Rebecca Rettig
@RebeccaRettig1
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legal 🦅 @jito_labs. advisor @ElectricCapital @falconxnetwork. board @fund_defi. tweets ≠ advice. lawyer ≠ yours. opinions = mine. rarely tweet; doing the work.
Joined March 2019
1/ As a crypto lawyer, I’ve craved a regulatory environment that welcomes disclosure & transparency -- core tenets of consumer protection & the crypto ethos. Today the @jito_sol Fnd published a report taking these tenets head on in re JitoSOL, an LST.
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I am so sick of hearing the "crypto is for criminals" argument. The argument is antiquated at best, but also shows a staggering lack of intellectual curiosity for the evolution of the financial world.
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1/ Some exciting 📰 I’ve joined Polygon Labs, the original dev of @0xPolygon, as its first Chief Policy Officer. I’ll lead our 🌎 efforts in crafting sound laws that will allow the web3 ecosystem to flourish. This presents a unique opportunity to move the industry forward💜.
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1/👋Introducing The Value Prop - an open database showcasing amazing use cases for blockchain technology. In less than 2 months & w the community’s help, we crowdsourced 300+ blockchain-based apps making a positive impact in the 🌎. Dive in at & read 👇
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Today's news that the SEC "shut down" Kraken's staking as a service in the US is another indication of the planned systematic dismantling of crypto in the U.S. w/o due process, w/o the chance to craft laws addressing the realities of the tech, & w/o regard for retail users. 👇.
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1/ Today, @m_mosier_ @katjagilman & I are sharing a paper that begins a conversation around, & proposes a conceptual framework for, how to answer the "illicit finance" policy question as it relates to DeFi. A brief thread below, with links to the full paper + a summary document.
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🚨 Today @0xPolygonLabs submitted a response to the @SECGov's proposed rulemaking redefining the term "exchange". The new proposed rule isn't only harmful for DeFi -- it threatens the very existence of permissionless blockchain networks in the U.S.
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1/ 📰 Today, I'll be taking on the Chief Legal Officer role @0xPolygonLabs (+ Chief Policy Officer), as my long time (law) partner & friend - the incredible @0xMarcB - steps into the new CEO role. To say I'm thrilled to work with Marc in this capacity is an understatement.
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1/ Thrilled to share @0xPolygonLabs 1st Community Policy Initiative: we’ll be launching an open source Use Case Database, which will be stronger w the ecosystem's input & support. Read more about how to get involved & for a tl;dr see 👇.
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Trustless. Transparent. Self-sovereign. Technology. Not even a choice.
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1/ Next week marks an exciting new beginning -- yes, the most pro-crypto gov't the US has seen 🇺🇸, but also my whole-hearted leap to @jito_labs to be their 1st GC. This part of my crypto journey has me traveling back to DeFi & across ecosystems - v right place right time.
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1/ Auspicious day to share that I will be co-chairing @BlockchainAssn DeFi Working Group w @Uniswap 's @jolieyang. Announcement of the 1st bicameral Congressional WG on digital asset reg by Crypto Czar @DavidSacks + @HesterPeirce 's Crypto TF's priority list. More ⬇️
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1 / Today @0xPolygon Labs is proud to drop its Core Policy Principles – a set of four guideposts that will drive our approach to advocating for sound laws for the web3 ecosystem. More info 👇 . Check out our GitHub to collaborate:
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1/ Crypto is about shifting the paradigm: self-sovereignty, transparency, community, freedom. There are times when trademarks may make sense in this space, but trying to get a TM on the name for widely used code is akin to being anti-open source.
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Thrilled to share that I’ve joined @AaveAave as General Counsel. Thanks so much to @StaniKulechov @JordanLzG for this amazing opportunity to continue the legal/regulatory work I’ve been doing on #DeFi . from the inside.
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Those who know me well would describe me as a crypto optimist/realist. TY to @TechCrunch for publishing my reflections on #crypto in 2023 & the challenges we need to take on in 2024 to bring the industry to its full, incredible potential.
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First day on the job @jito_labs . Anything happen this weekend I should know about? 🧐🤭.
Jito is kind of important innit.
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Today JPM executed its first live blockchain trade in DeFi & did it using the @AaveAave smart contracts. Probably nothing….
WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian 🙌🚀🔥Many world 1sts here, & since this is public ⛓ here’s a transparent🧵on what we did:.
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1/ Yesterday @0xPolygonLabs & @delv_tech jointly responded to FinCEN's proposed rule on "mixers". Thread 👇 .cc: @gregoryclisa & @katjagilman (both a dream to work with on this!)
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Crypto is giving so much main character energy in DC right now ….
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1/ The crypto backlash by US policymakers & regulators seems unprecedented. But it's not. A brief look back @ tech we now take for granted - 🚗💡 ☎️ - underscores how important it is for laws not to be written for a single snapshot in time. More 👇 & here:
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1/ Celsius is *still not* DeFi. It is centralized, it took control of customer assets & it was run via human, subjective judgment on risk. Other side of the spectrum from how DeFi works and what it is.
Heard on the Street: DeFi’s exclusive focus on other crypto projects suggests that their problems run much deeper than a Lehman-style liquidity crisis
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1/ A few "pet peeves" on language used in DeFi that confuses things & makes the legal / regulatory landscape harder 👇(this is by no means comprehensive & not the only problems, but a few things that come up over & over).
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No. This is untrue/unfounded but an expected narrative: the PR war against #crypto-going on for yrs-will be on overdrive now. Regardless, we will be working w the community & policymakers to build solid rules of the rd for the industry to ensure its cont existence & innovation.
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1/ Yesterday, the White House released the Economic Report of the President - Ch. 8 focuses on "digital assets". Some key takeaways (highlighted 👇) pave the way for a constructive dialogue abt how to craft meaningful reg & build the industry in the US (there's a little hope!).
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1/ 🚨Today @0xPolygonLabs published an open letter to the EU on Art. 30 of the #DataAct, which could have serious consequences for permissionless smart contracts. @Ledger has joined in proposing amendments to narrow Art. 30 to protect decentralized software development. Read 👇
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1/ On Friday, @0xPolygonLabs submitted a response to the Q's re taxation of digital assets posed by Chairman @RonWyden & Ranking Member @MikeCrapo of the Senate Finance Cmte. Summary & link to full response 👇
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DeFi was my 1st true love in crypto. I was fascinated during (& will never forget) my 1st mtg w @haydenzadams yrs ago in a warehouse in BK w his vision to build permissionless software for users to make fin’l decisions/txs. This is innovation. And it’s worth fighting for. 💪🏼🦄🩷.
Today @Uniswap Labs received a Wells notice from the SEC. I’m not surprised. Just annoyed, disappointed, and ready to fight. I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than.
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☀️ It is a *very* bright start to the week: the brand new Solana Policy Institute is 🔥live🔥 & being led by the inimitable @millercwl — the power of @solana (w amazing use cases) + the immense opportunity to build in the U.S. w this new admin. Can’t wait to see all that will.
🔆 We are excited to announce the launch of Solana Policy Institute (SPI), a new non-partisan, non-profit focused on educating policymakers on how decentralized networks like @solana are the future infrastructure of the digital economy—and why the people building on and using
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1/ 🌎Those of us engaging on the crypto policy front around the globe are engaging as regulators in the UK, EU, Japan, UAE & other countries create strong regulatory guardrails for the ecosystem. 🇺🇸What's at stake in the US? At a *minimum*, 1M tech jobs & 3M non-tech jobs.
1 million tech jobs are at risk of going overseas. As the U.S. goes down a path of regulatory uncertainty, the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are all creating environments for crypto to flourish so that they can capitalize on the next wave of innovation.
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1/ With all the noise around crypto rn, it was an incredibly 🌟bright🌟 spot for @0xPolygonLabs to co-host the Inaugural Crypto Policy Bootcamp w @SolanaFndn (🙏 @amiravalliani for the collab!) in DC:
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DeFi is different. It is going to take *a lot* of work & more education to help policymakers & regulators understand how/why defi is different. There are so many of us here to do that work, & we will not be deterred. Defi is different.
The sad part:. This weeks events proved 'why we need DeFi'. But the DeFi brand has lost meaning.- Luna.- Sesta.- Cronje.- Farming. Old-school DeFi is the bright shining star keeping me going.- Uniswap.- DAI, RAI.- Aave.- Gnosis. But we don't even have a name for it. David sad.
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TFW you're a crypto GC & *this* is the tweet from your founder that shows up in a federal district court opinion 🙌🦄. cc: @ammori @haydenzadams 💗
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Enjoyed speaking with @BloombergTV today about whether / how the US can achieve regulatory clarity on #crypto & why laws written in the 1930s (US securities laws!) couldn’t contemplate the blockchain-based decentralized financial systems that have emerged over recent years.
