Partner, Morrison Cohen
New York, NY
Joined February 2014
- Tweets598
- Following554
- Followers707
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Wow. A tangible off-ramp for banks to stop enforcing policies that keep crypto companies from getting onboarded!
JUST IN: The Federal Reserve Board just announced that they are eliminating "reputational risk" as a component of bank exams.
This is a huge win — this was one of the key tools big banks used to try to justify their debanking of conservatives.
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Banks will notice this and start allowing MTLs to open transactional accounts. By end of 2026, we’ll see a lot of competitive consumer payments services integrating crypto. Chokepoint 2.0 needs to end ASAP!
forbes.com/sites/joshuagarci…
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Josh Garcia retweeted
Novel theories to jail software contributors, but *not* CEO w/ knowledge ("alarming email" from bank legal) & control of repeat multimillion offender (ING prev fine for moving "$2bn illegally through US").
"Unpredictable discretion” isn't a compliance standard people can build to
Ex CEOs of ING and ABN Amro will not be prosecuted in the Netherlands for AML failings on their watch nltimes.nl/2024/12/18/former…
One of Ketsal’s clients. Keep an eye on them! They are the only IP play in crypto with a working product and real numbers. Also, they work with real world assets (copyright) and help creators protect and monetize their IP. Much more on the horizon for @TripsCreators
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Josh Garcia retweeted
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
She should get this!
SCOOP: Teresa Goody Guillén, a former @SECGov lawyer who now represents crypto firms, is among the candidates President-elect Trump is considering to lead the agency, people familiar with the situation said.
@christinenews reports
trib.al/abHFU2w
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Teresa Goody for SEC Chair would be an incredible pick. I also heard this morning (source w/ knowledge) she’s on a very short list, and it’s some of the most exciting news for crypto I could imagine. She knows the industry, its pain points, and has v smart ideas for the future!
I have heard on good authority that @teresagoody is a top pick for #SEC chair. This is the candidate that the entire #crypto industry in the US has been waiting for. She would transform the industry in ways we cannot even imagine.
@cameron @BarrySilbert @brian_armstrong @jessepollak @gonzogardner @Melt_Dem
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Josh Garcia retweeted
Hetric is very stark, writing: "This public signaling and sudden regulatory shift made clear that, at least as of the first quarter of 2023, the Federal Bank Regulatory Agencies would not tolerate banks with significant concentrations of digital asset customers, ultimately preventing Silvergate Bank from continuing its digital asset focused business model."
so the Biden bank regulators made it impossible for banks servicing a particular legal industry to operate. and in doing so, they actively caused the collapse of certain banks, namely Silvergate and Signature. these banks did not die by suicide but by murder. this remains a gigantic scandal and no one has ever faced any responsibility for it – not does the press or the public really know the truth. and the Biden admin keeps denying its role in OCP2.0 even though the evidence is abundantly clear.
This is why I’m glad the fishers won in Loper Bright, despite the externalities of that win. It makes challenging the SEC (theoretically) easier in court. It’s time to introduce judges to reasonable, well-argued positions that don’t stifle our critical industry!
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.
Cryptocurrencies have long been in the crosshairs of the SEC, and companies like @coinbase, @Uniswap, @RobinhoodApp, @krakenfx, and @Consensys have been fighting against the SEC's single-track approach of "regulation by enforcement."
But this is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.
NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more.
We should not regulate digital art in the same way we regulate collateralized debt obligations.
As we've built OpenSea, we've heard so many stories about the impact of NFTs on people’s lives, including:
• Student artists finding full-time careers in selling their digital art
• Indie game developers instantly enabling open markets for their in-game items, without having to build marketplaces from scratch
• Passionate collectors from different corners of the world joining new communities, all centered around shared digital ownership
It would be a terrible outcome if creators stopped making digital art because of regulatory saber-rattling. Take, for example, the suit filed against the SEC by the musician @songadaymann and conceptual artist @brianlfrye, which describes their fear that the sale of their art and music could be deemed unregistered securities offerings.
In addition to standing our own ground, we're pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear.
I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind.
Until then, we'll stand up and fight for our industry.
Onwards 🌊⛵️
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Ketsal is hiring. Corporate attorney role, experienced mid/senior level associate (4/5+ years preferred). DM if interested!
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The CFPB throws its hat into the ring, hoping to regulate the largest crypto payments companies in the U.S. Read about it in my latest for Forbes.
forbes.com/sites/digital-ass…
Show me a “fiat-backed stablecoin” and I’ll show you a U.S. Treasury-backed stablecoin.
(They’ll be the same coin. 🤫)
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Another one for Forbes - this time on PayPal's receipt of a subpoena from the SEC for PYUSD, and what it means for new stablecoin issuers with U.S. Treasuries as their primary reserves.
forbes.com/sites/joshuagarci…
My latest for Forbes. Lawmakers shouldn't be using the FTX trial as an excuse to pass comprehensive crypto regulation that goes far, far beyond fraud prevention. Fraudsters don't make up the whole industry - time to break the narrative.
forbes.com/sites/joshuagarci…