miles jennings
@milesjennings
@a16zcrypto | Prev Partner @Lathamwatkins | Write about crypto policy, decentralization, tokens & more -
1.7K Following 26.3K Followers
It appears that the @WSJopinion Editorial Board didn't fact check their article about CLARITY, so we did it for them:
The most blatant lie about CLARITY is that it undermines national security and law enforcement.
The truth is that it undeniably strengthens both.
That’s good policy and it’s actually what the industry wants—US builders lose when crypto is used for crime.
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$30B of tokenized assets are already onchain, and that number is forecasted to grow 100x by 2030.
The U.S. has no regulatory framework for the blockchains those assets live on.
The safety and resilience of our financial system depends on passing CLARITY now.
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I am honored to be the people’s choice for the Democratic nomination in NY-15.
I am proud to represent the Bronx, which is a microcosm of America itself: a multiracial, multiethnic, multireligious democracy. We are Black and White, Latino and Asian. We are Jewish, Christian, Muslim, Buddhist, and Hindu. We are One Bronx.
More meaningful than the victory itself was how we achieved it: by securing a supermajority of the vote with a multiracial, multiethnic, multireligious coalition of working families from every corner of the Bronx.
It is the honor of my life to be a fighter from and for the only home I have ever known. Even when I leave the Bronx for Washington, the Bronx never leaves me.
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This is right.
The outstanding issue set is known and negotiations are ongoing. Deals only get done when time demands it.
July is make or break.
At least these new socialists are upfront about their intention to use socialism to destroy America and western civilization.
Much more honest than those selling it as something beneficial.
Today, we're announcing our Series Seed funding of $33M led by @a16zcrypto
Better-informed policy is good for everyone building in this space. OPSeC gives our industry a way to make that happen by curating free security resources, hosting educational events, and ensuring technical frameworks reach the policymakers who need them.
Learn more:
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Introducing OPSeC: a new industry-wide initiative we're convening in partnership with @_SEAL_Org & @asymmetric_re to improve cybersecurity resilience across blockchain ecosystems & onchain software.
Join us to ensure security is at the heart of onchain technology development.
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Silicon Valley's congressman is rage baiting his own constituents to bolster his name recognition nationally and Silicon Valley is falling for it.
A handful of ideas hold up the entire digital world, but most of us never learn where they came from.
So we went to the source: the people who solved these problems, and won Turing Awards and Nobel Prizes for it.
First Principles, hosted by @Tim_Roughgarden. First episode out now.
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What my GENIUS Act is doing for stablecoin innovation, CLARITY will do for the broader digital asset market.
CLARITY will provide the clear rules of the road needed to ensure digital asset innovation flourishes in America.
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The sole purpose of this tax is to create an anti-tech political spectacle—all the funds collected are being reserved rather than allocated for spending.
Why? Because the law will likely to be struck down in court and refunds will be required.
Illinois residents be damned.
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This is one of the most anti-crypto laws in the U.S.
It taxes the exchange, transfer, or storage of digital assets—you buy BTC, you pay a tax; you hold your BTC on Coinbase, you pay a tax; and so on.
There is effectively no comparable state financial transaction tax on stocks, bonds, or derivatives anywhere in the country. That means crypto is being singled out in violation of several federal laws.
Further, the approach makes little sense—you aren’t taxed if you exchange a stock, bond, or derivative in paper form, but you are taxed if they happen to be recorded on a blockchain? That’s like taxing email.
So, rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto.
This is a shame—it was only just recently that Illinois embraced a constructive approach to blockchain technology through the adoption of the effectively-scoped Digital Assets and Consumer Protection Act. This new tax is a complete 180.
When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.
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The crypto industry is maturing and that's going to bring about a number of benefits, including greater transparency.
This is one of the most anti-crypto laws in the U.S.
It taxes the exchange, transfer, or storage of digital assets—you buy BTC, you pay a tax; you hold your BTC on Coinbase, you pay a tax; and so on.
There is effectively no comparable state financial transaction tax on stocks, bonds, or derivatives anywhere in the country. That means crypto is being singled out in violation of several federal laws.
Further, the approach makes little sense—you aren’t taxed if you exchange a stock, bond, or derivative in paper form, but you are taxed if they happen to be recorded on a blockchain? That’s like taxing email.
So, rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto.
This is a shame—it was only just recently that Illinois embraced a constructive approach to blockchain technology through the adoption of the effectively-scoped Digital Assets and Consumer Protection Act. This new tax is a complete 180.
When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.
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Illinois Governor Pritzker just signed the most punitive digital asset tax in the country into law.
This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the state.
Read CCI’s opposition letter for more.
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"I think of the market as an information-producing machine."
@eddylazzarin on why the CLARITY Act is the unlock for the experimentation crypto hasn't been able to run yet:
"Because we lack the CLARITY Act, we haven't really been in a position for the market to do its experimentation and to learn about what actually works and what doesn't work."
"Entrepreneurs don't wanna take extreme risk with their project based on a murky interpretation of some old laws before the new law passes."
"The Clarity Act basically creates the conditions that this capital can connect with reality."
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@jeffjohnroberts People misinterpreted the intention of daos over time
Truly decentralized systems with mechanisms that that provably and automatically accrue economic value based on their usage, replacing what is traditionally done within centralized organizations is amazing
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Stablecoins had product-market fit.
What they needed was clarity.
@BChillman, cofounder and CEO of @phantom: "Regulation, when it's thoughtful, is actually a feature."
There have been misconceptions circulating around perpetual futures contracts.
I want to correct the record on these important matters related to the perpetual contract structure and the @CFTC’s recent approvals of these contracts.
🧵👇
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