.@RebeccaRettig1 discusses why securities laws written in the 1930s ( 😳 ) need to be re-examined with today's technological advances and benefits in mind 🧠. @BloombergTV. (For those in a rush skip to 12:52 😏).
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1/ An incredibly thoughtful, detailed analysis of FinCen's 2019 Guidance in the context of the DOJ's indictment against the Tornado Cash developers re money transmission from @cravath. Evinces a deep understanding of the tech underpinning DeFi. #BasedCravath.
.@TheAcademyBrass publishes a working paper written by Cravath lawyers which examines FinCEN’s 2019 guidance on money transmitters in the context of the Tornado Cash Indictment
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@the_matter_labs You & others have been using "zk" w/o issue til now. If a challenge has forced you to apply for the TM, pls disclose that. Otherwise, ^ is baseless. There's no need for a "framework" to let others use the term b/c this is something everyone can use w/o your supposed permisison.
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🇪🇺You've heard the term "MiCA" as code for "EU = good for crypto": What does that *really* mean & is it true? Find out at the *first* EU Crypto Policy Bootcamp in Paris 🇫🇷, hosted @ the @Ledger office! EU'ers - make your voice heard! Apply here to join:
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This ⬇️ video got me. 🥹 yes crypto is global but it’s amazing to be *back* in the U.S. Join @SolanaConf in just under a month in NYC. It’s for builders (🚢), institutions (🏦), policy folks (⚖️) & believers ✨
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We rocked our panel and dropped some knowledge! More women in #crypto please @RebeccaRettig1 Jannah Patchay @digitalpoundfdn @TeanaTaylor #avalanchesummit2022
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Let's start a little DeFi 101 as we go into an intense time of explaining DeFi in DC (& UK, EU, etc). DeFi is *non-custodial*. A co. that takes custody is *not* DeFi. More lessons coming up. Drop any Qs you want answered👇 & I'll keep on with these bite sized "lessons".
I foresee spending a lot of time explaining this in DC.
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1/ 🌟 In 2024, Crypto Bootcamps are coming to a city near you around the 🌍! First up: on Jan.26, @0xPolygonLabs is joining forces (again!) w @SolanaFndn & @fund_defi for a bootcamp in NYC 🏙️And you’re invited to join us!
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@mdudas What I find hilarious & ironic (or blithely unaware) is that the crypto skeptics who say this is all a scam to make money & get famous haven’t ignored the industry (what you do when you hate smthg) but instead have used their skepticism to … make money & try to get famous. 🧐🤔.
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1/ 🇬🇧 @0xPolygonLabs submitted its response to @hmtreasury's Consultation & Call for Evidence on #cryptoassets. Just in time for my trip to the UK next week to meet w policymakers & regulators to continue to building laws for crypto. Tl;dr below & link to full response in 2/.
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1/ 📣Exciting news! The Value Prop has taken its 1st step in “putting a face” on some amazing work in the blockchain ecosystem with #testimonials feat. the builders & devs creating apps showing the value of this tech. Find the first 3 videos @
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The “dip” (if we can even call it that) was just a test to weed out the true believers.
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1/ The community has responded to the @PolygonLabs bat signal for #usecases - grateful for the contributions to date. Keep on sending (form below)! We've received countless requests for the database release date (incl from regulators & policymakers around the 🌎). Coming soon! 👀
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Holy 🐄. The schedule for @SolanaConf next week gives a whole new meaning to “Accelerate”. Massive kudos to @jnwng and the whole @SolanaFndn & @SolanaInstitute crew for their hard work. See ya there ✌🏼.
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DeFi 101 #3: *true* DeFi is "permissionless" - there is no middleman in any DeFi transaction. Users make choices about their own economic transaction & interact directly with the software application to make it happen.
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🇪🇺🤍First EU Crypto Policy Bootcamp is off & running!! Many thanks to @Ledger for hosting in an amazing location (🥖,🍷) & grateful that @0xPolygon Labs had the opportunity to collab w @SolanaFndn @NEARFoundation & @fund_defi to bring tools for advocacy to the EU!
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🧵Saying it again: DeFi is different. 1) Distinguish btw truly decentralized tech (#DeFi) & trad fin'l intermediaries w a biz based on cryptoassets. 2) Stop calling it *all* "crypto: unfairly classifies the paradigm-changing tech w the same tired biz model from TradFi.
