Sheila Warren
@sheila_warren
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CEO @pro_jectliberty Institute. Fmr CEO @crypto_council • Pod #MoneyReimagined • “a hedge against catastrophe” • I talk at 1.5x • Views mine
Joined October 2007
1/ The cognitive dissonance I have around watching the US slowly offshore crypto while desperately trying to bring back semiconductor manufacturing (SMFR) is WILD. So I bring you Semiconductors: A Cautionary Tale 🧵.
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Cryptocurrency's unique nature and potential for innovation presents unprecedented regulatory challenges. A new report from @wef's GFC on Cryptocurrencies provides insights on achieving balanced #cryptoreg from a broad cross-section of the industry:
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@LinkiesLeaks @chainlink @wef Up to @SergeyNazarov to decide what he wants to say! We are absolutely loving having @chainlink as a key part of our community at @wef. Stay tuned for more in the coming months on what we’re working on together. .
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Re: Sam/FTX, I’ll be pithy: humans are gonna human. That’s always been true, and it won’t ever change. Regulation should disincentivize horrible behavior, make it hard to pull off, and create accountability when some do it anyway. Tech that helps w these goals should be lauded.
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@Bob_Wachter What about families with children too young to be vaccinated? How are we supposed to assess risk? All of your analysis lately seems reliant on full vaccination, which isnt available to a lot of people.
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A tree just shot through the permafrost! We should all be grateful to the @Ripple team for their stamina and commitment. Huge win for the entire industry.
@bgarlinghouse @bgarlinghouse maybe the key was saying “permafrost” three times.
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As it turns out, people who are fervently pro-crypto can and do hold all sorts of political beliefs. That’s the beauty of the technology, and of America. It’s supposed to be a big tent, a canvas on which to build. Unfortunately, X is not America, and doing what Laura has.
🇺🇸 Hey everyone, today, I published an opinion piece in Time in which I reveal my political stance. 🤐 This isn’t something I would normally do since my personal political opinions aren’t relevant for my work.
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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.
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I’m sometimes asked how I align my personal beliefs (which are well-documented) w my support of crypto. So @JBSDC and I published this. It was both a v easy (great writing partner!) and v hard (vulnerable!) piece to write. I hope you’ll take a look.
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1/ After much anticipation, the crypto executive order is out. This is an unprecedented moment for the industry and its future. A few thoughts 🧵:.
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Let's be practical: #legacysystems aren't going away. Our new report outlines a #governance framework to enable interoperability between these and #blockchain and #dlt systems. Check it out! @wef @chainlink @shukla_punit @SergeyNazarov .
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Many thanks to leadership from @AlpenSheth @SirBitt @DenelleDixon @RosineKadamani @bgarlinghouse @matthewdavie @sserrano44 @clarisseawa.
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I am filled with mixed emotions as I share that I will be stepping down as the inaugural CEO of @crypto_council in January. The incomparable @_JiKim will be stepping into a new role as President and Acting CEO of CCI, and I will provide support as Senior Global Policy Advisor.
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1/ Today, 60 Senators on both sides of the aisle - including Majority Leader @SenSchumer - voted to repeal the SEC’s Staff Accounting Bulletin 121 (SAB 121) under the Congressional Review Act.
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19/ Crypto moves at warp speed. 1 year is ~7 years in other ecosystems. Nobody knows what the future holds/how this ecosystem will grow. But if the US loses crypto businesses as other jurisdictions dbl down on the tech/industry, we could find ourselves playing catch up again.
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@jeffjohnroberts : it’s “a mistake to think crypto had a significant connection to the Hamas atrocities.” 🎯. I’ve moved from disgust to anger that crypto’s detractors in Washington are using this horrifying moment to push their (overblown) political pts.
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Reminder: I have a @CoinDesk podcast! @mikejcasey and I get to talk with smart people about money, power, history, memes. everything. “It’s fascinating and I learn a lot”- my mom. Check it out 👇
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Kind of wild to have to say out loud that Biden != Democrats. Dem votes still stand on SAB121- and they took those votes knowing they were almost certainly going against the President. It’s like holding faculty members responsible for the actions of the president of the.
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Where does crypto regulation go from here? The most significant financial regulation of the last 40 years has occurred in the wake of crisis and malfeasance. TL;DR: Things take time, but Washington has a saying: “never let a good crisis go to waste.” .A brief history: 🧵.
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Check out our panel kicking off our #smartcontracts and #interoperability paper: @misra_ias, co-author @SergeyNazarov of @chainlink, @rhhackett. Easter egg: ~45:30 you can see my preschooler's hair - not an easy feat keeping her offscreen! #covidlife .
