Scott Johnsson
@SGJohnsson
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current gp @ vbcap | finance lawyer | fmr @davispolk & IB @barclaysCIB | author - Chambers Global Practice Guide - Banking & Finance (US) | not your lawyer
Joined April 2014
Tough to overstate the importance here. Need to see Dems on board with the hearing. Tea leaf reading will be in high demand for first half of Jan.
šØFINAL SCOOP of 2025: Senate Picks Markup Date for Market Structure Legislation Plus, a roundup of holiday week headlines, and @multicoin General Counsel @xethalis rounds off our year of podcasting. ā¬ļø https://t.co/txsi3NOAsF
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Tokenized deposits are not a substitute for stables, I love you Imagine all the problems and risks legislators spent years addressing in GENIUS around reserve management, liquidity, redemption mechanics, reporting, etc. and just tossing them aside. I am looking forward to our
We're a touch off ATH issuance, 50% annual growth and the space contracted over 10% this year. But they're expecting 18-25% cagr go forward right as everyone is prepping for GENIUS? I'm not following.
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Height of irony if Blackrock is forced to take the lead on bitcoin dev to save it from an existential risk.
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please dont be forced please dont be forced
We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership, as well as @RepFrenchHill and @CongressmanGT in the House, we are closer than ever to passing the landmark crypto
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We're a touch off ATH issuance, 50% annual growth and the space contracted over 10% this year. But they're expecting 18-25% cagr go forward right as everyone is prepping for GENIUS? I'm not following.
EXCLUSIVE: JPMorgan reiterates it doesnāt see a trillion-dollar stablecoin market by 2028. Hereās why
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I'm not technical enough to understand the intricacies of CRQC timelines (nor the time), but for known unknowns I feel pretty confident in my ability to heuristically suss out and mentally model future outcomes and risk (how parties argue, emotions, past predictions, etc). For
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Tightening the ratchet. Gently... at first.
SWC will be scoring lawmaker votes in the upcoming markups for both the Senate Banking and Agriculture committees. This is the most pivotal moment for crypto in the USA. Failure to pass Market Structure jeopardizes everything that this community has built and fought for.
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Biggest day for FBTC in almost a year (top 5 all time), on a day where non-IBIT products are down or flat. Looks like a single large buyer.
12/17 Bitcoin ETF Total Net Flow: +$459.24 million $IBIT (BlackRock): +$113.12 million $FBTC (Fidelity): +$391.49 million $BITB (Bitwise): ā$8.41 million $ARKB (Ark Invest): ā$36.96 million $BTCO (Invesco): $0.00 million $EZBC (Franklin): $0.00 million $BRRR (Valkyrie): $0.00
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Random thoughts bouncing around through my head on market structure: Increasingly think Dems have every incentive to draw this process out until the last moment (maybe late Q1), and then drop the veil, either conceding remaining issues or using ethics (generally seen as neutral
šØNEW: A bipartisan Senate Bankingāindustry meeting led by @SenatorTimScott today left participants cautiously optimistic that crypto market structure talks are still moving, Iām told, even with no markup hearings on the calendar this week. A readout of the gathering that I
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Despite this starting to finally fade, there's really a pretty straightforward way to make sure it never happens again. - Global settlement offer for [6]-months for entities with employees>[100] that voluntarily provide public admission, all evidence and plan to rectify, with
If this reporting is true true, Hollywood not only violeted CRA for years by discriminating against white men, but has been merrily telling the white men this, and writing it down in widely circulated emails in case they wanted to file a lawsuit. No words
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I 100% agree with Alex here. But I also get more confident as the deranged hit pieces come in quicker succession... This group wouldn't be running a constant barrage of hit pieces if they weren't worried that market structure legislation was making real progress.
i really want to believe that NYT is trustworthy but that has become nearly impossible the whole framing of this new crypto story (yet again) relies on the (false) premise that the prior adminās attack on crypto totally normal it wasnāt the attack was widely rebuked for years
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I was a little worried about this being an end-around the reserve requirements of GENIUS. I mean, if Circle could issue USDC and then deposit reserves into an account at an affiliate bank (satisfying GENIUS) and then the bank, not being limited by GENIUS investment requirements,
āThis milestone deepens Circleās commitment to the highest standards of trust and compliance.ā - @jerallaire Circle has received conditional approval from the OCC to establish First National Digital Currency Bank, N.A., a key step toward GENIUS Act compliance and further
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One of the more interesting things to watch. 50+% m/m spend growth and still only annualized to about 0.063% of Revolut 2024 volume. About two-thirds of safe balances held in BTC and ETH exposure.
The DeFiBank is growing š Largest ever weETH mint: 300k ETH Daily card spend ATH: $2.25M
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Miles gets it. It's important for both the technical reasons but also represents the biggest political risk marker since the election. It not only restricts the ability to slide back to an aggressive Gensler regime, but also (perhaps most importantly) indicates a lack of will to
Market structure legislation will be even bigger than GENIUS. My contribution to the @a16zcrypto Big Ideas 2026.
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This is an important point. Itās now established in writing that there is *bipartisan agreement* on allowing rewards on stablecoins from non-issuers. There is no going back on this, and any version of CLARITY should preserve this intent of GENIUS.
To be clear, Senate Dems are admitting here that the intent of GENIUS was ONLY to limit interest payments by ISSUERS and that affiliates and intermediaries were purposely excluded. To the extent anyone has told you that the intent of the language was clearly to also pick up third
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Reasons why this was structured this way were laid out here:
The prohibition on paying interest in the GENIUS Act surprises some people because they THOUGHT it was intended to prevent the transmission of economic value to holders. But the language is very clear, that is not the intent. The intent was to separate out functions so that
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And to be extra clear, thereās no statutory interpretation rule overriding plain text for ābut the intent was we were going to talk about it in the futureā
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Of course, you would also know this if you simply read the words, but alas hope breeds eternal for some.
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To be clear, Senate Dems are admitting here that the intent of GENIUS was ONLY to limit interest payments by ISSUERS and that affiliates and intermediaries were purposely excluded. To the extent anyone has told you that the intent of the language was clearly to also pick up third
This section, on stablecoin yield, might be the most interesting in the doc. Democrats say it was āunderstoodā after GENIUS that lawmakers would address yield among intermediaries and affiliates on market structure But also, Dems think they can find a way to permit yieldā¦.!
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