Founder and CEO @texture_capital Digital Assets, Crypto, Fintech, Market Structure
NYC
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- Followers 2,959
- Likes 5,687
Cell phone location data sold by vendors can give you all the 'pings' from the Capitol that day.
Relatively easy to map it back to residential addresses by following the ping.
See: nytimes.com/interactive/2019…
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I am honored to join FINRA’s Crypto Working Group.
With Genius Act for stablecoins + Clarity for crypto market structure coming soon, I look forward to serving and offering feedback / guidance on how we can build a robust regulatory framework for crypto.
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I am blown away by today’s speech from SEC Chair Paul Atkins. See American Leadership in the Digital Finance Revolution (bit.ly/4l8z25V).
Chair Atkins “Project Crypto” describes nearly everything I envisioned when I founded Texture Capital over 5 years ago.
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@texture_capital is delighted to be working with SpiceX - a new, innovative player in the blockchain sector that is leveraging 29 patented cryptographic innovations to improve blockchain security and protect blockchain transactions from post-quantum computing[1].
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These two simple sentences will probably net Trump about 1M votes.
JUST IN: 🇺🇸 Donald Trump says "to further secure America's future and create opportunity for young people, I will end Joe Biden's war on crypto."
"We will ensure that the future of crypto and the future of #Bitcoin will be made in America, otherwise other countries are going to have it."
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I am excited to be participating in the next Crypto Task Force roundtable on April 11, discussing how we can design a regulatory regime for crypto trading.
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I was speaking with a large global bank this morning and he thought this would really sprees up banks’ adoption of tokenization.
@federalreserve announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities: federalreserve.gov/newsevent…
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A great article that will explain both DeFi to finance folks and credit to crypto folks.
There's no such thing as a "DeFi loan." Few understand this.
The terms "lending" & "credit" get thrown around a lot, but they fundamentally misrepresent the financial activity that DeFi enables.
Thanks to @bankless & crew for the chance to explain why:
bankless.substack.com/p/defi…
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Thanks!
Texture + Deal Box is great, and when we add in Vertalo it's a winning value prop for private companies:
➡️Investment packaging
➡️Token issuance
➡️Transfer agency
➡️Capital raising
➡️Secondary trading
Super exciting news! @texture_capital and @DealBoxinc partner up to improve the capital raising process for private companies. Read more below.
texture.capital/deal-box-pr-…
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SEC and CFTC should merge.
The US is an outlier in global markets by having different regulatory agencies for different asset classes.
Creates problems when a new asset class like Crypto emerges.
Trading strategies span spot and deriv mkts, so shouldn't regulators too?
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The Boston Blockchain Association always put on a great event. Looking forward to this one next week!
@AnneliseOsborne
@FCATalyst
@DougMehne
Join @FCATalyst + the BBA on July 8 for an in-person Digital Asset Tokenization Panel + Summer Social at @Fidelity in Boston.
Learn from top voices in #DigitalAssets + mingle with #blockchain leaders.
🎟️ Register today! bit.ly/TokenizationBBA
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I was very encouraged to read the draft of the new Digital Asset Market Structure bill that was released by the House Committee on Financial Services & House Committee on Agriculture.
Please read my summary and commentary below: Crypto 2.026 linkedin.com/pulse/crypto-20… via @LinkedIn
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Some markets humor:
This is Trading Desk of the Future: The computers are doing all the trading, the man's job is to make sure the power doesn't shut off and the dog's job is to bite the man if he touches anything!
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It is great to see the SEC move closer towards a sandbox (or exemptive relief for digital asset activities.
Check out Hester Peirce’s recent speech where she sketches this out:
I'm thinking about a potential exemption from registration that would allow firms to use DLT to issue, trade, and settle securities. A sketch of the idea is here: sec.gov/newsroom/speeches-st…
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This is a great innovation: litigation financing allows investors to cover the costs of a claim in return for a portion of the payout:
A litigation financing investment token has launched on Avalanche's blockchain (via @RyanJamesWeeks) theblockcrypto.com/post/8749…
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$70bn!