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📣@WEF's Digital Currency Governance Consortium (85+ orgs, 200 ppl, 33 countries, 18 months) just released an 8-part series discussing key risks and benefits of #CBDCs and #stablecoins. @clarisseawa @AshleyLannquist @KWhite_SF Yan Xiao @ashlinperumall.
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Going after responsible actors who’ve acted in good faith for YEARS is beyond disappointing - it’s ridiculous. Coinbase is a public company registered all over the world. While other countries land the plane, we’re stuck arguing about how many wings it should have.
Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15
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Thrilled to welcome @chainlink, @lightning, @MakerDAO, @RipioApp, @elliptic, @VeridiumLabs as #blockchain and #digitalcurrency reps to the 2020 @wef #TechPioneers cohort!. Looking forward to our work together🚀.
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The scope & audacity of this surveillance (obtained largely via illegal subpoenas) – and the fact it disproportionally affected lower-income communities & communities of color – proves concerns about privacy should be top of mind.
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3/ The struggle we are seeing to bring SMFR back to the US is foreshadowing our digital future if crypto is pushed offshore. We could see similar factsheets from the White House about bringing crypto back to America:.
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🚨I’m thrilled to announce I've joined @pro_jectliberty as Chief Strategy & Operations Officer and CEO of the Project Liberty Institute. I’m excited to work towards an internet where we have agency over our data and online lives, starting with #ThePeoplesBid for TikTok. Learn.
We are thrilled to welcome @sheila_warren as Chief Strategy and Operations Officer of Project Liberty and CEO of the Project Liberty Institute. A veteran technologist and innovator, she brings a vision for an internet that works FOR people.
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11/ See the parallel yet? Blockchain software and developer know-how will be critical in the future in ways we can't imagine. The global economy is becoming MORE reliant on Internet apps. Decentralized tech offers new ways for security/safety, and unlocks new dynamism.
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Flagging particularly this remarkable statement from Rep. @RitchieTorres, who has for *years* been learning about the technology and fearlessly advocating for effective crypto regulation. The idea that crypto is partisan is, and has been, wrong.
#MUSTWATCH: Rep. Ritchie Torres champions #FIT21 and underscores the inability of existing securities law to provide clarity for digital assets. It is past time to change the status quo and fill the glaring gap in consumer protection present in the digital asset ecosystem. 📺👇
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If we’re insisting on reading tea leaves, here are some based on fact, not speculation. This language (innovative technologies, transparent rules of the road) is directly on point with discussions had about crypto. Recall that this campaign has existed for weeks, not months.
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Bad "facts" lead to bad policy. That's why I wrote a letter asking for a review/correction of @WSJ 's article on Hamas and crypto. Their assertion that Hamas raised multi-millions via crypto has been refuted by @elliptic @trmlabs @chainalysis.
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Here’s your periodic reminder that there is currently no pathway for companies like @coinbase to register with the SEC as a securities exchange, broker, or clearing agency. No allegations of fraud brought, just failure to comply with a process that doesn’t exist. 🤔.
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Absolute, utter nonsense. Crypto is the least misogynistic industry I’ve ever worked in. Try trad law and tech if you’re looking to make that accusation stick. Inclusive growth is a nonpartisan issue, and legacy systems have left many behind, incl Black and Brown communities.
Taxing crypto was a core pay-for for Dems' universal family leave and child care programs. With that bill dead (policies Gillibrand supported), she's sided with an industry with a reputation for misogyny, during last days of federal abortion protections.
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🚨BIG NEWS🚨. CCI is expanding in all the best ways possible. We’re expanding in Japan. In Africa. In staking protocols. In governance standards. Welcome to the CCI family:.@TeamPOSA.@JCBA_org .@GlobalDigitalFi.@YeleBademosi.@TheDRC_.
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The crypto industry has been asking - pleading - for reg clarity to help users distinguish legit opps from scams. Instead, we’ve gotten ignored submissions, enforcement actions v. legit actors, and silence. We stand ready to collaborate to ensure safe, inclusive growth for all.
New @FTC analysis shows that cryptocurrency scams are proliferating, with about 1 out of every 4 dollars reported lost to fraud paid in cryptocurrency. Since the start of 2021, consumers have reported losing over $1 billion in crypto to scams.
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Today, we announced @wef’s Data for Common Purpose Initiative to the world. We’re working with a global community of leaders and experts to pave the #road2data and make sure we can harness data in a trustworthy and equitable way.
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1/ The first @crypto_council poll found 1 in 7 voters hold #crypto - and are ready to vote for pro-crypto candidates.