JPMorgan: "while the news of the collapse of FTX is empowering crypto skeptics, we would point out that all of the recent collapses in the crypto ecosystem have been from centralized players and not from decentralized protocols.".
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1/ 🎉A very meaningful day in the evolution of The Value Prop: @0xPolygonLabs is proud to announce a collab w @CeloOrg to provide #testimonials from Celo ecosystem founders on the positive impact their blockchain based projects make in the world. 💜🤝💛
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1/ 5th Crypto Policy Bootcamp off to a 🔥🔥🔥🔥🔥 start w the State of Crypto Policy Panel. Deep thanks to @WormholeFdn @SolanaFndn & @fund_defi for cohosting w @0xPolygon Labs to empower builders, users, & investors to engage on policy matters.
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1/ I know I called 2023 the "Year of the Use Case". @0xPolygonLabs is doubling down on this in 2024. You - the community - were integral to making The Value Prop wildly successful. We want to hear from 🫵again! Read 👇 for more info on how you+your fave use case can be featured
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We are *so* back! That's right: Crypto Policy Bootcamps are back in DC 🇺🇸 on Oct. 24 (right before the election 👀). This time @0xPolygon Labs is teaming up with @standwithcrypto 🛡️. If you want to get involved in crypto advocacy, apply to join! App in 🧵below.
Polygon Labs and @standwithcrypto are teaming up for the next Crypto Policy Bootcamp. A two-part series (soon!) to educate the industry on the gov't and the gov't on the industry (and just in time for the U.S. elections 💥):
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I'm frequently asked by regulators/policymakers re the intersection of blockchain & AI. Fox Corp built & launched a *real life* example: #Verify, an open source protocol for *any* media company to register & authenticate content. On @0xPolygon PoS. 89K+ pieces registered so far.
With the rise of AI tools and AI-generated media, distinguishing truth from lies is difficult. Proving provenance and authenticity of any given piece of content is now more important than ever. That’s where Verify, by Fox Corporation (built on Polygon PoS), comes in. The public
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One port in the storm: para 39 distinguishes staking as a service from "staking . on your own". This is a critical distinction, indicating that regulators are starting to distinguish between decentralized, native crypto activity & centralized activity that resembles TradFi.
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Was thrilled to chat with @business yesterday about non-financial use cases for blockchain apps, how they're highlighted on The Value Prop ( & how they continue being built in all areas of the econ - brands, social media & gov't.
Chief Legal & Policy Officer @RebeccaRettig1 on @business discussing blockchain use cases. Expanding beyond financial uses cases to include all ways we use internet… including social media, consumer royalty and even the local DMV.
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In the US, we need a *real* framework enacted by Congress by which crypto cos can abide. As Comm'r @HesterPeirce put it: "Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating."
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1/ When it 🌧️ it pours (sorry CA). Crypto Bootcamps are going international! @0xPolygon Labs @SolanaFndn.@fund_defi & @NEARFoundation will host 2 bootcamps abroad – Paris on Mar 15 & London on Mar 18 (to coincide with @blockworksDAS). And you're invited!.
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So many of the days in crypto I’m intensely focused on the mission - the broader revolution & change that crypto can bring to simple, taken-for-granted parts of our daily lives. And then there are the days that really remind me - it’s about the friends you make along the way.
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1/ This morning's Senate Banking Comm hearing on the "crypto crash" is going to be & feel v v different than yesterday's HFSC hearing where crypto had some strong allies (ty @RepTomEmmer - decentralization *is* the point!).
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And if I needed any confirmation about taking this new policy gig at @0xPolygon Labs (I didn't 💜🎉), today's news on Kraken, other pending investigations & potential regulatory "crackdowns" reified that all of our work creating sound laws for crypto is more important than ever.
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1/ The tide keeps turning 🌊Comm'r @HesterPeirce has been thoughtful on crypto for years. Now she's leading the SEC's regulatory efforts on crypto thru a new task force. The priorities (in /2) are on point. Grateful for the leadership from Acting Chair @MarkUyedaUS on this.
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Grateful for many things & the US judicial system is one - a system that protects fundamental rights in many forms, including code. Thanks to the plaintiffs & @coinbase for protecting the devs. ✌🏼
Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6.
