Alexander Grieve
@AlexanderGrieve
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Government Affairs @paradigm | fmr. @tigerhillDC @the_DTCC @SpeakerBoehner | @YaleSOM | @colgateuniv | views mine
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Joined July 2012
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For those that didn’t stick around until the end of the
@FinancialCmte
hearing today, this exchange between
@USRepMikeFlood
and
@PrometheumInc
CEO Aaron Kaplan is an absolute must-watch.
Flood explicitly lays out why Prometheum’s claims that their SPBD approval is evidence of a…
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NEW this morning — Rep.
@RitchieTorres
(D-NY) calls on the Government Accountability Office (
@USGAO
) to investigate the SEC’s “failure to protect the investing public from the egregious mismanagement and malfeasance of
@FTX_Official
”
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SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit
….yikes.
Sound ominous? Wait until you read the release. (1/5)
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Rep.
@RitchieTorres
not mincing words again re SEC Chair Gary Gensler: “a politician pretending to be a regulator”
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The success of the BTC spot products clearly ruffling some feathers on the Hill.
@SenatorJackReed
and
@Senlaphonza
write to the
@SECGov
urging:
-no further ETPs for other tokens
-make life difficult (i.e. examinations/reviews) for brokers and advisers that recommend BTC ETPs
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1/ I’m thrilled to share that today – after a decade in Washington politics, and six years in crypto and crypto policy – I’m joining
@paradigm
as its Government Affairs Lead.
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Seen a lot of bad takes on the Warren bill.
1) criticize the merits (or lack thereof) of the bill, don’t resort to ad hominem attacks against the author. It undercuts reasoned opposition that other Members might listen to. Take the high road, even if our opponents won’t.
2)…
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SEC Cmrs
@HesterPeirce
and
@UyedaMark
w/ a 🔥dissent on the
@ShapeShift
settlement.
Namely, that the SEC:
1) doesn’t specify which of the 79 assets might constitute investment contracts
2) doesn’t allege any fraud or consumer harm occurred
What it’s like for a crypto startup:
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Excellent letter from
@SenTuberville
,
@RepBlaine
,
@RepDonaldsPress
,
@RepRalphNorman
, and
@RepMarkAlford
highlighting the glaring inconsistencies between under-oath Congressional testimony from
@PrometheumInc
CEO Aaron Kaplan and Prometheum’s very own SEC filings.
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Go read
@HesterPeirce
’s speech from yesterday. Aside from knocking the current staff guidance approach (esp. SAB 121), and the Commission’s lack of industry engagement, and enforcement-first and bad-faith approach to rulemaking, this part (in advice to founders) REALLY jumps out:
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SEC Chair Gensler at
@BetterMarkets
this morning: crypto uses “careful lawyering” to “arbitrage various jurisdictions or states.” This isn’t the first time he’s said this.
If hiring lawyers to lawfully structure products/services=nefarious intent, then every US corp is screwed
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Some big news:
@SenLummis
announces she’ll be introducing her long-awaited crypto policy framework with
@SenGillibrand
on June 7th
#Bitcoin
at
@Heritage
with
@CaitlinLong_
and
@saylor
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It increasingly seems as though the strategy of crypto opponents in DC is to no longer to win on the merits an argument, but to attack the credibility of the messenger.
@SenWarren
took this approach last night, with letters to
@coinbase
,
@BlockchainAssn
, &
@coincenter
.
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Gensler in
@NYMag
on crypto:
-everything is a security except bitcoin
-every company out there is in violation
-crypto is pointless but blockchain is kinda neat
Hard to argue you’re acting in good faith if admittedly trying to stamp out an entire industry.
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Crypto issues pop up increasingly in other committees of jurisdiction, and there are policy vectors to watch closely beyond the Banking and Ag committees. In this instance, Sen. Warren talking about her currently stalled validator KYC/AML bill in front of the Senate Armed…
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Nice Saturday morning hit on crypto lending from SEC Chair Gensler. Feels like presaging a potential enforcement action?
(1/4)
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As Congress returns this week and crypto returns to the convo, Sen. Warren is out with a letter to Reps. McHenry and Waters throwing cold water on the idea of a stablecoin bill.