To put that in perspective, Coinbase will have a market cap greater than all US Stock exchanges combined.
Nasdaq - $23bn
NYSE - ~$20bn (was purchased by ICE for $8bn in 2012 so this is a bit of a guesstimate)
Cboe- $10bn
IEX - $1bn
Others de minimus
Coinbase to offer secondary market for private shares ahead of public stock listing theblockcrypto.com/linked/92…
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Read my full commentary here:
texture.capital/insights/ctf…
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That's a big deal.
Based on reported avg volume of $20mm to $60mm per day and fees of about 5bps, looks like Kraken took them out for between 9 and 27 times revenue.
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In his speech, Chair Atkins commented that “It is my view that a Cambrian explosion in innovation could occur if we stay true to this course”.
I agree, and Texture will be lighting the fuse!
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Great idea, @SECGov !
I felt the trade through rule was out-of-date in 2016, when I wrote this blog:
The SEC plans to host a roundtable to discuss trade-through prohibitions in the National Market System stock and listed options markets. See additional info: sec.gov/newsroom/press-relea…
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#BTC is up 39% since @DigitalAssets announced the results of Institutional Crypto study we conducted with them.
(ok... maybe there are some other factors behind this rally too..)
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“The focus is now more on digital assets such as tokenized stocks and bonds through to cryptocurrencies, rather than the heavy lifting work of re-plumbing front to back office with distributed ledger technology (DLT).”
Global custodian bank @StateStreet has cut over 100 blockchain developer jobs as part of a pivot from transforming its plumbing with DLT to supporting digital assets.
Report by @IanAllison123
ow.ly/5zC050xr4Hi
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A successful real estate developer recently called me about tokenizing his portfolio.
Not for the marketing … his investors are wealthy, and loyal.
But their avg age was 69. He was worried when that wealth passes to the next generation.
“The kids all want coins” he said.
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As some of you may already know, I have taken the leap into startup life and will be launching a new company in the FinTech space. I write about this journey here:
medium.com/@_richjohnson/the…
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Every order that hits an exchange has already gone through a smart router… and brokers already have best ex obligations.
It hurts competition and innovation. BSTX tokenized exchange was stymied b/c rule 611
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SEC Chair Jay Clayton recently compared the state of tokenization to electronic trading 20 years ago.
Check out my blog on how the digital securities space compares to the early days of electronic trading:
medium.com/@_richjohnson/alg…
ALT Algos and Tokens
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Looking forward to @arca Finance on the Blockchain event where I will be participating on a panel: "ATS Leaders - The Future of Digital Exchange" with @INX_Group @tZERO
@Securitize @OasisProMarkets @symbridge @DantesOutlook
ar.ca/fotb2022
#Blockchain #FOTB2022
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Banning short selling would be a constraint on portfolio construction:
{Quantity => 0}
Constraints on portfolio construction result in sub-optimal portfolio construction.
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Goldman Sachs recently says they were looking into bitcoin trading. In this report I discuss what a instl crypto desk might look like
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What a day to be on CNBC talking about #bitcoin!
cnb.cx/2BKOHmI
My view - in the short term the launch of $BTC futures is a sign of further demand pressure and a bullish signal, but eventually this market will run out of steam.
$ETH $BCH
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Andreessen Horowitz is reportedly raising as much as $450M for new crypto fund - The Block theblockcrypto.com/linked/61…
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I am excited to announce that Texture Capital has received FINRA membership approval, allowing us to commence operations as a digital securities broker-dealer and operate an Alternative Trading System (ATS).
Read our full announcement here: bit.ly/TC-liftoff
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🚀 Unleashing the potential of on-chain software systems in our securities markets (a.k.a. smart contracts)
🚀 Amendments to Reg NMS to facilitate trading of tokenized securities
🚀 Automated market makers to facilitate automated, non-intermediated financial market activity
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Starting now...
