onchainorgs
@oco
1/ CZ and Binance biting the dust and @barmstrong 's take highlights a tension between internationalism and globalism that exists in crypto. https://twitter.com/brian_armstrong/status/1727054176763756826
1 reply
1 recast
1 reaction
onchainorgs
@oco
2/ Bitcoin aroused imagination that money could become borderless like communication. It gave birth to an industry and new applications in culture and organizing. It's still mindblowing how all that's happened in only 15 years.
1 reply
0 recast
2 reactions
onchainorgs
@oco
3/ When it came to off and onchain orgs that handled borderless money and tokens, founders couldn't just handwave legal threats from the powers that be. Building a business that integrates crypto, whether you issued tokens or not, was risky because crypto was risky.
1 reply
0 recast
2 reactions
onchainorgs
@oco
4/ A founder would be foolish to not have limited liability built into her company. Not playing by the rules cut off investors and capital. Limited liability put founders on the hook for fiduciary duty towards investors.
1 reply
0 recast
2 reactions
onchainorgs
@oco
5/ The road to guaranteed limited liability was very clear—play by the rules of established jurisdictions and their boundaries. Setup an organization in a single jurisdiction.
1 reply
0 recast
2 reactions
onchainorgs
@oco
6/ Whether corrupt or not, Binance was a globalist organization. CZ tried to create an organization that walked the tightrope of boundaries between jurisdictions. Coinbase chose to respect internationalism from day 1. They were, are, and will be a U.S. based company that's compliant to U.S. law.
1 reply
0 recast
2 reactions
