1/ Objecting to tokenization under the @SECGov's Innovation Exemption is fundamentally irresponsible. 50 pubcos did it, blocking the only regulated tokenized stock with full shareholder rights.

I’m launching “With All Due,” a Substack focused on the frontier of finance. I’ll be writing about the myriad products disrupting the current market structure, the rules for them & where this all goes next. Subscribe:

Wrong. Section 10305(b)(1) expressly protected stablecoin issuers from private lawsuits for voluntary, temporary holds based on a reasonable belief of a violation of law. No court order required. Here's the relevant language.

Great article by @RebeccaRettig1! There might be some disagreements on the particulars but ultimately tokenization of stocks is mutually beneficial to both crypto and traditional finance. It is a win for the American people, too. In Washington, it is often said "America's financial markets are the envy of the world." It's true and tokenization will help keep it that way!

" Too often when people are concerned about the potential interaction with illicit activity on permissionless networks they are stereotyping what government officials and regulators and law enforcement actually care about." Interesting point by @malekanoms on the similarity between the trade-offs TradFi already makes and the ones permissionless blockchains require.

Compliance belongs at the app layer, not the network layer, as @RebeccaRettig1 explains here. “You can put the compliance where your apps are, which is, PS, where you have almost all your compliance today.” “This is like, can I use the open internet or do I have to use a closed version of the internet? ... You are putting your compliance tools around your products.” “If you’re not doing it in a knowing, repeated, intentional way, then you can create systems where your products are on these networks, just like they’re on the open internet, where bad guys may be running around too, possibly.”

New data out today on how Americans feel about the financial system. Phantom helped sponsor this research through @fund_defi, and @Ipsos ran it independently on the same panel the Fed uses. What stood out: people want more control over their money than they have now. 🧵

Michael Mosier (@m_mosier_) was acting director of FinCEN his paper with @RebeccaRettig1 and @malekanoms argues banks can use permissionless chains under the BSA and sanctions law as written their case is that a validator is infrastructure, like the internet banks already use without KYCing a router. the obligations sit where the bank has a counterparty, at the transaction that’s where @NewtonFndn enforces policy. the sanctions and eligibility checks run before settlement, and each leaves a proof an examiner can verify without seeing customer data treasury’s march report to congress already describes pre-transaction risk assessment via API (p. 27)

🚨NEW: Americans are more supportive of financial innovation when it’s framed broadly than when it’s explicitly tied to crypto. A new survey from @fund_defi and @Ipsos found 35% say political candidates should support building the next generation of financial technology in the U.S., but just 13% say the same when asked about blockchain, crypto and DeFi. That gap reflects a broader trend of companies moving away from identifying solely with crypto, with @a16zfrontier the latest example. The survey also points to a challenge for the industry: 74% say the financial system needs changes to give people more control over their money and assets, but only 9% say they’re very or extremely familiar with crypto, and just 5% have complete or a lot of trust in decentralized platforms. Among people open to trying DeFi, saving money and sending money in the U.S. topped the list of potential uses, rather than speculation. Crypto ownership is up 4 percentage points, but past year use stayed flat at 13%. My takeaway: Crypto still has a branding problem in 2026 and a long way to go to prove its value to everyday Americans.

DEF and @ipsosus asked Americans how they feel about the current state of the financial system and their thoughts on the future of finance. Our findings:

Can TradFi use permissionless blockchains, given the Bank Secrecy Act & sanctions laws? This @LawofCodeFM episode is a deep dive into the BSA, crypto compliance and a paper by @RebeccaRettig, @malekanoms and @M_Mosier, which argues that TradFi can embrace blockchains while complying with existing law. Timestamps: 0:00 Intro 3:24 Problems they see 5:39 The router principle 7:13 What permissionless systems get right 11:28 Lessons from the open internet 14:23 Credible neutrality 19:20 A brief history of the BSA 23:55 What OFAC enforcement looks for 26:16 Treasury, Iran and open networks 28:29 The SEC's innovation exemption 34:03 Compliance belongs at the app layer 37:04 "The government will never allow it" 39:39 The paper's nine-part framework 44:12 Network layer vs. transaction layer 46:28 The $50,000 canoe 48:02 Safety, soundness and final settlement 50:29 Why this matters for national security 51:27 Privacy 58:07 What this means for DeFi Thank you to the presenting sponsor of this episode, @altitude. Nothing in this podcast is legal or investment advice.

The Bank Secrecy Act and Permissionless Blockchains. Questions compliance teams are asking, how the BSA applies and why the future should be permissionless. Featuring @RebeccaRettig1, @malekanoms and @m_mosier_.

“It is mathematically not possible for stablecoins to cause deposit flight.” Zero Knowledge founder and CEO @austincampbell joins @RebeccaRettig1 and @renato_mariotti on this week’s @Coindesk Policy Protocol to break down the OCC’s stablecoin rules, JPMorgan’s JPMD on Ethereum, and why “crypto as plumbing” means crypto won.

NEW: Today i am going to be Co-hosting the Bloomberg @crypto show from 12-1 pm alongside @scarletfu. We have @adam3us & @RebeccaRettig1 as guests alongside Sandy Kaul from @FTDA_US and Eric Jardine from @chainalysis among others. Tune in here: