Jonathan Galea
@ImpermanentGain
Followers
1K
Following
2K
Media
106
Statuses
1K
Lawyer who survived multiple winters, and lived to tell the tale. Counsel at @CahillNXT (ofc, my views only here).
London
Joined July 2020
In January, we published a legal opinion for the @SkyEcosystem detailing arguments on why $DAI and $USDS can be admitted to trading by trading platforms in the EU. Today, we published a follow-up on how all other CASPs can continue offering their services for both. /1
1
1
16
Fantastic thread on the Senate's Responsible Financial Innovation Act, which in my personal opinion represents a balanced approach to digital asset market structuring, as opposed to the rather prescriptive approach taken by CLARITY.
1/ I have been in crypto a long time now and I have never been as excited about our prospects. With GENIUS and stables behind us, the sprint is now on to get market structure done. The House opened the door by passing CLARITY with strong bipartisan support. We wouldn’t be here.
0
0
7
RT @coinbase: If everything is fine, then don’t change anything at all. But when the financial system isn’t working for so many people in….
0
3K
0
RT @xethalis: Today is kind of a big day. CBOE just filed for Generic Listing Standards for Crypto Asset ETPs. NYSE and NASDAQ will like….
0
43
0
RT @martin__a__s: "Freedom to choose" and "safeguard monetary sovereignty" are two mutually exclusive goals. You gotta pick one. The ment….
0
1
0
RT @LynAldenContact: If they fail as money, then there’s no need for “strict limits” on them. They would just stagnate on their own. What….
0
286
0
RT @CryptoTaxGuyETH: CRYPTOTAXGUY 🤝 ROCKSTAR ASSOCIATE. I am looking for a 3rd to 5th year tax associate with a penchant for digital assets….
0
6
0
The best explanation I've seen so far on the different scaling solutions for Bitcoin, with the evolution from Ecash Mint to Ark being a very notable one. Each iteration inches closer towards as trustless a model as possible, which is no mean feat. A must-watch!.
My opening speech at the last Tuscany Lightning Summit! .
3
1
10
For CASPs, the message is clear: start planning now. March 2026 seems distant, but becoming a regulated payment institution is no small undertaking. /5.
1
0
6
The EBA's preferred fix - strengthening MiCA - seems unlikely given the Commission's legislative priorities. That leaves addressing it through PSD3/PSR alone, somehow avoiding dual authorisation. /4.
1
0
3
What escapes PSD2? Crypto-to-crypto and crypto-to-fiat exchanges (where CASPs use own capital), plus CASPs merely intermediating crypto purchases with EMTs. /3.
1
0
3
The EBA finds itself in an awkward position. It acknowledges that dual authorisation creates "disproportionate" compliance burdens, yet concludes that EMT transfers and custodial wallets are payment services. thanks to Article 48(2) of MiCA equating stablecoins to e-money. /2.
1
0
4
The European Banking Authority (EBA) has published its Opinion on the PSD2-MiCA interplay, and it presents significant challenges for the crypto industry, since CASPs offering custody and transfer services will also require authorization as EU payment institutions. /1
2
2
16
Dream team coming along well! Welcome ser 🫡.
“CRYPTO BROS NEED SOMETHING DIFFERENT”?. Today I am proud to join Cahill Gordon & Reindel LLP as a tax partner in CahillNXT, the nation's premier full-service digital assets legal practice. Some thoughts (1/9)….
0
0
5
Link to the publications by HM Treasury:.
gov.uk
A draft of forthcoming statutory provisions to create new regulated activities for cryptoassets, and an explainer document detailing the intended policy outcomes of these provisions.
1
0
2
. although in my opinion that exemption was wider in scope than the one afforded under these latest draft regulations. With the UK's approach differing from that of the EU's on various points, it will be interesting to see how the two develop further. /10.
1
0
2
This would also be in line with the exemption afforded under the Staking SI and accompanying Explanatory Memorandum vis-a-vis collective investment schemes published earlier this year. /9.
1
0
2
In practical terms, this exclusion likely covers:. a) Communication Protocol Providers;.b) Software Interface Developers (beware of finprom regime though); and.c) Technical Infrastructure Providers. /8.
2
0
2