has fully considered all ramifications of the proposal, and we do not believe its economic analysis is sufficient. 🧵
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Here is Chair McHenry explaining what he’s doing with stablecoin legislation today and why.
The blocker is the Biden Administration. There is broad bipartisan support for the legislation in the House. It’s been written in good faith on an important issue. What a shame.
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If I could ask the Administration one question, I would ask: Are you sure that crypto isn't coming back? Are you completely, totally, bet-your-career positive?
Maybe crypto is dead forever. But if it isn't, stablecoin supply will 20-30x again, and you will have done nothing.
Here is Chair McHenry explaining what he’s doing with stablecoin legislation today and why.
The blocker is the Biden Administration. There is broad bipartisan support for the legislation in the House. It’s been written in good faith on an important issue. What a shame.
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Sen. Smith (D-MN) says Congress seems to be trying to fit crypto into existing regulatory frameworks. She then asks
@jony_levin
what damage a lack of regulatory clarity has on industry.
That is literally a pro-crypto talking point lmao.
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Proud to work at Uniswap. Proud to work with
@mclader
@haydenzadams
@ammori
. Proud to work on products that are safe, accessible, and intuitive. Proud to fight for a better financial system that is here and sticking around.
Yesterday, today, and tomorrow.
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Sen. Warner (D-VA) says, “Candidly, I want to acknowledge
@SenLummis
' last point with our witness from the Ukraine. This has been a way to move assets to the Ukrainian people in a relatively fast way, and I want to commend that.”
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Some very quick background: the HFSC is holding a "markup" on legislation that would make stablecoins federally regulated and usable by everyday businesses, financial institutions, and people. They are going to vote on the bill and amendments by Members.
The legislation would
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@NeerajKA
Remittance providers Wise and Remitly closed services in Russia last week, so if you want to use traditional financial services (even "fintech" savior companies) to help your family withstand an economic depression you can't.
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I LOVE MICROPAYMENTS!!
Reminder: micropayments are not currently possible because of the high fixed costs of card payments. If you pay 2.7% + 30c as a merchant, how can you take a payment of 45c?
Low-fixed cost payments that are programmable (for UX) solve this.
For the first time ever charge as little as $0.05 for anything you create online. The only question is: What will you create?
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Sen. Cortez Masto (D-NV) asks rhetorically if anyone thinks crypto is going away, thanks Chobanian for testifying, then asks him how Russians are using crypto to oppose Putin.
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This is an OFFICIAL TREASURY DEPARTMENT REPORT saying that the use of crypto for money laundering and terrorist financing is /far outstripped/ by the use of cash and fiat currency for the same.
The pundits are wrong. The practitioners are right.
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What a debut for Senator Gillibrand as a
#crypto
supporter! Watch the whole event (Senators start at 15:00) - she seems sincere, open-minded, and enthusiastic.
Congrats, and a big thank you to Sen. Lummis!
LIVE | Regulating the Digital Gold Rush, a deep-dive conversation with
@gillibrandny
and
@SenLummis
on what's next for crypto, regulation & the future of finance.
#POLITICOTech
Presented by
@grayscale
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Sen Van Hollen (D-MD): “(I'm grateful for hearing b/c) I think everybody’s working to get up to speed on the public policy challenges. Clearly there are benefits as have been described in this hearing, and there are also risks… this is an area that’s here to stay.”
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1/ Jelena McWilliams, who heads a major US financial regulator, abruptly announced her resignation last week. Here’s a recap of her tenure, from a crypto lens: 👇
(These are my independent thoughts and do not necessarily represent the views of my employer)
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Here’s RM Waters’ opening statement. She starts her statement in typical Maxine Waters fashion (I mean this as a compliment), and Republicans groan 😂
She turns to stablecoins, says the Chairman has “abruptly ended” negotiations. It’s apparent that she wants a deal.
The other
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My hinge date when I explain how SAB121 interacts with the Tier 1 leverage ratio
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Defending
#bitcoin
against attackers. Here's my Proof of
#WizardShower
🧙♂️🚿. Let me join the
@TaprootWizards
!
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Read this. We're not rebuilding the old system, we're doing something new.
Another great
@Mclader
line is:
"(People from TradFi) make assumptions about the way the world is, and the whole point is we want the world to be different."
.
@novogratz
says in wake of FTX crypto needs experienced finance execs.
@Uniswap
COO Mary Catherine Lader responds: “I don’t think the response to FTX should be that we replaced one form of social proof -endorsing someone who looks like a young innovator- with another form of
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Elizabeth Warren asking the
@coincenter
gang if they employ any ex-military, law enforcement, or nat sec individuals is the funniest thing ever
It increasingly seems as though the strategy of crypto opponents in DC is to no longer to win on the merits an argument, but to attack the credibility of the messenger.
@SenWarren
took this approach last night, with letters to
@coinbase
,
@BlockchainAssn
, &
@coincenter
.
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@zhusu
Yeah like for example if they lent it to you they would no longer have it. Good point.
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I constructed a chart of all of the reports required by the crypto EO and thought I'd share:
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When commercial encryption emerged, the NSA tried to stop it. "Crooks and terrorists will flourish!" it warned.