Polling data is out this morning on what voters want to see in the #crypto markets. @ylanmui reports:
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What. A. Day. So proud of Team CCI, our members, and allies who have worked so hard for so long to get to this point!.
1/ A defining moment. The House passes the Financial Innovation and Technology for the 21st Century Act (FIT 21), marking years of incredible effort on both sides of the aisle to establish a comprehensive federal framework for digital assets.
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1/ The crypto industry has been waiting a long time for US regulatory clarity. and that requires Congressional action. The time is ripe, the market is ready, and the innovation curve is only accelerating. We need to land the regulatory plane, and to do that, we need bipartisan.
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My piece in @WIRED on #systemic approaches to #equity in #tech. @WEF_Intel @caravanstudios @AnnaDeavereS @BlackTch4BLives @evapaterson #greatreset #DEI
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2/ Recently, the White House announced an initiative to bring SMFR back to the US, desperately trying to catch up to global competitors. SMFR is critical to national security, & when we let it leave the US decades ago, only a few predicted just how critical it would end up being.
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So happy to see efforts like this. Crypto is the ultimate big tent, no matter what some parts of the community tell you. I’ll be on- and you should join, too, whether you’re pro-crypto and pro-Harris, one or the other, or just following along in general bewilderment at the.
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The frustrating truth is that the SEC could actually be helping users, in line with its mission. Instead, the agency is out here in these streets filing suits that are not at all the dunk they seem to think they are.
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security. This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
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Latest round of reg by enforcement spurred by GG, the general of the “anti-crypto army.”. We stand with @opensea and creators everywhere, and commend @dfinzer for his leadership.
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities. We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight. Cryptocurrencies have long.
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5/ The US invented semiconductors in the 1960s and led its development for the industry’s first few decades. But since 1990, the US share of global chip manufacturing shrank from 37 to 12%, largely due to US underinvestment/neglect.
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@dieworkwear @matthewstoller Wait- I have been reading the “die” as German this entire time 🤣.
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The job of government is to respond to technological and economic change, not to fight it. That’s the only way to actually keep consumers safe.
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@paulg “My first amendment rights” —> almost certainly a signal that stupidity preceded or follows.
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I’ve heard this is false from multiple Rs as well.
OK, multiple Dems contacted me to say the “Gensler as Treasury Secretary” rumor is false. One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH)🤷♀️.
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If you are a French citizen, pls reach out to @BrunoLeMaire emphasizing the critical importance of crypto to the French economy. The new proposal could cripple crypto innovation and significantly harm individual rights and freedom in the EU, w/o clear law enforcement benefit.
1/ On Thursday, March 31 the EU Parliament is voting on revising its Transfer of Funds Regulation (TFR). As I and others noted this weekend, there are several concerning elements in this proposal:.
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16/ Places like Dubai, Japan, Europe, UK, Singapore, and others are making significant moves towards clarity. The US…is not.
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4/ How did we get here? Semiconductor chips are essentially the brains of electronic devices. Without them, electronics can’t work. So when pandemic supply chain disruptions kept auto mfrs from getting chips, new vehicles would sit incomplete bc they were missing 1 single chip.
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6/ Other governments, especially in east Asia, lured semiconductor firms with tax breaks, land for factories, cheap labor, and a more open system.
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7/ The US underinvestment in chip mfring was driven by a strategic misstep. In the 90s, US firms decided to specialize in semiconductor design and outsource SMFR. Taiwan, by contrast, focused long-term to be an essential country for the chip industry.
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After the vote on MiCA, I'm reflecting again on the cognitive dissonance of this situation. As one of the very few ppl who've been focused on global crypto policy for almost 6 years, it's been hard watching the US fall further and further behind while others zoom ahead.
1/ The cognitive dissonance I have around watching the US slowly offshore crypto while desperately trying to bring back semiconductor manufacturing (SMFR) is WILD. So I bring you Semiconductors: A Cautionary Tale 🧵.
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14/ The US has been the place where the crypto industry has blossomed the most, giving the US a strategic edge for the advancement of Web3. But we’re on the verge of losing that edge, and this time, some think that’s somehow a good thing.
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10/ The COVID-19 pandemic showed just how fragile global supply chains can be in a crisis and that the lack of domestic production of critical industry components is not just an economic issue, but a significant national security risk.
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1/ The US regulatory permafrost is thawing. For the first time, Congress took critical steps to establish a comprehensive federal regulatory framework for digital assets in the US.
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I’m honored to represent the @crypto_council on the GMAC digital assets subcomm. Cross-sector engagement is critical as we seek clear regs that protect users and promote responsible innovation. Thank you to @CFTCpham for including me in this initiative. Excited to get to work!.
