Nestor Dubnevych pfp

Nestor Dubnevych

@nestor

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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
4/ SEC's surprising retreat. In an unexpected move, the SEC has backed away from using the term "crypto asset securities." This could potentially weaken the SEC's position on crypto assets and impact its authority over secondary digital asset markets. 5/ Crypto.com challenges SEC. In a bold move, Crypto.com has taken legal action against the SEC, its Chair Gary Gensler, and four commissioners after receiving a Wells Notice. This lawsuit aims to prevent the SEC from expanding its jurisdiction over secondary-market sales of specific network tokens on the platform. What's your take on these events? Which ones concern you the most or give you the most hope?
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
3/ Stablecoin regulation heating up. The US is exploring federal stablecoin licensing, while South Korea plans new regulations for cross-border stablecoin transactions. This global push for stablecoin regulation aims to enhance security and transparency in this crucial sector of the crypto market. And overall, I think stablecoins (and its regulation of course) will be one of the hottest topics during 2025.
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
Hey everyone, I’m sure you’ve seen the key things happening in the web3 legal landscape, but if not, here are some of the developments that I think are worth noting: 1/ SEC's expanding definition of securities. In a lawsuit against Cumberland DRW, the SEC labeled Polygon's POL, Solana's SOL, and an undefined list of other cryptocurrencies as securities. This broad approach could have far-reaching implications for many projects in the space as it’s not clear who might fall onto that list. 2/ Global regulatory shifts. Seychelles has implemented a new VASP framework, aligning with international standards. Meanwhile, the UAE is attracting crypto businesses with VAT exemptions on crypto transfers and conversions. These moves highlight the growing competition among jurisdictions to become crypto-friendly hubs. Also, Seychelles has been a home for many web3 projects, so now they need to either review their legal setups or apply for a license in a short period of time.
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
Refrain from promising investment returns: do not make any promises regarding financial returns as this may result in the token being classified as a security. Evaluate compliance of blockchain networks and launchpads: assess the financial and sanctions compliance of the blockchain network and launchpads you choose for deploying and distributing your meme token. Ensure marketing compliance: review all marketing and promotional materials to ensure they adhere to financial promotion regulations. Consider legal entity registration: register an entity to protect project developers during the pre-TGE stage. Plan for decentralized governance: If implementing decentralized governance, consider registering a legal wrapper for the token holder community in the post-TGE stage. Again, not legal advice! Happy to hear if you have any comments or feedback.
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
Design tokenomics with a community focus: structure the tokenomics to emphasize community-building, avoiding features like dividends, rewards, or investment returns that could potentially classify the token as a security. Adopt fair token launch practices: ensure a fair token launch for your Token Generation Event (TGE) to maintain transparency and equity. Use airdrops for distribution: opt for airdrops over token sales for distributing tokens to minimize regulatory concerns and promote user engagement. Avoid financial and regulated use cases: steer clear of token applications related to financial or other regulated activities such as swaps, buybacks, staking, or yielding to avoid regulatory scrutiny.
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
Many projects are now using meme tokens in their go-to-market strategy. While these tokens often have lack utilities and are used for entertainment, I would suggest founders to consider a few aspects of such launches that might help mitigate legal and compliance risks. So I've put together a checklist for meme token launches that might be helpful to founders launching soon. (not legal advice!)
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Nestor Dubnevych
@nestor
“Entrepreneurs should be at the center of the stage discussing technologies, while lawyers sip coffee at the back of the conference hall.” This quote from a CLO of crypto exchange resonated with me during Mainnet in NYC last week. A proper regulatory framework for Web3 is crucial, especially in countries with "regulation through enforcement." This creates barriers for startups that can't afford regulatory uncertainties, forcing them to seek more friendly environments. My post-conference impressions: - The US remains strong for horizontal Web3 technologies (L1/L2, infrastructure) - Verticalized projects (e.g., DeFi apps) still face significant regulatory uncertainties DeFi advocates like DEF are doing great work educating authorities on decentralized finance's potential. However, the narrative isn't fully established yet. We'll see if the upcoming US election can unlock DeFi's potential in the American market. Until that time, it seems to be better to keep to a non-US legal setup for a dApp.
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Nestor Dubnevych
@nestor
Hey @mcbain sure! Happy to discus the details
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
That’s awesome! Feel free to text me when you’re in London. Always happy to have a coffee with TS buddies 🙂
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Nestor Dubnevych
@nestor
Amazing, looking forward to it!
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Nestor Dubnevych
@nestor
hey @sydneyjason happy to talk and share some case studies of building legal wrappers for DAOs which we worked on at @legalnodes
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Nestor Dubnevych pfp
Nestor Dubnevych
@nestor
"Tips for Web3 startups in a bear market: 1) Review comms, be cautious with promises regarding protocol/tokens in light of the latest lawsuits against big crypto companies. 2) Restructure tokenomics for better decentralization. 3) Introduce ESOP/Token Incentive Scheme to retain & motivate team and contributors.
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Nestor Dubnevych
@nestor
Litigation insights were great, thanks @jrf ! @tldr thank you for interesting questions!
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tldr (anon on main) pfp
tldr (anon on main)
@tldr
🎤 we live w/ Two and a Half Lawyers unlonely.app/channels/tldr Discussing implications of SEC vs. Coinbase suit at
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tldr (anon on main) pfp
tldr (anon on main)
@tldr
Yes we use legal nodes for exactly what you describe — their model is to be like an “in house counsel as a service”. Super highly recommend them and @nestor
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tldr (anon on main) pfp
tldr (anon on main)
@tldr
Also, thinking of helping founders solve core problems, what about some kind of funding for Legal Nodes that would allow any builder who is part of @purple to get their trial legal consultations for free (ususally $250 to do it, and I can say from experience worth 10x that!). cc: @nestor
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