Matt Walsh
@MattWalshInBos
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General Partner, @CastleIslandVC Co-Host @OnTheBrinkCIV podcast Weekly Newsletter:
Boston, MA
Joined March 2011
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Comment letters to the SEC on the Fidelity Bitcoin ETF proposal were due last week and a strange one just popped up from Better Markets, Inc.
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This Prometheum storyline has got to be the strangest thing I have seen in awhile in this industry. Has anyone actually looked into this? Beyond bizarre…
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What is going on here? Bizarre that this fringe player with no biz model is being held up as an example of compliance by the SEC when the actual businesses in the United States can’t get a fair shot. An SEC PSYOP to have the Dems oppose McHenry-Thompson market structure bill?
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3AC just out here making up loan amounts to spouses on 6/26/22. you can't make this stuff up
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US Representative Mike Flood hit the nail on his head on why Prometheum’s claims are utter nonsense:
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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Having 0% of your personal portfolio in Bitcoin is off the charts risky right now
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one of the richest men in the world and Michael Bloomberg
My old boss’ boss, Mr. Bloomberg. So I asked him, hope you won’t be offended if I asked for a selfie. He said, I would be offended if you didn’t. Great dude. 🙏
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An alliance to waste taxpayer dollars and stifle an emerging technology in the USA:
A tale of Elizabeth Warren, Gary Gensler, Jamie Dimon and The Bank Policy Institute…
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Then Prometheum’s CEO somehow gets a seat in front of Congress yesterday and starts reading off pre-written notes clearly coordinating narratives with Democratic members of Congress (or the SEC)
Wow, Prometheum's CEO, whose sole credential is heading a special purpose ATS/BD for digital securities, sure seems to have a lot of opinions on unrelated topics like banking principles/stablecoins-or at least his prewritten notes curiously responsive to every Dem question does
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SAB 121 and how Gary Gensler, the lead henchman of Elizabeth Warren’s anti-crypto army, is turning the SEC into a merit regulator and using an obscure accounting rule to prevent major banks from touching crypto in the United States…
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Last month, in the midst of the SEC bringing cases on Coinbase + Gemini, and giving the stiff arm to Robinhood and others, Prometheum gets approval for a first of its kind Special Purpose Broker-Dealer (SPBD) for digital asset securities…
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Hey
@KyleLDavies
you seem to want to keep talking.
Just so it's in one place I will summarize my issues with you:
1. You fraudulently lied to your lenders on nature of business + financial condition. Market neutral? Come on.
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The Prometheum guys want us to believe that all L1s are securities and will need to come and trade on Prometheum. Not happening. But enter Prometheum Chain! What is that you say? These guys have their own chain? Yes, and a token!
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You would be hard pressed to find an institution in the USA that has lost more credibility than the SEC under Gary Gensler
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Call me crazy but I think it’s a bad idea to have a Senator on the banking committee giving the questions to the test to the SEC chair ahead of a hearing and then having The Bank Policy Institute write her anti-crypto bill
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The Kaplan's are being held up as security law experts. Two of them went to a now unaccredited law school.
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Other companies like Coinbase and Gemini have pursued the B/D and ATS paths. Those licenses under current SEC regs don't let you do much. The SEC is implying the Prometheum path solves the regulatory clarity issues. It doesn't.
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Who is Wanxiang? Uhhh someone might want to look into this one. CCP affiliate? Wtf?
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Michael Lewis having a seat in the defendant friends/family section of the courtroom is all you need to know about the SBF book
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“Well that’s just a PPT slide, they surely won’t do a token”…Wrong. They already pre-sold some to Wanxiang and others:
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As
@RSSH273
points out, this ATS absolutely will not work unless the projects first register the tokens with the SEC. There are currently no tokens registered with the SEC because the current regime is not viable for public blockchain networks..