Today @CFTCpham announced new members and leadership of the CFTC’s Global Markets Advisory Committee and Subcommittees. Learn more:
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18/ But if crypto leaves the US reg perimeter, it’ll be built within other reg guidelines, and that bell can’t be unrung without tremendous cost, if at all. The reality is that getting things back to the US will be even harder than it’s turning out to be for semiconductor mfring.
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Progressives should already be embracing crypto. It represents an unparalleled opportunity to locate financial decision making where it belongs- with people, their families, and their communities.
Progressives will embrace crypto. Core to the progressive view of civil rights is a broad definition of the freedoms we should enjoy: freedom from hunger, from homelessness, from illness, etc. Crypto represents an inherently progressive right: freedom from financial exclusion.
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12/ The US is at a point with decentralized technologies where it was when it led semiconductor manufacturing decades ago. The US pioneered research, entrepreneurship, and investments around blockchain software since Bitcoin was first deployed in 2009.
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Today's crypto roundtable was a productive step forward. It was clear that those in attendance understand the importance and opportunity crypto provides. It was also encouraging to be joined by heavy hitters of the crypto industry to focus on forward progress. I left hopeful.
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15/ The current environment is driving crypto entrepreneurs, investors, and developers to other jurisdictions that are more welcoming and open to innovation.
You know what’s really, really hard? Being a crypto dev. Didn’t think I’d see reverse brain drain in my lifetime. Either there’s some weird karma happening, or the US’ failure to land the regulatory plane is having measurable consequences. (It’s B, or both).
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What a significant moment for the digital assets industry. 228-182 vote with 21 Democrats voting in favor of repealing SAB 121, which improperly set rules for digital asset custodians. The fact that 21 Democrats joined to repeal SAB 121 underscores the importance of a.
1/ Today, the House of Representatives voted 228-182 to repeal the SEC’s Staff Accounting Bulletin 121 (SAB 121) under the Congressional Review Act.
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Fun way to start the work week! Thanks for having me on to talk #bitcoin and #cbdc, @SquawkStreet. What a time to be alive
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8/ Ffwd to today - China has been investing heavily for decades and is positioned to outpace the US. But, these chips are VITAL to a growing digital economy, and the US is trying to increase manufacturing. We are finding the tech and expertise can’t be ramped up fast enough.
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1/ 📣 FIT21 HEADED FOR A VOTE! The House Committee on Rules just posted H.R.4763, the Financial Innovation and Technology for the 21st Century Act (FIT21) .
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9/ While the administration took strong steps in the past year to push for increased US investment in semiconductor research, development, and production, the US is now 40 years behind. Catching up is easier said than done.
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13/ The US also pioneered the regulatory approach for combating illicit finance in crypto. Data shows that the US crypto ecosystem had a lower percentage of illicit finance than others, because FinCEN paid attention to crypto exchanges early on.
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Effective legal strategies involve much more than just “sue everyone! Sue ‘em all!” They are made of critical building blocks, many of which seem small or are easy to overlook, but which often carry the day. We’re watching a masterclass here.
Earlier tonight the Third Circuit issued a short order in Coinbase’s mandamus action today. The court noted the SEC’s suit against us this morning and asked the SEC whether that means the SEC has decided to deny our pending petition for rulemaking. The SEC has 7 days to respond.
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Grateful for the opportunity to testify today about the myriad opportunities crypto provides. I look forward to further conversations w Chairwoman @SenStabenow Ranking Member @JohnBoozman and members of the committee @SenateAgGOP@SenateAgDems on these critical topics!.
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1/ After a few fireworks and a bit of a crash course in procedure for some, we finally have the first steps toward a legislative foundation for stablecoins in the US.
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The callousness of some about the SVB situation makes me sick. Do you know how many folks will struggle if their employers can’t make payroll? . SVB banks apps you (yes, you) use every single day. The idea that this is just about “rich white bro VC funny money” is preposterous.
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Thrilled to have launched earlier today @wef’s first council entirely focused on #crypto ! Many thanks to co-chairs @Melt_Dem and @cuysheffield and to the entire group. Excited for a fun and productive year.
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You know what’s really, really hard? Being a crypto dev. Didn’t think I’d see reverse brain drain in my lifetime. Either there’s some weird karma happening, or the US’ failure to land the regulatory plane is having measurable consequences. (It’s B, or both).
1/ The U.S. is still losing its lead among crypto devs. We (@electriccapital) classified the location of 5000+ web3 developers using our developer data + social profiles. 🧵 Let's see how fast the rest of the world is outpacing the U.S. 🌐🏃♀️👇.