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1/ While much of the crypto world was focused this week on the US reg crackdown on the industry (me incl!), other jurisdictions were testing some of the novel innovation brought by #web3. Ex: Japan contemplated organizing its population via DAOs:
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Was an honor to watch @fwiz rep the #web3 industry before the @HouseCommerce #innovation #data #commerce subcommittee. 👏🏼👏🏼👏🏼. “Blockchains inherently democratize the Internet … instead of extracting value from users and consumers, web3 creates a value layer for the Internet”.
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1/ We always knew there would be something astronomically more difficult than any of the bears we have seen before, but I’m not sure anyone fathomed this tsunami. Although it’s a rollercoaster every day, our mission could not be more clear: back to basics. #trustless #technology
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Even if you believe the contract for Kraken's staking service was an inv contract (& the answer is "it depends" based on the terms of service, how the staking is done, etc.), to have absolutely no path to registration harms everyone involved (incl retail users).
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Absolute highlight to chat with @GOPMajorityWhip on all things crypto policy at the 5th Crypto Policy Bootcamp held @consensus2024! 💪🏼
1/ 5th Crypto Policy Bootcamp off to a 🔥🔥🔥🔥🔥 start w the State of Crypto Policy Panel. Deep thanks to @WormholeFdn @SolanaFndn & @fund_defi for cohosting w @0xPolygon Labs to empower builders, users, & investors to engage on policy matters.
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1/ Spoke to @TheEconomist during @EthCCweek about the EU’s recent #MiCA regulation for crypto. I also spoke at #EthCC about the state of regulation for #DeFi across the globe. Link in 2/ below. Link to podcast 👇🏼.
The EU has already passed “a very comprehensive piece of regulation” in a bid to control the crypto industry, says @RebeccaRettig1. This week’s “Money Talks” podcast considers whether it’s the right approach
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This effort is so important: there is a recognition that crypto is "here to stay", but this shows that crypto is a critical part of the future. Immense thanks to those who are engaged in the effort. It does take a village.
Last week, @bhorowitz posted about how @a16z will become more active in supporting pro-technology candidates across the country. Aligned with that strategy, today we announced our contribution to the Fairshake PAC, which will work to elect leaders who champion thoughtful crypto.
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Crypto is unquestionably part of the policy landscape in DC (& beyond). How does the industry make outsized impact w its main character energy? I shared my thoughts w @CoinDesk about what crypto & DeFi specifically should do next (thx for having me!).
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*So* proud to be on BoD of @fund_defi, which just put in a proposal to @Uniswap gov for addt'l funding. Tweet from @haydenzadams is a fraction of what DEF has accomplished to date. Vote *yes* to continuing to protect open source decentralized permissionless DeFi tech.
Since our founding in 2021, @fund_defi has advocated and fought for DeFi in legislative discussions, regulatory debates, and in the courts. We are eager to do so much more and appreciate your consideration:.
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1/ "Amicus curaie" literally means "friend of the court". The @fund_defi amicus in SEC v. CB case truly meets this definition--it explains to the court, with technical specificity, how wallets & staking work.
🚨🚨🚨 This evening, we filed an amicus brief in SEC v. Coinbase in which we discuss Coinbase Wallet and Staking Program. 🧵.
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While notice & disclosure from co.s offering crypto services is an easy regulatory hurdle to leap, (1) Kraken did have pretty comprehensive terms of use (acc to the complaint) but (2) the SEC *used them against them*. Staking is not new & the SEC has been aware for years.
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The new @ElectricCapital Developer Report is a *must read* to understand how important it is to have good laws/policy for blockchain based tech. Failure to keep emerging tech in the US long-term hurts the economy. Some key takeaways from the report (but read the whole thing) 👇🏼.
The U.S. has lost its lead in blockchain developers & has gone from 40% to 29% market share of open source devs. We analyzed 200+ million code commits & 11k+ developer profiles to capture geography data. Full analysis here: Let's break it down 👇🏽.
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🇬🇧Coming to @blockworksDAS in #London? Want to learn more about the state of #crypto policy & how to engage w UK regulators & policymakers? Kickoff the week @ Crypto Policy Bootcamp (you can still make it to the conference)! .Apply here to join:
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Right result. Great tech. Revolutionary work. Congrats @haydenzadams @Mclader @MinarikLaw & the rest of the team building out critical parts of the DeFi ecosystem 🦄
JUST IN: 🇺🇸 SEC drops Uniswap investigation.
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When someone shows you who they are, believe them — the first time. - Maya Angelou.