Founder of Prometheum is testifying
@FinancialCmte
hearing on digital assets today
He will argue he represents the “compliant path for crypto” and those asking for updated regs are just scofflaws
However, he is wrong on the law and his approach cannot work as advertised
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Should be clear to everyone at this point that the wheels are off at the SEC
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According to Pitchbook, Prometheum has raised $48.19 million. Like all private companies they are required to file a form D when they raise. Oddly even in their early rounds they used an investment bank to raise capital (very rare for venture backed startups at the early stage)..
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Preview of Q4 board meetings at major financial institutions. HUGE move from
@Fidelity
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Just like Prometheum, Network 1 Financial is a China affiliated firm
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America… the only country in the world where you can make billions dumping unregistered securities that look like fidget spinners on retail investors then use the proceeds to lecture actual entrepreneurs on their bitcoin businesses
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If you are supportive of public blockchain tech (BTC, ETH, Stablecoins, etc) and have an account at JP Morgan for banking or wealth management you are actively supporting a company that is working with Elizabeth Warren to choke off access to an emerging industry.
#DeleteJPM
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Somehow missed this last week. MicroStrategy, a $1.2 billion publicly traded company is diversifying its cash holdings to include Bitcoin 👀
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They have paid in excess of $1.5 million in sales commissions to a NJ based outfit called Network 1 Financial Securities
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Network 1 Financial Securities has quite the regulatory track record
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Just closed my
@jpmorgan
@Chase
@amazon
credit card. Took a phone call but was very easy.
Better to have 100% wallet share with
@Fidelity
cash-back card and support
@DigitalAssets
#DELETEJPM
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I may have just stumbled onto the most compelling use case for a private blockchain
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Maxine Waters is “deeply concerned” that PayPal chose the NYDFS path versus the Federal path…Federal path for issuing a stablecoin literally doesn’t exist. What planet are we on?
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Great work from the WSJ editorial board:
"Mr. Gensler is holding bitcoin spot ETPs hostage in his cryptomarket power grab. Until crypto exchanges register with the SEC, he won’t authorize spot bitcoin ETPs. Arbitrary regulation and regulatory…
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1/ I wrote an op-ed in
@coindesk
today on how the SEC is running a covert demotion job on the digital asset industry by using esoteric rules to prevent some of the most trusted institutions in the USA from entering:
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Really impressed with the way Wyoming is moving the ball forward with their stablecoin initiative. It is fascinating to see state’s rights becoming a focal point in the blockchain/digital asset industry...
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Looks like $LMND is on the bitcoin balance sheet bandwagon. Paging Michael Saylor
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Zero class and zero integrity. A disgrace to the
@WSJ
brand
Elliptic 10/25/23, “There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.”
"...there is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has…
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In upcoming years we will see massive customer churn in the RIA / Family Office channel as folks demand to know why their advisors didn’t do their job and educate them on the emergence of Bitcoin / cryptoassets
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It's been 5 days since the FTX fraud was revealed and
@SBF_FTX
and crew have not been arrested.
This is approaching a net new scandal
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This SBF case has it all. Bribes to Chinese officials, Thai prostitutes, overt fraud to lenders, SBF thinking he could be the President (of the USA)... with all this content its a shame that Michael Lewis wrote such a terrible book.
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If you are a bank CEO and you aren't working to add Bitcoin functionality you are accelerating the inevitability of your replacement being the one who does
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Who will be the first Bitcoin ETF issuer to sue the SEC over the arbitrary and capricious nature of not allowing in-kind create/redeem?
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New Prometheum just dropped. The SEC's posture child for "regulatory compliance" is on thin ice.
On Friday PM the company buried a filing for their Ember ATS entity that shows an increasingly precarious financial state.
$468k cash despite a $5.1m injection from the parent co.
This Prometheum storyline has got to be the strangest thing I have seen in awhile in this industry. Has anyone actually looked into this? Beyond bizarre…
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No one elected Gary Gensler. It’s absurd that he is dictating digital asset policy for the United States.
No better time for Congress to act on the following:
- Repeal SAB 121
- Pass a digital asset market structure bill
- Pass a stablecoin bill
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Gensler testifying before the Senate on July 19. What is he going to leak to the press in the coming days?