“Efforts to create new regulatory frameworks around the $157B stablecoin market, including those…
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Gensler: facts and circumstances are important, “don’t want to prejudge any one company or asset”
Also Gensler: it’s all scams, I don’t care what the courts say
Chair Gensler: The crypto space is full of hucksters and non-compliance.
Q: Would anything a Court says change your mind?
Gensler: Well, no, not really.
You can't make this stuff up.
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Jurisdictional tug-of-war continues.
@CFTC
asserts in their case against Rashawn Russell for a fraudulent “digital assets trading scheme” that BTC, ETH, and USDC are commodities
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Another 🔥
@HesterPeirce
speech: “the SEC has met inquiries about blockchain technology with a stubborn and decidedly uncreative insistence that existing rules work just fine. We have not worked seriously with people in the industry to figure out how to achieve our regulatory…
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1/ Last week, the SEC IG released a report detailing the adverse impact on recruiting crypto-knowledgeable talent posed by the SEC’s requirement that hires divest their crypto holdings.
@paradigm
has some thoughts.
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Tone of this release is wild to me: seemingly not focused on policing fraudulent practices, it’s focused on “protecting investors” from everything that the SEC views as currently unregistered securities or securities platforms (aka everything in crypto). No nuance here.
(4/5)
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Gensler on
@CNBC
just now— highlights SEC subpoena of Do Kwon in Sept 21 as protecting investors against Terra/Luna but complained it got tied up in courts. Fails to mention subpoena was regarding Mirror Protocol, not Terra/Luna.
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Article in
@semafor
re the upcoming White House EO on AI raises some alarm bells for crypto. It appears AWS, Google Cloud, Microsoft Azure may have to disclose large compute clients — but check out the framing Semafor adds about compute as a scarce national resource
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Senator Warren really ramping up the anti-stablecoin letters. Here’s another one to Treasury Secretary Janet Yellen, calling on her to push for including “nodes in the DeFi system” [sic] in the AML sections of any stablecoin legislation
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One of the few Members of Congress on both the
@FinancialCmte
AND the
@HouseAgGOP
Cmte,
@RepJohnRose
has been one of the most reliably-substantive members on the need for a purpose-built regulatory regime for crypto—and the need to clearly delineate SEC & CFTC jurisdiction
The current regulatory patchwork isn’t working for crypto, and we shouldn’t trust the
@SECgov
’s
@GaryGensler
to figure it out.
Watch my line of questioning during yesterday’s
@FinancialCmte
hearing on Digital Assets 👇
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“Whether you love crypto or hate crypto— you should support market structure legislation. Inaction is not an option.” - Rep.
@wileynickel
(D-NC)
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1/ On Friday, consistent with our mission to defend crypto and crypto users’ right to self-sovereignty, privacy, and financial liberty,
@paradigm
filed a comment letter with Treasury & the IRS on their overly-broad proposed rule on digital asset brokers.
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IT’S TIME
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“These are IT services, not investment services.”
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This is a remarkable exchange from yesterday’s
@SenateBanking
hearing.
@SenFettermanPA
asks a series of questions about crypto’s value and use (or lack thereof, as he sees it)— Dr. Shlomit Wagman says, effectively, that regardless of his opinions on it, crypto is here to stay.
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Huge props to the team at
@0xPolygonLabs
for compiling this incredible database of crypto use cases. An awesome resource for industry when meeting with global policymakers.
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SEC Cmr
@HesterPeirce
issues an impassioned dissent on the LBRY case.
At the end, she calls for the industry to think through better ways to regulate these new technologies (+ send to her). Something the larger community should be thinking through, should WH flip next fall
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👏🏼
@PatrickMcHenry
&
@RepHuizenga
send letter to SEC Chair Gensler, saying that his responses to their Feb. letter asking for details of the SEC’s actions surrounding SBF’s arrest were insufficient. Gives him until Monday night to rectify (night b4 he testifies)…
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Here I was hoping for Solana Summer Pt. II — looks like Regulation by Enforcement is going to show up at the pool party instead
(5/5)
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Tuesday, June 13:
-
@FinancialCmte
crypto hearing
-
@FinancialCmte
Secretary Yellen hearing
-SEC releases Hinman emails
-SEC exchange definition comment period deadline
-SEC has to respond to Coinbase mandamus suit
-SEC TRO on Binance assets gets decided
-CPI print
Buckle up!