@dlauer invited me on his podcast, “Let’s Talk Markets” to chat about the SEC crypto roundtable we both participated in last week. You can watch it live here: piped.video/live/sSidND_OewQ
Today 4/17 at 2:30 ET!
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🚀A regulatory framework for distributions of crypto assets
🚀 A regulatory framework for crypto asset securities that allows these products to flourish within American markets
🚀 The ability to participate in blockchain network consensus with tokenized equities
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Wow... Knew there was some crazy shit going on but this is out there
JUST IN: The @TheJusticeDept has charged former ethereum and @tzeroblockchain advisor @stevennerayoff with extortion. ow.ly/fn9p50wfxfP @wsfoxley @MarcHochstein @nikhileshde report
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My turn:
📍blockchain devs
| _ _ _ _ _ ______
|
📍Reimagining |
Market |
Structure |
_ _ _ _ _ _______|
|
📍tracking tomatoes
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"Tokenizing financial and real-world assets could be the "killer use-case" that blockchain needs..."
Citi forecasts up to $4 trillion in tokenized digital securities.
theblock.co/post/224014/citi…
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The mysterious, massively lucrative, multibillion-dollar ARKK trade ft.com/content/0cd4a7b0-6ffb… via @ft
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🚀 Super-Apps: Horizontal Integration of Product Offerings from crypto to stocks to bonds
🚀 A framework that will allow non-security crypto assets and crypto asset securities to be traded side-by-side on SEC-regulated platforms (potentially the Texture ATS)
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As a representative of one of the few digital asset BDs and ATSs have registered with the SEC, and w/ 20yrs of markets / market structure experience b4 that, I put my hat in the ring for the IAC. Like you I felt digital asset expertise was needed.
I did not get a call back.
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Initial thoughts on the SEC rejection of bitcoin ETF:
1/ SEC appears to accept definition of BTC as a "commodity" sec.gov/rules/sro/batsbzx/20…
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Livestream starting soon directly from sec.gov/
I am excited to be participating in the next Crypto Task Force roundtable on April 11, discussing how we can design a regulatory regime for crypto trading.
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With the $COIN IPO yesterday I've been thinking about this paper from Jan 2017 research.ark-invest.com/bitc… where @Coinbase and @ARKInvest posited that crypto was a new asset class...
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It's a hot news day for crypto brokers - this Omniex news on the back of the Tagomi acquisition.
SIX Group is not only leading a $14 million Series A in bitcoin startup Omniex, but plans to use the technology to give institutional investors in Switzerland access to regulated crypto investing: on.forbes.com/6013GDqlB via @ForbesCrypto
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Honored to participate in this panel with @tZERO @TemplumHQ @symbridge at the @Vertalo_ DIgital Assets and Securities Conference
#daas2022
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🚀 Purpose-fit disclosures, exemptions, and safe harbors, including for so-called “initial coin offerings,” “airdrops,” and network rewards
🚀 Relief where appropriate for firms seeking to distribute tokenized securities within the United States
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Quote of the Day:
“The growth of the Internet will slow drastically... By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”
Paul Krugman, 1998
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This is a great point:
tiktok.com/t/ZPHb2s1GHYaB3-D…
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I was speaking with some very senior Wall Street traders this week about the COVID work plans. This is what I learned:
1. There’s a smattering of staff still going into offices. In some cases they are technical staff who need to be on premise.
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Larry Fink, @BlackRock CEO:
"I’m focused on the whole idea of blockchain for securities. I look forward to the day when we can tokenize stocks and bonds..."
cnbc.com/2023/01/13/first-on…
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Congrats to @KyleSonlin @alecbeckman_AB @pgaff_digital and the rest of the Security Token Market team on their just-launched Reg CF STO!
These guys really know their stuff and are an asset to the industry.
Yahoo Finance featured our tokenized crowdfund! 🔥
finance.yahoo.com/news/secur…
Invest Now: securitize.io/security-token…
#AVAX @YahooFinance
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Texture Capital Receives FINRA Membership Approval marketsmedia.com/texture-cap…
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@BlockstackOrg announces release of decentralised web browser. #consensus2017
Feels like I'm sitting in a TED Talk
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I was in the stadium that day.