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If any of the 218 blockchain folks at
@jpmorgan
are looking for jobs in the crypto sector please get in touch. Life is too short to spend it making Jamie Dimon more $$$
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Antwerp diamond heist, Madoff, Lehman, LTCM
Wormhole, Terra, Celsius, 3AC
All in 6 months
No bailouts, no bell
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The
@WSJ
has the resources to bungle a blockchain forensics report on Hamas crypto funding (complete inaccurate data), but can’t purchase a reference rate to include Bitcoin as the top performing asset of the week. Clown show.
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👇this is awesome and should 100% be the industry standard
Announcement: Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings.
Now anyone can verify BITB's holdings and flows directly on the blockchain.
Onchain transparency is core to Bitcoin's ethos. We're proud to…
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Morgan Stanley is launching a European Opportunities Fund that will invest in Bitcoin Futures and Bitcoin spot ETFs. Probably nothing.
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If the SEC wants to use Prometheum as the puppet to say ETH is a security they may want to think about leading the company's next financing round. That is some seriously thin ice
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The fact that two amazing companies can hold such a divergent opinion on an emerging technology is what makes this industry so exciting
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We are going to beat this virus, and when we emerge from this crisis Bitcoin is going to be the apex predator of money
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According to his public calendar, Gary Gensler has met with Better Markets nine times since he became SEC Chairman in 2021. That is a level of access no-one in the digital asset markets (maybe with the exception of SBF has ever received)
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This is the federal stablecoin issuer Maxine Waters was hoping for. Slow down PayPal!
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Gm
Don’t forget to cancel your
@jpmorgan
@Chase
credit cards, and move your funds off
@firstrepublic
and
@JPMWealth
.
Don’t let your hard earned money help fund Jamie Dimon’s partnership with Elizabeth Warren’s and her ‘anti crypto army’
#DeleteJPM
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That sound you don’t hear is institutions racing to custody with a company that can’t raise $1.2m on a $7.5m funding target.
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2. Broke securities laws with US solicitation on Deribit SPV and Warbler Capital raises.
3. Siphoned off $ from Defiance, Warbler, Starry Night.
4. Kept raising $ from HNW/FO when you knew you were insolvent.
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my jaw is on the floor on this FT revelation on the FTX venture portfolio. All with customer money
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Bitcoin holiday calendar courtesy of Fidelity
@DigitalAssets
. How long until some of these are federal holidays?
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Some thoughts on our industry and the path forward:
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Loved this chart in the latest
@coinbase
8K filing.
Easiest way for the USA to catch up:
1) Repeal SAB 121 (let the banks custody)
2) Pass a stablecoin bill (with a state pathway)
3) Pass a market structure bill (clarity on securities vs. commodities)
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1. A few thoughts on the impact of rising cryptoasset prices and the overall accelerating pace of innovation in this industry on the corporate mindset around “blockchain” projects…
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The letter comes off like it could have been written by Elizabeth Warren, Gary Gensler or Sherrod Brown, the leaders of the Anti-Crypto army. And guess who supports Better Markets?
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Bitcoin ETF musings…I’ve seen the analysis that the Blackrock inclusion of surveillance sharing agreements is the novel touch that will allow them to crack the code...not a lawyer, but I’m a bit skeptical...
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As with most SEC policies on digital assets, this situation appears to be highly questionable to say the least
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Every member of Congress should read this dissent.
"The application of the securities laws to token projects is not clear, despite the Commission’s continuous protestations to the contrary. There is no path for a company like LBRY to come in and register its functional token…
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“Sorry we are too busy making Gary’s next YouTube video about how all cryptocurrencies are securities”
The SEC said it's “not in a position to file” a brief giving its view on whether leveraged loans are securities
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Also - I have the receipts. P.S. - sometimes it takes more than 6 months to catch bad guys.
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If you are a crypto founder or VC in a private wealth relationship at
@jpmorgan
your fee dollars are literally funding a CEO’s agenda to extinguish your professional career.
#deleteJPM
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Bottom line…
Bitcoin and blockchain tech are happening, whether Warren and Dimon like it or not.