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Continues refrain of “law is clear, we’ve brought hundreds of enforcement actions.” Dodges question- hey instead of LBRY and Kim K, shouldn’t you be doing actual things like rulemaking?
This is so tiring. And investors continue to get hurt.
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1/ Friday, Treasury and the IRS released a proposed rule on tax reporting requirements for brokers of digital assets.
While that might sound benign — the rule in its current form is seriously flawed and counterproductive.
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-Crypto asset offerings;
-Crypto asset exchanges;
-Crypto asset lending and staking products;
-Decentralized finance ("DeFi") platforms;
-Non-fungible tokens ("NFTs"); and
-Stablecoins.”
(3/5)
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🔥
@SenatorHagerty
leads letter to banking regulators regarding debanking crypto companies or “Operation Choke Point 2.0”
W/
@SenThomTillis
,
@SteveDaines
,
@MikeCrapo
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Senate Banking was trying to get Gensler, or, failing that, another SEC official. Instead they got….not that.
FTX Hearings update:
Just announced, Senate Banking: 12/14 (still TBD SEC official, likely not Gensler given SEC open mtg same day)
Senate Banking & HFSC CFPB oversight hearings (Dec. 13 & 14, respectively) will likely also feature FTX / crypto as a topic of convo
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🔥
@GOPoversight
just sent a letter to
@GaryGensler
, criticizing his/the SEC’s non-answers to Congressional inquiries.
Congress provides oversight of the independent agencies. If the agencies just ignore Congress, then they’re acting as a branch of government unto themselves.
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“The expanded Crypto Assets and Cyber Unit will leverage the agency’s expertise to ensure investors are protected in the crypto markets, with a focus on investigating securities law violations related to:
(2/5)
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Three major Presidential candidates, two political parties, three pro-crypto agendas. Paying attention yet?
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@PatrickMcHenry
and
@CongressmanGT
let it rip at
@SECGov
on its perceived shift in considering ETH a security after previously calling a commodity — particularly w/r/t
@PrometheumInc
’s stated objective to custody ETH as a security.
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Also changes his tune on Bitcoin — previously had been pro BTC, now says (approx) “Satoshi Nakamoto pioneered some interesting things with respect to distributed ledgers and sending value on the internet — but we don’t need more than one form of currency besides the US dollar”
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Noteworthy this morning:
@SIFMA
,
@ABABankers
, and basically every other major tradfi DC trade group has submitted a comment letter to the
@SECGov
saying the safeguarding (custody) rulemaking should be withdrawn entirely.
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Non-crypto but relevant: the SEC settles with Rally, a company that offers equity shares in collectibles (cars, watches, etc), asserting that those shares were securities — as were the assets when traded in a secondary market (oh also that market is a securities exchange)
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@FinancialCmte
Chairman
@PatrickMcHenry
announced this morning during Fed Chair Powell hearing that the committee will be holding its markup on the
#McHenryThompson
crypto market structure bill, as well as the committee’s stablecoin bill, on July 19th
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20% of Americans own crypto. Awesome to see Congressional candidates this cycle highlighting its importance and potential — and the uncompromising stance many currently in DC have taken towards it.
We need more candidates like Sam Brown.
As your Senator, I will work to end the unconstitutional targeting of crypto and crypto companies, preserve the rights of Americans to self-custody their own digital assets, and work with other patriots in Congress to establish clear guidelines for American crypto companies to…
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White House just released their “Framework for Responsible Development of Digital Assets.” Lot in there, some negative, a lot positive — here’s some highlights:
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Strong lineup for tomorrow’s House Ag hearing:
-current CFTC Chair
@CFTCbehnam
-Coinbase (
@iampaulgrewal
)
-Robinhood, & fmr SEC (
@DanGallagherDC
)
-“Crypto Dad” & fmr CFTC Chair
@giancarloMKTS
-Walt Lukken (
@WaltFIA
), fmr CFTC cmr & head of the Futures Industry Association (CME,…
Current digital asset regulations limit innovation & consumer protection. We aim to bring clarity & compliance to this dynamic space. Tomorrow, we'll hear from
@CFTCbehnam
,
@giancarloMKTS
,
@iampaulgrewal
,
@DanGallagherDC
,
@WaltFIA
& Dan Berkovitz.