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Lazy critics can’t do basic googling that quickly shows how committed most of the industry is to eradicating terrorist exploitation of crypto. Just one example: . I’m offended by anyone who would seek to use a horrifying crisis for their own ends. Gross.
Lobbyists for crypto - whose obvious use case is money laundering- are very offended they are being accused of money laundering.
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📣NEW: We're excited to launch the @ethereum #PresidioPrinciples Guidance Doc. We hope it'll provide insights for those building on top of #Ethereum on where they can apply the Principles – and how – in building #blockchain apps that respect user rights:
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It’s been beyond fascinating watching crypto folks abruptly wake up to the political process, which was really the first-ever American experiment with governance. There’s A LOT to be learned about what works and what doesn’t as we design the governance systems of the future.
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This is quite urgent- send your MEP an (informative and courteous!) note (recall again that this is not endgame, so no panicking please). Many, many thanks to @paddi_hansen for these excellent threads that save the rest of us so much time on our weekends!.
16/ The regulation is led by @ernesturtasun from the Greens in the ECON & @Assita_Kanko (Conservatives) in the LIBE committee. Reminder: These are not the final rules. After the vote on Thursday, final negotiations with the EU Commission & Council (trilogues) will start.
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17/ Now, of course, it’s true that manufacturing and software development have different realities and capital costs, and dialing the industries up and down isn’t exactly the same.
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Thanks for having me on, @ThinkingCrypto1! This was fun.
My interview with Sheila Warren of the World Economic Forum is live! @sheila_warren @wef . WATCH ▶️ Topics:.- WEF's Crypto Plans.- Global Adoption of #Crypto and #DigitalAssets .- Crypto Regulations.- #ElSalvador #Bitcoin.- #SEC #Ripple #XRP.- #CBDCs
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1/ 🧵The idea that Web3 and AI are separate is bananas, and anyone who says they are is misguided. (Remember my semiconductor thread? Strap in.) . While AI arguably represents the pinnacle of machine capability, crypto is a testament to human ingenuity and collaboration. Now.
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There has been a recent flurry of activity at the federal and state level — but it’s unfortunately not moving things forward. Instead, it’s creating an environment of fear and uncertainty and, ultimately, hurting customers. 1/2.
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1/ Today, we are excited to officially launch the #PresidioPrinciples (formerly #BlockchainBillofRights)!. The Principles are were crafted to create a baseline for building blockchain applications that protect user rights. 📝You can read & sign on now:
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This case demonstrates that crypto *is* subject to variety of regulations and laws already. This isn't about the tech - it's about bad actors committing fraud. Rules for holding them accountable are important.
Sam Bankman-Fried pleads not guilty in FTX fraud case. Crypto Council for Innovation CEO @sheila_warren speaks to CNBC’s @_hadleygamble for more.
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Nobody is waiting for the US to land the plane.
1/ Today we announced that we have formally registered to be regulated in France as the headquarters for our European expansion, under French digital assets and e-money laws, with plans for EU-wide operations under MiCA.
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Grateful that this was surfaced (thank you, @elastos_sash, for the walk down memory lane!) - it remains one of my favorite talks, and a great reminder of why I am so passionate about this space. Thx @AmandaCassatt for the session prompt to "talk about whatever is top of mind!".
I find @sheila_warren inspiring, I can speak on behalf of the Elastos Community when I say next year I hope she runs to be a council member on the Elastos Cyber Republic DAO. It would be so amazing to have her be a part of our SmartWeb governance layer.
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PM Sunak’s views are mirrored by the UK regulators. This is one reason the @crypto_council has been working in the UK since I joined as CEO. Crypto/web3 are global. The ? used to be whether the US would lead or follow; now it’s whether the US will have a meaningful role at all.
Statement from UK prime minister Rishi Sunak on a16z’s expansion to the UK:
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1/ I'm often asked what the current moment in crypto means for the industry. Many are (understandably) worried about governments and the potential for reactive policies & reg. But I have a slightly different take on where we should be focusing our attention.
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📣Today @wef launched the Crypto Impact & Sustainability Accelerator (#CISA). #Crypto is poised to play a huge role in the digital economy --> we have a duty to use it to improve the state of the financial system. Our panelists explain how. Want to learn more? cisa@weforum.org.
Towards Sustainable Cryptocurrencies with @cnbcKaren (@cnbc), @Melt_Dem, @Gallardo_Luchi, @TomicahTD, @BermudaPremier, @sheila_warren #SDIS21
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