Remember it well... The pitch was preceded by a USAF flyover.
It was so soon after 9/11 and we were still mourning and processing the attack. We didn't know how the future would unfold, but everyone was united.
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Nasdaq is toughening requirements for Reg A+ IPOs in the wake of the 2017 listing of cryptocurrency venture Longfin, which faces SEC fraud charges wsj.com/articles/exchanges-s… via @WSJ
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Our latest @GreenwichAssoc research looks at the Institutionalization of Crypto. bit.ly/2Qp8hgi
@bakkt @bitgo @coinbase @GeminiDotCom @KingdomTrustCo @trueEX @CMEGroup @CBOE and others are working toward this goal
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Security Token Industry In 2021 via @forbes forbes.com/sites/nisaamoils/…
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Just got off a Zoom call.
My kids says, "That went well; they sounded interested"
After COVID, there will be no need for 'Take your kid to work' day as they have spent the last 4 months at work with us!
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Good story from @jdorman81
What I Learned the First Time I Lost a Million Dollars (null) via @CoinDesk
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There is no scandal here.
The SEC put out a request for comment and no action relief letter on 12/23/20 (bit.ly/38CzrKw). This was under Clayton BEFORE Gensler was even nominated for Chairman.
FTX/IEX was one of many companies who commented or discussed it w/ SEC
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Interesting presentation @EquitiesLeaders summit from JP Morgan. This slide highlighting how the equity trading desk has evolved
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Excellent proposal by @ZiaYusufUK:
A key strength in 🇺🇸 is that a President can choose cabinet members from the entire population not just a tiny pool of elected reps.
But how will this work practically? Most likely elevation of candidates to the Lords, but not legal requirment
A key problem is that Britain has a Minister of Science and Technology that has never even worked in Science nor Tech.
He wouldn’t get a job at any tech firm.
Yet has the biggest job in tech.
This is why @Nigel_Farage has said most of Reform’s Cabinet will not be MPs.
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Not just a new brokerage, but an entirely new market structure.
The events of recent days have highlighted the weaknesses in our current structure and blockchain gives us an opportunity to reimagine and rebuild.
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This morning, @Nasdaq released a "Blueprint for Market Structure Reform"
It doesn't address every market structure topic, but it proposes some good ideas worth considering and, importantly, moves the conversation forward.
Read our commentary here:
bit.ly/2Z3JtyX
Nasdaq’s #TotalMarkets Blueprint:
1. Reform regulation
2. Help small issuers
3. Protect #data choice
Understand how we can make markets better for all #investors: spr.ly/6019Ej5jV
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Admit it! We're all secretly looking forward to this movie.
Hummingbird Project trailer, high-speed trading on Wall Street movie businessinsider.com/hummingb…
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➡️ The Problem:
Advances in quantum computing could crack elliptic curve cryptography[2], threatening the entire $3.9 trillion market cap of crypto[3].
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SEC Planning To Raise Accredited Investor Income and Net Worth Qualification Thresholds by @aalvarez521 blog.stomarket.com/sec-plann…
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Looking forward to another great conference!
I will be on two panels talking about ATSs and my co-founder @I_am_Halloran will be doing a demo of our platform.
Hopefully see you there!
Please welcome back CEO of @texture_capital, @_richjohnson, to the Digital Assets AND Securities Conference! Richard will be on one of the ATS panels scheduled for Friday, 5/20. It's an honor to have him and his team back at DAAS. #daas
Register here: daas-conference.com
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If you are in NYC next week register for this in person event discussion AI and Blockchain.
eventbrite.com/e/ai-blockcha…
Discount Code: LINKEDIN
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Texture Capital, Vertalo Expand Digital Asset Ecosystem tradersmagazine.com/am/textu…
@Vertalo_ @texture_capital
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@dlauer invited me on his podcast, “Let’s Talk Markets” to chat about the SEC crypto roundtable we both participated in last week. You can watch it live here: piped.video/live/sSidND_OewQ
Today 4/17 at 2:30 ET!