#Crypto
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HFSC Ranking Member Maxine Waters sends public letters to Treasury and SEC asking for feedback on the McHenry-Thompson crypto market structure bill. Given Sec Yellen’s recent suggestion that legislation is needed, will be interesting to see how these two responses might differ
#RELEASE
: Ranking Member
@RepMaxineWaters
Calls on
@USTreasury
,
@SECGov
to Share Analysis on Republican Digital Assets Market Structure Bill |
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Having watched every Cong. hearing on crypto that has been held over the years, have never seen anything resembling that level of knowledge or interest from Members. Not possible without the tireless work of
@KMSmithDC
@RonwHammond
@BlockchainAssn
@coincenter
@jerrybrito
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In
@RonDeSantis
campaign announcement Twitter spaces:
@DavidSacks
question about Operation Chokepoint 2.0 and SEC activities that are antagonistic towards industry. Says good companies like
@coinbase
begging for clear reg framework. DeSantis said he’s pro-Bitcoin, and govt…
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The SEC just voted to reopen comments on the definition of an exchange, specifically to consider how to incorporate DeFi into existing exchange rules, while also providing opinion that such rules already have DeFi applicability.
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Warren: financial regulators have determined “that crypto assets issued over public blockchains are highly unlikely to be consistent with safety and soundness principles.”
So private blockchains by banks like JP Morgan are ok then?
Where did Warren the bank cop go? We miss her
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@RepFrenchHill
back and forth with SEC Chair Gensler on stablecoins — saying what many in policy community have been wondering:
F: were you part of PWG?
G: yes.
F: did you support PWG report?
G: yes.
F: do you agree with recs?
G: yes.
F: ok well the PWG recommended…
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Given a lot of the headlines lately, worth reiterating:
Warren-Marshall does more to set crypto AML efforts back than it does to enhance them.
If no one can comply with bill (searchers filing SARs?), no choice but to exit US.
Offshore=less US oversight.
*It’s that simple.*
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@SpeakerRyan
on
@CNBC
:
“Biggest concern for me is a debt crisis under next president. Not inconceivable we have a failed treasury auction”
“There are steps Congress could take today [to address this]…You could pass stablecoin legislation, so that you could get the dollar more…
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New this AM:
@SenWarren
and
@RogerMarshallMD
introduce the “Digital Asset Anti-Money Laundering Act”, which, while intended to expand AML coverage throughout the crypto ecosystem, is fairly heavy-handed in approach. For instance: validator nodes or searchers as MSBs?
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The CCP years ago banned crypto. Now it looks like they’re changing course.
We’ve had years to pull ahead of the rest of the world in crypto standard setting — years we’ve largely squandered.
Allies (UK, EU) have pulled ahead of us. Let’s not let our competitors do so too.
The Chinese Communist Party officially leaning into web3. The Ministry of Industry and Information Technology recently released a statement on Proposal No. 02969, “Proposal on Promoting the Development of Web3 Industry.”
A few key take aways 🧵
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@cameron
@SECGov
@GaryGensler
Side note but why can’t any reporters use the correct “rein” in “rein in”. Rein=thing used to guide (or stop) a horse. Reign=when a king or leader is in power. Smh
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Very blunt Gensler statement on Reg ATS / exchange def update re crypto.
Also 🤔— apparently anything that’s an investment is fair game for the SEC…?
Sothebys and the US housing market would like to have a word.
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Rethinking how financial markets can function requires rethinking of whether existing rules are appropriate or even applicable. A reasonable approach would follow
@HesterPeirce
and Cmr Uyeda’s suggested course. Disappointing to see the Commission continue down the opposite path.
Commissioner Uyeda and I responded to today's denial of Coinbase's rulemaking petition:
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In advance of today’s Senate Banking hearing,
@SenLummis
and
@RepFrenchHill
call on the AG / DoJ to evaluate the extent to which illicit finance is facilitated via
@binance
and
@Tether_to
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@ugopreneur
@Carnage4Life
Agree — comparable to Microsoft bundling Explorer in the 90s to rapidly eclipse Netscape.
