Tom Farley
@ThomasFarley
Husband & father of 3. CEO of @Bullish; Formerly President of the @nyse.
@georgetown alum, hometown Bowie, MD
1.2K Following 13.9K Followers
I used to read the @wsj cover-to-cover every day. It has turned into a tabloid. A front page 14-year-old hit job with ZERO NAMED SOURCES. Sad. They’ve lost their journalistic compass.
He spied on rival colleagues and employees from his powerful perch at JPMorgan. Now he runs the IRS.
I’m not 100pct convinced that the Wall Street banks objections to stablecoin yield in the Clarity Act are entirely because they are worried about deposit flight at small, community banks
Excellent piece by @sndr_krisztian about tokenization and a push to rein in synthetic token chaos
LATEST: An industry group for transfer agents is urging the SEC to favor issuer-sponsored tokenized shares over third-party stock tokens as it writes rules for moving U.S. equities onto blockchains.
Read the full piece by @sndr_krisztian on CoinDesk
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Regulated infrastructure isn't the enemy of innovation. It's the prerequisite for scale. Last week bullish received GFSC approval to bring the benefits of tokenization to securities markets. End-to-end, regulated, global.
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My friend and partner Frank Baker making the case for blockchain's potential to bring underserved communities into the financial system. Recognizing @Sen_Alsobrooks for her leadership on the policy that can make it real.
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Me too. It is coming
VP of Onchain Finance at @AvaLabs @MorganKrupetsky is excited for when “Apple stock is just Apple stock.”
It turns out these synthetic tokens were also not authentic shares of SpaceX. This is ridiculous. Just require that if for someone to say they are offering token shares, either they are actual shares issued as tokens by the issuers themselves or the knuckleheads issuing the tokens have filed with the SEC or comparable to offer a derivative. It’s not that hard.
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If you're wondering what happened to Solana @PreStocks SpaceX, they got absolutely crushed and are now trading around ~$112 (after 5:1 split), implying a ~40% discount to the underlying shares.
Turns out there's a 180-day lockup before preStocks can be converted into real shares (I suspect very few people were aware of this). So holders have two choices: dump into a thin-liquidity market at a steep discount today, or wait 180 days and convert at full value. Looks like many crypto degens are choosing the former.
Interestingly, this issue doesn't exist (and couldn't exist) in the $SPCX perp market.
Pre-IPO markets only make sense to trade via perps.
Hyperliquid.
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In other synthetic token news, an exchange says they can’t get their synthetic token holders real exposure for a company going public on another exchange because, well, the synthetic tokens turned out to be not real shares. Or something like that. Maybe tokens should actually be approved by the issuer and therefore be the actual underlying share. Just a thought.
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NEW: Crypto exchange Bybit says users will not receive SpaceX ($SPCX) IPO allocations after xStocks was unable to deliver the underlying shares.
Right now sitting here in the United States, I can log onto a number of trading platforms that are open to connect to US citizens, I can connect an anonymous wallet and trade synthetic tokens on stocks such as Bullish with zero kyc/AML and no one will ever know. I could buy synthetic Bullish tokens completely anonymously the day before a big positive news announcement. Do I have this all correct?
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Stopped by @TBPN and was asked about the state of crypto. The warm-up act is over. Genius is done. Clarity is hopefully coming soon. I’ve got my sights set on the $270 trillion global securities market. Tokenization is the next act.
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Talking @SpaceX IPO with @jordihays and was asked about what’s going to happen on Friday. Watch the clip for my response but spoiler alert…it’s going to make the Alibaba IPO look like child’s play.
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Very much appreciate my daughter Maggiehausen having her favorite @wwe wrestler @DanhausenAD wishing her a happy graduation and uncursing her favorite @nyknicks player Mitchell Robinson. Feel good about Game 2.
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Talked tokenization with @carlquintanilla, @LesliePicker, and @davidfaber. Issuer-native tokens are the future. Born on-chain, not wrapped after the fact. Stop with the synthetic token madness. Watch the clip.
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On @SquawkStreet this morning, they asked my thoughts on the current regulatory regime and I answered plainly: with @ChairmanSelig and @SECPaulSAtkins, innovation is finally being allowed to flourish. I have not seen anything like it before.
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Asked about the CLARITY Act on @SquawkStreet today. Leaders like @Sen_Alsobrooks and @RubenGallego are the reason it's moving but the crypto crowd needs to get in line and stop the whining and push it right now.
Crypto is helpful to under-served communities and now is the time to get this done.
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Took the day off from tokenization and watched men’s (IRA) and women’s (@NCAA) college rowing championships. Winning boats (UW on men’s side and Texas on women’s side) had 18 rowers and a grand total of 2 Americans. It seems odd to me that we give U.S. colleges federal funding and then they give scholarships almost exclusively to foreign kids which prepares them for the Olympics to beat us. How about a limit of 50pct of the boat so we develop more Americans? Ps. Congrats to UW and Texas, great wins and great kids (including American Phoebe Wise)
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I’ve spent time in DC over the past three weeks and there is a growing consensus that Issuer-sponsored Native Tokens are the only responsible way forward and the synthetic tokens we’re hearing about would cause confusion and fragmented liquidity. This is great news for those who want to see the global securities market move to blockchain technology.
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owning an interest in an SPV is not the same as owning the actual stock. This should also be a warning about the difference between wrapped equity tokens and native equity tokens. If you own a wrapped token you do NOT own the actual thing and you are going to deal with these types of ugly situations. Only native tokens allow you to own the actual thing and insulate yourself. And only the company/issuer itself can issue notice tokens!!!
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