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Michael Cameron

@iserlone

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Michael Cameron
@iserlone
I just wrapped up my last day as a Congressional Staffer. It's been an incredible 6 years. I'm excited to join the @reserve ecosystem as Chief of Staff. As Chair Rodgers always says, the best is yet to come!
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Michael Cameron
@iserlone
Restaurants around the Capitol are not the best (tourist traps) so keep that in mind when you’re planning your day. The Portrait gallery is an underrated museum I recommend. Especially going to see the official portraits of the Presidents. The Smithsonian’s on the mall are great, but can be mobbed by kids/families
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Michael Cameron
@iserlone
Can some of you help me do napkin math to estimate the cost of getting sued by the SEC: - Lawyer Hourly Rate: 1250 - hours per case: 5000 Total Legal: $6.25 million. If lose, average settlement: ?? Plz comment what the actual numbers here should be 🙏
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Michael Cameron
@iserlone
@nic @mattwalshinbos we have the opportunity to get a man on the inside
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Michael Cameron
@iserlone
New desk decor #wif
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Michael Cameron
@iserlone
IDK if its possible to "rationally" design legislation. For example, there's a bill that gets 220+ cosponsors in the House every Congress, but its opposed by McConnell in the Senate, so it never goes anywhere despite what seems like broad support.
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Michael Cameron
@iserlone
Congress.gov has an API for the data: https://gpo.congress.gov/
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Michael Cameron
@iserlone
Few more: - 48/24,789 bills (0.19%) of bills have got as far as Emmer's bill. - 27% of the House (120/435) have cosponsored the bill - 54% of Republicans in the House of Reps have cosponsored the bill (120/219)
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Michael Cameron
@iserlone
Based on data from the 117th Congress (2021-22): - 247 bills got 120 cosponsors (0.9% of total) - 48 bills had 120+ cosponsors and passed committee (like Emmer's bill) - of those 48 bills, 33 passed the House and 9 became law. If last Congress is representative, Emmer's bill has a roughly 20% chance of becoming law.
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Michael Cameron
@iserlone
Agreed it will be something like this. Grayscale filed for approval Oct 2021, was rejected by and sued the SEC in June 2022, won the case August 2023, and ETF was approved January 2024. Following that timeline it would be 1-1.5 years from the rejection of an Eth ETF, firmly in 2025 territory.
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Michael Cameron
@iserlone
Agreed, but even then, how many months or years will the lawsuit take?
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Michael Cameron
@iserlone
Skepticism of an Eth ETF is the only view that accounts for GG & Warren. GG repeatedly testified that BTC was a commodity. Even then, lawsuits had to force the issue. GG famously refused to say what Eth is. POS makes Eth different than BTC. Argument used against Solana in SEC v. Coinbase will easily stop an Eth ETF.
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Rainbow
@rainbow
Spin to win up to 1000 points! Follow @rainbow to play! 🫂 🎰 https://spin.rainbow.me/
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Michael Cameron
@iserlone
Slowly, and then suddenly
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Michael Cameron
@iserlone
@mattwalshinbos at 25:00 in there is a JPM Payments ad talking about their product, “embedded banking.” Talks blockchains, treasuries, etc. Jaime Dimon hates public blockchains bc he wants the business for himself! https://overcast.fm/+_ztyBguD8/25:10
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Michael Cameron
@iserlone
5/ By continually pushing the frontier, Solana is becoming one of the best place to do business on chain. Enterprises take note, Solana is open for business. https://www.byteleg.com/solana-for-business/
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Michael Cameron
@iserlone
4/ TEs empower businesses to build in ways that are OPOS: - Token Hooks: auto product recalls - Confidential Transfers: obscured contracts details - Token Fees: increased supply chain efficiency - Metadata: directly attach hashed notarized documents
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Michael Cameron
@iserlone
3/ TEs are a major unlock for enterprises, enabling new features enforced directly by the protocol. For enterprises, TEs provide: - Increased privacy / Confidential transfers - Customizability / Metadata - Increased control / Token hooks - Reliability / Base protocol enforcement
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Michael Cameron
@iserlone
2/ Enterprises have different needs than individuals. They already have access to payment rails and financial products. Enterprises will adopt blockchains because: 1 - Smart contracts automate routine work 2 - Businesses need neutral platforms for long term planning
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Michael Cameron
@iserlone
@solana is open for business. Solana's new Token Extensions standard unlocks enterprise use cases that few other ecosystems can natively support. I wrote about these changes for the Solana Scribes Hackathon, a short🧵 https://www.byteleg.com/solana-for-business/
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