Seem familiar? The parallels between the development of cryptography and cryptocurrency are stunning. And there are more.
I explore them here.
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RM Maxine Waters wants Chair McHenry to postpone the markup until September. Here is the moment when her staff direct all Democrats to leave the room to try to prevent a quorum.
Notable events:
0:21 - Chair McHenry mumbles "giddyup" under his breath. He knows what's coming.
0:51
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Smoked prime tri tip with the Tatomer Pinot I'm really loving right now
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Jess Cheng, who used to work on crypto and payments at the Federal Reserve Board and is now at Wilson Sonsini, is the only person you need to read on the new Fed guidance. 👇
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If I can give my humble opinion:
If you are a journalist or a policymaker or a pundit or even an anon on Twitter - it is now irresponsible and flat out wrong to say that crypto is a major concern for money laundering or terrorist financing. The top experts in the world disagree.
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Why is September so important?
Why can't the Chair just delay the legislation until September as requested? And why September, anyways? Here's my best guess --
Congress goes out of town for a month on Friday. This is really important time during which Members work in their
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With Brainard announcing a final FedNow launch during summer 2023, some are suggesting that the upgrade will render crypto innovations moot.
However, they misunderstand the value of crypto primitives and overestimate the impact of FedNow availability.
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Opendime was a huge hit with my dad. He alr invests in btc as part of a portfolio, so it was a great way to explain a lot of nice btc properties to him (bearer asset, private key, etc).
Shoutout to
@Coinkite
and DHL for three-day delivery from CAN after I procrastinated!
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Recently, several firms released policy proposals for how the US should regulate crypto. What is the effect of these releases? Do they actually do anything?
In my first post, I answer this question and unpack the federal policymaking process:
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@ian_dot_so
Venmo targeted college educated populations. They would run promotions during the fall so that new students would sign up and reinforce the network effect on campus. Cash App built its user base differently.
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@NeerajKA
Another crypto hater pundit spotted in yesterday's WAPO:
"there's nothing stopping Ukrainians from raising funds with GoFundMe" (yes there literally is)
"you can't buy a Javelin with bitcoin" (you can buy a lot of other stuff that helps people survive an invasion)
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"How US Policy Impacts Bitcoin (and you)" talk from
@Dennis_Porter_
@DavidZell_
@grant_mccarty
@gladstein
is absolutely packed. Standing room only by 20%. Busiest I've seen all day.
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Just finished listening to the HFSC stablecoin hearing, and I think it was more bullish for crypto than the CEOs hearing.
Treasury U/S Liang was sober and informed. Reps on both sides of the aisle have clearly been educated by our great advocates in DC.
This is progress 👏
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Just found these old photos of
@jerrybrito
@valkenburgh
. How did she know??? What else is in their past???
Elizabeth Warren asking the
@coincenter
gang if they employ any ex-military, law enforcement, or nat sec individuals is the funniest thing ever
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Short interlude: Is all of this procedural stuff dumb?
NO! This is superficially for show, but under the surface it's a way for the parties to communicate, and it is deeply important.
McHenry scheduling this vote and steadfastly moving forward with committee procedure is
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The Terrorist Financing Risk Assessment says
“while terrorist use of virtual assets has become more prominent… the vast majority of terrorist funds raised in the United States still move through banks and money transmitters or are in cash.”
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No points for guessing which former regulator came from (clockwise from top left): government service, private equity, and crypto.
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Recently, it's been popular to compare stablecoins such as USDC to other kinds of nonbank digital dollars such as PayPal balances.
In this piece, I make the comparison, explain the essential differences, and comment on some regulatory implications.
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@zackvoell
@jack
If I had a sat for every second I spent backspacing through tracking URLs I would have enough liquidity to keep a lightning channel open
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Slides from my talk at
@jump_
xHack.
The event focused on Wormhole/bridging, so I focused on traditional payments system plumbing and what non-technical structures enable interoperability in traditional payments systems.
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If banks can solve financial inclusion, then they should feel very free to do so.
By the way, Ramon, what's stopped banks from solving the problem for the past one, two, five, or ten decades? This isn't the first time people have been unbanked.
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@joe_r_Odonnell
"He got rich off government subsidies" my brother in christ you wanted those subsidies
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Reference section of an AMM research paper be like
So excited to have this piece out! So many people have asked me what’s the design space of v4 and this perfectly encapsulates it
Programability and composability is the super power of crypto, and Uniswap v4 is a great show case of it
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@qcapital2020
This post literally vindicates Square's acquisition. The Afterpay deal was all stock, and they did the transaction at a 400x P/E.
It was a phenomenal and prescient capital allocation decision during a ripping tech bubble
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@nic__carter
funniest line ever is paolo explaining to tradfi that you could have picked literally anything in the industry to short and made money but instead they picked a STABLECOIN
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In its new proposed rule, the CFPB predicts that being examined for Reg E compliance as a large digital payments company like Cash App or Venmo would cost just $25,001
cc
@RogueCfpb
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If you're worried about crypto policy but you don't know what to do, here's how to help: BUILD.