And how much is that DAU count inflated by the fact that Teams auto-opens when one starts their computer?
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New letter from HFSC, Judiciary, and Oversight Chairs to SEC Chair Gensler attempts to pin SEC down on use of Signal and other non-standard messaging apps (where records unlikely to be kept) for conducting official business.
#NEW
: Chairman
@PatrickMcHenry
,
@JudiciaryGOP
Chairman
@Jim_Jordan
, and
@GOPoversight
Chairman
@RepJamesComer
sent a follow up letter to
@SECGov
Chair Gary Gensler slamming the agency for skirting record-keeping and transparency laws.
👇 Read more 🔗
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SEC Chair Gensler speaking before the Investment Company Institute this morning.
Does a lot of finger wagging on money market funds and calling for rule updates for MMFs and open-end funds. Based off what he's saying and reading between lines (at one point he said something…
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Ryan from the OC lecturing Congress on the Howey Test was not on my 2022 bingo card
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Excited to announce the launch today of Paradigm Policy Lab—a new asset for crypto in its global policy engagement.
Led by
@RSSH273
&
@brendanpmalone
, the Lab is a centralized meeting place for the decentralized crypto policy community
Today, we are excited to launch the Paradigm Policy Lab 🚀🧪
Led by
@brendanpmalone
and myself, the Lab will be a gathering place for academics, policy experts, lawyers, and technologists to study how to address the biggest policy challenges in crypto
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1/ The
@CFPB
just released a report, “Banking in video games and virtual worlds”, cautioning consumers of risks that can come along with financializing games and in-game assets.
While mostly focused on conventional games, it addresses crypto-based games too.
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A bipartisan group of 9 MoCs write to Treasury Secretary Yellen regarding the IRS broker rule:
“As drafted, the proposed rules sweep nearly all digital asset transactions into the new tax reporting framework without regard to the transaction’s size or financial nature.”
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Currently, the White House views tech jobs/dev talent and energy as scarce national resources and therefore zero sum—particularly w/r/t crypto.
-mining bitcoin? Robbing families of power
-working in crypto? Your dev talent is being taken away from “real” applications
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Newsy quote from Senate Banking Chair Sherrod Brown in
@politico
this AM, saying what we’ve been saying all along about Warren-Marshall: it doesn’t actually address any of the regulatory gaps that currently exist
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Appreciate
@SenatorHagerty
and
@SenLummis
taking a “let’s work with crypto” approach on natsec and cyber issues, rather than that of other Members, who have sought to demonize it.
The federal govt should partner with private industry to combat bad actors—including in the crypto space. My bill w/
@SenLummis
would help law enforcement agencies leverage their existing authorities to better identify violations w/out stifling innovation.
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A few thoughts / things imo need clearing up on the McWaters stablecoin draft leg, based off things I’m seeing on CT:
1) “endogenously collateralized” literally just means collateralized with itself (aka UST mint-burn for LUNA). Targeted at algos / UST V1. Not targeted at all…
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@capmktsreg
out with a new report today: “Cryptoasset Trading Platforms Cannot Register as Securities Exchanges” — saying that current SEC regs don’t allow for crypto platform compliance, and that McHenry-Thompson addresses these issues
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SEC vs. Ian Balina, released today, included the following noteworthy bit. Essentially: “ETH nodes are clustered more heavily in US than other places, therefore alleged crime on Ethereum network happened in US”
To be watched.
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If we start viewing compute capacity in a similar way, and reporting on who is using how much of it, expect similar political and media pressure to be targeted at cloud service providers that service large crypto industry players. “Operation Chokepoint”, but for computing power.
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Today, the
@CFTC
announced new subcommittees of and additions to its Global Markets Advisory Committee, led by
@CFTCpham
. A great group on the Digital Asset Markets Subcmte:
-
@TuongvyLe12
-
@RebeccaRettig1
-
@perkinscr97
-
@PerianneDC
-
@sheila_warren
-
@ammori
-and more!