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If only there was a way to allow ppl to transact & interact on the web w/o requiring them to turn over their "most personal & sensitive information" to large co.s who sell & resell it . Kudos for the focus on this important issue. #web3fixesthis 😉.
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Come join a killer legal team at @0xPolygon Labs. Looking to expand this collaborative team of legal innovators. DM if interested or respond to the link in the posting.
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1/ 🇫🇷Polygon Labs submitted its response to the #DeFi Discussion Paper from the Fintech-Innovation Hub of ACPR, div of @banquedefrance. We appreciate this collaborative approach to regulation in a novel & emerging tech system. Link to full response in 2/ & summary of response 👇
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Many in the crypto space have been working tirelessly (incl late nights / weekends / etc.) to obtain the best result possible on the proposed "broker" language in the infrastructure bill -- and we are not stopping. Follow @BlockchainAssn @coincenter and @jerrybrito for updates.
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2nd Crypto Policy Bootcamp (this time in NYC) is underway. Just as 🔥 as last time. Amazing group of attendees, incredible speakers & grateful to @SolanaFndn / @amiravalliani for hosting + collab along w @fund_defi! . Look for more bootcamps coming in other locations this year!
1/ 🌟 In 2024, Crypto Bootcamps are coming to a city near you around the 🌍! First up: on Jan.26, @0xPolygonLabs is joining forces (again!) w @SolanaFndn & @fund_defi for a bootcamp in NYC 🏙️And you’re invited to join us!
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1/ Closing out an already historic week in the House (TY @PatrickMcHenry & @CongressmanGT!), the Chair & Ranking Mem of @HouseCommerce inquired of Apple re its App Store policies & their impact on emerging tech like blockchain & NFTs. Read 👇🏼.
Today, I sent a bipartisan letter to @Apple regarding iOS App Store policies and their impact on emerging technologies like blockchains and NFTs. Congress must understand if Apple's policies are limiting innovation and American technological leadership. Full letter below:
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2/ The report states multiple times (!!) that "crypto-assets appear to be here to stay". This is *the* critical acknowledgement: it means the industry can continue to innovate, to build the ecosystem robustly & safely. It’s not just about survival anymore.
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Crypto lawyers who’ve been through all the cycles waking up to work today.
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1/ 🇬🇧On Thurs, the UK gov't issued a white paper on regulating AI. The title? "A pro-innovation approach to AI regulation." *Pro*-innovation. Contrast that w some US policymakers' positions on various types of emerging & novel tech, incl #crypto.
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1/ If you’re building something amazing & useful rn, drop a note 👇🏼 (or to @jchervinsky’s tweet) to tell us all about it. 2023: Year of the Use Case. Ready to see what’s out there in all areas of #web3 — education, sustainability, gaming, social, defi, etc.
There are so many amazing things getting built in crypto right now, but everyone's too obsessed with district court orders on motions to dismiss in fringe securities disputes to notice. Late stage bear market things?.
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Even OFAC’s sanctions were not premised on the idea that TC’s “**sole purpose**” was to “conceal financial transactions”. This appears to be a wildly broad overreach of the facts by the Netherlands authorities. Thx to @fund_defi for cont to dig & making this all public.
🚨 New info from the Netherlands agency that arrested tornado cash developer Alexey Pertsev. We wanted to get this *troubling* statement from the FOID out there (which raises more questions than it answers) while we're chasing down more info + assessing next steps. h/t @sccanavos
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3/ Grateful for the last few years at @0xPolygon. Thx to @0xMarcB & the founders for the amazing opportunity to make an impact, to my team & the broader team for the great work together. I'll be staying on as an advisor & so glad I'll get to see all you accomplish. 💜.
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1/ The EU has not even passed MiCA 1.0 (& it's unlikely to be done under ECB Pressure Lagarde), but they are ringing alarm bells on DeFi, calling for MiCA 2.0, w/o recognizing that centralized actors (to be covered by M1.0) require significant guardrails to assess risk properly.
ECB president Lagarde yesterday in front of the EU Parliament:. "Crypto assets & DeFi have the potential to pose real risk to financial stability". She also called for a MiCA 2.0 regulation that covers staking & lending, DeFi & assets without an identifiable issuer.
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Take a read of the White House RFI submitted by .@0xPolygon Labs. We want to hear from the community & look forward to continued engagement w you & policymakers on the great use cases being built in the #web3 ecosystem that can ensure the US stays a leader in tech & innovation.
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