Marisa

@mtcoppel

72 Following

123 Followers

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Itap beautiful Solana Beach

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The Senate just voted to repeal the IRS’s DeFi broker rule — truly bipartisan with 18 democrats. Love to see it! 🎉

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It’ll be quite the week for crypto policy this week with a White House crypto summit and likely EO. 👀

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Amanda Tuminelli

A huge win for @uniswap and software devs everywhere today. The 2d Cir affirmed the dismissal of fed securities claims in Risley v. Uniswap Labs. "The threshold issue in this case is whether the developers of automated computer codes that facilitate the transfer of cryptocurrency on a decentralized exchange may be held liable under federal securities laws for the alleged fraudulent conduct of third parties on that exchange." Inject it into my veins: "In sum, we agree with the district court that it “defies logic” that a drafter of a smart contract, a computer code, could be held liable under the Exchange Act for a third party user’s misuse of the platform . . . Accepting Plaintiffs’ allegations as true, the district court appropriately determined that Defendants’ smart contracts were, at best, collateral to the third parties’ scam token activities and the type of tangential activity that falls outside of Section 29(b)."

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The first of several critical guidance documents out of the SEC. Amazing we are seeing something so substantive so soon. Thanks for the analysis @milesjennings https://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins

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Loved writing this with @atuminelli

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Jake Chervinsky

The Fifth Circuit just vacated the SEC's private funds rule, holding that the SEC exceeded its statutory authority. The administrative state is out of control, and the federal courts are reining it in. Love to see it 🔥 https://storage.courtlistener.com/recap/gov.uscourts.ca5.215539/gov.uscourts.ca5.215539.123.1.pdf

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Today we responded to the SEC’s Wells notice We believe DeFi is revolutionary and we’re going to fight to protect it Summary of our response and the full 40 page document here: https://blog.uniswap.org/the-fight-for-defi-continues

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We’re proud to work alongside CFAT in ensuring SEC overreach cannot stifle innovation, disrupt market stability, or damage US economic competitiveness. Thank you to our excellent counsel at Sullivan & Cromwell who are advocating on our behalf. Stay tuned for next steps...

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See the full list of relief we are requesting:

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And, by its own admission, the SEC did not even attempt to evaluate the additional costs that would be imposed on digital asset markets by the rule. Instead, the Commission is content keeping the wool over its eyes.

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Despite briefly acknowledging the negative impact the rule will have on digital asset markets, the SEC made no attempt to address or mitigate it, violating its obligation under the APA to consider any new rule’s effect on efficiency, competition, and capital markets.

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And, the SEC fails to clarify a key threshold issue despite commenters asking for clarification: how to determine which crypto asset transactions qualify as securities transactions. This makes it even harder for industry to determine whether compliance is necessary.

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Commenters raised dozens of concerns that the SEC fails to address, in violation of the APA. For instance, the new rule would drain liquidity from markets and generally deter interaction with DeFi protocols. The SEC’s response to which can best be described as a shrug.

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The SEC goes further – even if a participant’s trading activity doesn’t meet either test to be a dealer, they still cannot presume to be free from liability for failure to register as a one. So there’s this third, undefined, test too…

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The new rule introduces two tests to identify dealers, both focus on the effect of trading activity rather than focusing on a customer relationship. Again, this is a drastic departure from any previous SEC interpretation of the term “dealer.”

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The rule has a majorly detrimental impact on the digital asset ecosystem, particularly DeFi – pulling in liquidity providers and DeFi software and its developers, although it is vague and unclear. Requiring intermediation of DeFi protocols defeats the purpose of DeFi.

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Now, the redefined term doesn’t factor in a customer relationship and focuses entirely on whether a person’s activity has the post hoc effect of providing liquidity. The rule violates the APA by exceeding the SEC’s statutory authority and failing to contain proper analysis.

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We raise several APA claims centering on the SEC’s unlawful redefining of the term “dealer.” By statute, the courts, and the SEC’s own interpretation, being a “dealer” previously turned on the specific services offered to customers. The SEC has flipped this on its head.

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Today is the 1 week anniversary of @blockchainassn filing its first lawsuit against the SEC - challenging the dealer rule. It's unfortunate that it's come to this, but we're excited to defend our members and the industry alongside our co-plaintiff, the Crypto Freedom Alliance of Texas. https://t.co/JnWZcKVXzO

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