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9
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IMO these NFT enforcements are a call to action for
@HouseCommerce
&
@SenateCommerce
. NFTs, as collectibles, (and, more specifically, as ways to represent static data on a blockchain network -- car titles, land deeds, records etc) -- should be firmly in FTC/Commerce jurisdiction
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‼️
@SenWarren
,
@RepCasten
, &
@RogerMarshallMD
lead letter with 28 Senators and 76 House members to Treasury & NSC on Hamas use of crypto, asking what additional authorities the admin might need (hint: their bill) to crack down on this activity. (NB: only 2 Rs on it)
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Been a lot of news in crypto over past few weeks, but IMO one of the most consequential happenings (though maybe not as flashy as an NFT drop or a new L1 mainnet launch) was
@coinfund_io
announcing the creation of the new Composite Ether Staking Rate or CESR (“Caesar”)
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Looking forward to joining
@perkinscr97
,
@TuongvyLe12
,
@julie_stitzel
,
@amandatums
,
@andrew_israel_
,
@qristopherking
, and other friends at the first ever
@Yale
Blockchain Conference, cohosted by
@YaleICF
.
Join us April 6 in New Haven — link below!
2
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News this AM: Sen.
@Hickenlooper
last night sent a letter to SEC Chair Gensler calling for public comment and rulemaking process on digital assets, saying that “I recognize these questions are complicated, but it is time for the SEC to engage.”
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It continues…
Saying a stablecoin is an unregistered security is new. Need legislation and a proper issuer registry framework ASAP.
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1/ It was a landmark day yesterday in 🇺🇸 crypto policy, as
@FinancialCmte
marked up and successfully voted out of cmte — in significantly bipartisan fashion — the Financial Innovation & Technology for the 21st Century Act: the digital asset market structure bill
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Can we not
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Happening now —
@paradigm
Policy Director
@JBSDC
testifies before
@HouseCommerce
on blockchains, supply chains, and American innovation. Tune in!
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Thank you PMC.
First reported here -- one of the most high-profile GOP retirements this year.
He went from conservative rabble-rouser to a well-liked McCarthy lieutenant—and he later served as acting speaker. He's well known on the Hill for his policy chops & bow ties.
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-
@coinbase
-
@LEJILEX
-and now
@BebaCollection
&
@fund_defi
If the
@SECGov
refuses to provide clarity to crypto companies, entrepreneurs, investors, and users -- crypto must ask the courts to compel them to.
🚨Today, DEF and
@BebaCollection
sued the SEC🚨
The crypto industry is facing an existential threat from an overzealous regulator who is abusing its power by targeting our industry through unending aggressive enforcement actions.
It’s time for the…
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There are plenty of well-reasoned critiques about crypto. Continually yelling “it’s all worthless” is not one of them — and is more evocative of trying to speak an argument into existence that is increasingly ringing hollow.
Trying to Explain Why Bitcoin’s Price Continues To Rise Is Like Trying To Describe The Clothing Worn By Poltergeists
For crypto: There's no inherent value. There's no cash flow. There's no yield. There’s no employees. There’s no management. There’s no balance sheet. There’s no…
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“As technology and business models evolve, we too, at the SEC, need to evolve and update our rules of the road”
…except for crypto
S E Season’s Greetings from all of us
@SECGov
.
In 2024 we plan to build on everything we worked on in 2023. Here’s a quick look at some of what we’re going to work on to ensure that the markets work for you, the investor:
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His tentacles are everywhere.
IMO all the proof needed that
@TheBlock__
employees didn’t know / weren’t coerced into favorable FTX reporting is the grilling of SBF last week by
@fintechfrank
🫡
Great people there, who don’t deserve this. (I feel like this is a recurring theme)
1/2🚨Exclusive: Crypto news site
@TheBlock__
has been secretly funded for over a year w money funneled to its CEO LLCs from
#SBF
’s
@AlamedaResearch
—3 loans total:
—$12M & $15M loans went to The Block
—$16M used by CEO to buy real estate in Bahamas
@axios
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Professor Yesha Yadav with a great line in the current
@SenateBanking
hearing on crypto:
“In the case of digital asset regulation, [the US] currently has nothing to export.”
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