The role of the Senate Banking Comm. is to oversee regulators, not outsource their agendas to shady “non-profits” overseen by the biggest banks in the country.
We deserve better
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WSJ Editor room planning the week’s bitcoin coverage. Roll the dice 4 times, pick your favorite, then make up the “facts” as you go
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1) As first reported by
@twobitidiot
2) Further proof that Elizabeth Warren is running financial services policy for the United States of America.
3) Operation Chokepoint 2.0 just got a new team member.
Jon Donenberg, longtime Elizabeth Warren aide, is joining President Biden's National Economic Council as a deputy director
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Every bank and broker-dealer in the world is going to need to engage with public blockchains. The fact that many of them don’t realize this yet is what makes this the most exciting time ever to be an entrepreneur in this industry. The guard is changing.
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Bitcoin ETF musings...
From public filings like BlackRock's latest meeting with the SEC, it seems like the biggest open question is on cash versus in-kind creation of shares.
In-Kind Create: more tax efficient, better prices on secondary markets, but SEC seemingly focused on…
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So, you basically have a new directive from the SEC that stipulates that some of the most trusted US financial institutions cannot offer digital asset custody services.
How does that protect consumers or promote capital formation?
Whose agenda does this serve?
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Live look at Fidelity
@DigitalAssets
answering calls from banks looking to enter sub-custodial agreements for Bitcoin
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Your CEO makes $3.1 million a year at your “non-profit” where the primary mission is to write bills for Elizabeth Warren.
Your organization is a scam.
Looking forward to his next book with Gary Gensler. Perhaps you could call it “The Great Crypto Trap”.
Amidst an otherwise informative article, there is this statement: “Crypto has legitimate backers and applications. Firms like Fidelity and BlackRock may soon win approval to launch exchange-traded funds holding Bitcoin — a prospect that has pushed up the token's price… 🧵
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“We have grave concerns that the DOL is attempting to prevent US citizens from taking control over their financial futures” a senior Castle Island Ventures official said
“We have grave concerns with what Fidelity has done,” a senior Labor Department official said of Fidelity Investments’s plan to allow investors to put bitcoin in their 401(k) accounts
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Going to be a dicey Q1 board meeting for the State Street ETF boss
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Great thread by Jake here.
SAB 121 is preventing BNY Mellon and other US banks from serving as bitcoin custodians. Hopefully the bank lobby starts to mobilize here - they may not love crypto but they love making sure US banks don't lose out to foreign custody competition
This is huge.
The GAO reviewed SAB 121, an illogical anti-crypto accounting bulletin issued by the SEC last March, and found that it's a "rule" under the CRA and APA.
The SEC didn't comply with either.
This is a clear statement from a federal agency that the SEC broke the law.
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No one (maybe with the exception of SBF and Warren) has had better access to Gary Gensler during his tenure than Dennis Kelleher. This statement should be interpreted for what it is - Gensler directly attacking CFTC Chair Benham with a third party muppet delivering the message
🚨NEW: A new statement from
@BetterMarkets
CEO
@DennisKelleher
entitled “SEC’s Approval of a Bitcoin Spot ETF is an Historic Mistake that will Harm Investors, Markets, and Financial Stability” also slams CFTC Chairman
@CFTCbehnam
as “little more than a biased crypto cheerleader…
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The leading crypto exchanges 2-3 years from now will custody zero assets. Surplus to requirements in the age of MPC + tri-party custody agreements
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Good thread on a completely opportunist company (backed by the CCP) that previously tried to sell you ICO trading platforms and private blockchains
Founder of Prometheum is testifying
@FinancialCmte
hearing on digital assets today
He will argue he represents the “compliant path for crypto” and those asking for updated regs are just scofflaws
However, he is wrong on the law and his approach cannot work as advertised
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Periodic reminder that everything that is happening in the crypto markets is happening without the USA allowing banks or broker-dealers to play in the spot market.
No brainer policy objectives:
- repeal SAB 121
- market structure bill
- stablecoin bill
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