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Interesting.
But probably well worth it on the long term. The Starbucks angle was the most interesting thing about the Bakkt announcement.
$BTC needs more use cases and more retail adoption.
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Looking forward to speaking at the FinTech AI Summit to be hosted at the NYSE tomorrow:
fintechaisummit.splashthat.c…
@CrosbyVentures
@GreenwichAssoc
#AI
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“But tokenization is perhaps Olson’s biggest focus as the company seeks to add blockchain-based rails to funds and private assets.”
blockworks.co/state-street-s…
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...and this is what Goldman's crypto desk might look like.
linkedin.com/pulse/wall-stre…
(from Nov 2017)
Goldman Sachs just made its first crypto hire to explore a potential bitcoin trading desk
businessinsider.com/goldman-…
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And the shift from retail to institutional investing:
(Would love to see the 2020 version of this with the 'Robinhood effect')
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NYSE to introduce new “Buy it Now” order type.
New York Stock Exchange's owner has made a takeover offer for eBay that could value the sprawling online marketplace at more than $30 billion, according to people familiar with the matter on.wsj.com/2OvFXcZ
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✳️ The Team:
Founded by experienced cryptography, web3 and financial executives, the team has developed 29 global patents, and received funding and awards from the National Institute of Standards and Technology, the US Air Force AFWERX, and the Department of the Navy[4].
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I think about this also.
I often think about this exchange I had with @elonmusk. What would have happened if history had bent just slightly differently?
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I am going to be at the @blockworks Digital Asset Summit in a couple of weeks. Reach out if you want to meet up and discuss #digitalassets #blockchain #tokenization #digitalsecurities #securitytokens
#DASNYC.BONUS
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The no action relief referred to in the document was based on a SEC policy statement from Dec 2020 when Jay Clayton ran the SEC.
Any broker dealer can apply for the no action relief but none have received it to date.
Nothing scandalous here.
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Six years ago, while working @CoalitionGrnwch I wrote a research paper about artificial intelligence in institutional finance, looking at how #AI might disrupt Research, Sales, Trading and Compliance. 1/
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Had a good time chatting with @JillMalandrino about market structure - a subject close to me heart
.@Nasdaq #TradeTalks: Understanding how to Make Markets Better for All Investors #TotalMarkets @GreenwichAssoc @_richjohnson @JillMalandrino pscp.tv/w/b5CmMDFvUEVMT1hMTH…
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Adding insult to injury, looks like the IRS is trying to gazump every other FTX creditor!
"The IRS’ claims could take precedence over the claims of other creditors in a bankruptcy case."
The United States IRS has filed $43.8 billion in claims in FTX’s ongoing bankruptcy.
@0x_tracy reports
trib.al/T0mBe7D
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There is some really interesting stuff going on in DeFi right now:
LATEST: The amount of $DAI deposited on @compoundfinance skyrocketed by more than $140 million on Thursday – somehow exceeding the total amount of $DAI in existence.
@BradyDale reports
trib.al/PGcpTho
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This is very cool:
There is a DeFi conference in Brooklyn next weekend deficon.nyc/ @DeFi_Conference
All the tickets are being sold as #NFTs with proceeds going to charity. After the event the NFTs can be resold on @opensea with a 7% royalty going back to non profit
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Fun time recording this podcast with IEX discussing the report released today.
Not sure why we had to do it in the naughty room though.
bit.ly/31S9rWg
Podcast recording with @GreenwichAssoc in session! Listen to the latest episode of our podcast Boxes + Lines: bddy.me/333ED68 #BoxesAndLines #ThePerformanceExchange
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“It seems to us that the policy of not allowing broker-dealers to custody digital asset securities is based upon a possible misunderstanding by the Commission staff that Digital Asset Securities are bearer assets” — @Vertalo_ link.medium.com/AMwx26QFrab
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