Build quickly but safely; build beautiful products that people love to use.
For our advocates in DC to be effective, they desperately need good examples to point to. Give them ammo.
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I feel so so bad whenever I message
@ethanyish
for support
@AlliumLabs
because he is soooooo responsive and, like, isn't he the CEO? And his team is super lean & shipping like crazy? How does he have time to respond to my silly non-urgent request within 3 minutes??
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I honestly didn't think UST was that damaging to crypto until this morning. Policymakers knew algos were not the same as other stables, and tokens are volatile. But waking up to LUNA at -98%... that is a big deal, and it is absolutely a problem for everyone else now.
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what a letdown
@coincenter
@NeerajKA
Just found these old photos of
@jerrybrito
@valkenburgh
. How did she know??? What else is in their past???
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Next, delaying tactics until the next major event. RM Waters requests a roll call vote on the following procedural motions (usually handled by an informal voice vote):
1. Whether to consider the bill
2. (Bill is now being considered) Whether to “table” the bill (stop considering
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Oh god oh god oh god, cute girl I like just asked me how crypto works. What do I do??
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An esoteric SEC policy is pushing crypto users into dangerous custody setups. Learn why…
Given recent events like the Atomic wallet hack, FTX collapse, and ubiquitous stories of lost funds, safe custody should be a priority for U.S. policymakers. Unfortunately, the SEC’s SAB
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Brendan appears to be the only journalist covering this important and fascinating hearing in depth. Not sure how people have taken their eye off what is most important going on today
Bill reading has been stopped by Chair McHenry, and we suddenly have an amendment in the nature of a substitute. McHenry says he's using the ANS to force the proceeding forward in response to "dilatory tactics" from Dems today, Dems are objecting to a modified bill showing up
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Another day, another time I, as a citizen of the freest country in the world, need to VPN to Mexico to learn about cryptoeconomic systems 😓
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Excited to be at
@jump_pit
for the Wormhole xHack event where what seems like hundreds of people are working on xChain infrastructure. So, so important for UX - and policy!
I'll be presenting Thursday on lessons in interoperability from tradfi payments infrastructure - stoked 🤘
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@RezaJafery
It's an old argument! Here's the NSA's top lawyer back in the 1980s re: communications encryption.
There are a ton of similarities between that period and now. I wrote about it recently:
When commercial encryption emerged, the NSA tried to stop it. "Crooks and terrorists will flourish!" it warned.
Seem familiar? The parallels between the development of cryptography and cryptocurrency are stunning. And there are more.
I explore them here.
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The CBDC craze makes way more sense if you just think of it as the public sector replaying the enterprise blockchain fad five years after the private sector moved on.
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I think the possibility of
#Lightning
beating the rest of crypto is a significantly underestimated tail risk for a lot of people. I don't think the chance is high, but I think it's definitely possible (5-10%?).
I think the steadiness of LN's growth has been very impressive, and
Lately, there's been more debate around the value of the
#Bitcoin
Lightning Network. Based on the work we've been doing
@Lightspark
for the past 18 months, I will share my honest view.
First things first — Bitcoin is the only viable neutral settlement asset and network that can
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Who's ready for Crypto EO Report SZN?
I updated my tracker w/ the due dates for the various reports. Most are due September 5, 2022. Godspeed, policy folk.
I constructed a chart of all of the reports required by the crypto EO and thought I'd share:
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@dystopiabreaker
I just wrote about this! We've been here before - and privacy won (for the most part). We can win with crypto(currency) again.
When commercial encryption emerged, the NSA tried to stop it. "Crooks and terrorists will flourish!" it warned.
Seem familiar? The parallels between the development of cryptography and cryptocurrency are stunning. And there are more.
I explore them here.
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KUDOS 👏👏 to the Federal Reserve Board for creating exam guidance w/r/t crypto-asset activities. They are the only federal banking regulator to do so.
Creation of a mechanism to examine bank's crypto activities is a prerequisite to allowing any bank to do them.
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The next major event is a significant procedural kerfuffle. Again, the debate is simultaneously superficial and deep.
Legislation to be marked up often passes without significant amendment because it’s been negotiated prior to being brought up for markup. However, Members still
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If you think the report-writing EO is bad for crypto, doesn't that imply you are long-term bearish?
I am bullish. I think crypto solves real problems and is a generational technology shift. I'm frothing at the chance to make our case, and I welcome the scrutiny.
Game on.
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I attended the excellent
@NewYorkFed
fintech conference last Friday and came away energized and encouraged. I wrote up four takeaways:
1. Cryptoasset scholarship is mature, serious, and fascinating.
2. Innovation from public blockchains will lead the evolution of traditional
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A real line from
@Uniswap
Q1 2024 Roadmap meeting:
"We're gonna ship so many new features, you may even get tired of new features. And you'll say, 'Please, please. It's too much shipping of new features! We can't take it anymore, Mr. President, it's too many new features.' "
Say hello to the most expansive Limit Order offering in DeFi
Buy and sell any token at your price, on your terms, without having to watch the market
Now LIVE in the Uniswap web app 🦄
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