CEO @crypto_council. Formerly @Gemini, @KrakenFX, & @WillkieFarr. Tweets are not legal or financial advice. Views mine.
New York, NY
Joined June 2023
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- Following959
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Ji Kim retweeted
1/ On Friday, @Crypto_Council and @BlockchainAssn filed comments on the Illinois Department of Revenue’s (DOR) draft rules to implement the Digital Asset Tax Act.
We maintain that the tax is unlawful and no rulemaking can cure its defects, which is why we sued in Illinois state court, but submit this letter in the spirit of engaging constructively with DOR.
Ji Kim retweeted
Many thanks, @David_Beck_Atty -- Harvey Miller definitely did lead and model the transition from the old garment district world of bankruptcy to bankruptcy as Big Law.
So non-white shoe firms that didn’t blackball Jews were important under the Bankruptcy Act. @daskeel’s Debt’s Dominon has a good history on this and how the practice under the Bankruptcy Code swung back towards big firms who dominated in the pre-act days. (2/2).
Ji Kim retweeted
18 years ago, the Bitcoin Whitepaper set out a foundational vision for open, peer-to-peer transactions without intermediaries.
As the financial system continues to evolve, today reminds us of the idea that started it all, and the community that has carried that vision forward by building for the long term.
bitcoin.org/bitcoin.pdf
Ji Kim retweeted
Today, @a16zfrontier, @fund_defi, and @uniswap stepped into the fight against the Illinois Digital Asset Tax Act.
The law is already one of the most anti-innovation bills in the country—a tax on transactions just because they're digital.
Now, it's being made worse through politicized rulemaking that goes well beyond what the law approved—the draft rules would treat many decentralized exchanges (DEXs) as tax-collecting brokers.
That approach isn't possible to comply with: autonomous software is not a person that can collect a tax. The approach also conflicts with the U.S. Treasury Dept’s classification of DEXs and Illinois’ own Digital Assets and Consumer Protection Act.
The rules also tax Illinois resident's when there isn't even a transaction. That’s like being taxed for moving money from your checking account to your savings account.
Consumers and entrepreneurs in Illinois deserve better.
Fortunately, @CCI and @BlockchainAssn are also challenging the Act in court and will have the entire law thrown out. Until then, we must press Illinois to stop playing politics and to follow its own laws.
Ji Kim retweeted
We worked with regulators for years to help make crypto ETFs possible.
We're happy to collaborate again, this time on vaults.
Today, @crypto_council submitted a 238-page framework on how vaults can fit into US Securities Laws.
Bitwise General Counsel @johannarcw led our work here, alongside fantastic peers at @Morpho @galaxyhq and @ChapmanCutler.
Vaults are going to change capital markets. We're delighted to get to be a part of it.
🚨🗞️NEW: Crypto Vaults Put 90-Year-Old Securities Rules to the Test
Can securities laws keep up with crypto vaults? A new report from @crypto_council says the answer may hinge on how much control humans retain over how the funds are managed.
cryptoinamerica.com/p/exclus…
Ji Kim retweeted
Proud to have @ground_onchain be a part of
@crypto_council vault coalition’s work on a Framework for applying Federal Laws to Crypto Vaults. cc: @ChapmanCutler @Morpho @Bitwise @galaxyhq. Buckle down for an exciting 200 pages of technical and legal analysis on everything Vaults.
1/ The @SECGov issued a call to better understand crypto vaults. CCI’s Vault Coalition answered. We submitted “Under Control: A Framework for Applying the Federal Securities Laws to Crypto Vaults,” 200+ pages of technical and legal analysis.
Ji Kim retweeted
As the saying goes, we didn’t have time to write a short paper, so we wrote a long one.
Proud to share @crypto_council vault coalition’s work on a practical framework. Grateful to our members and the @ChapmanCutler team for bringing it together.
1/ The @SECGov issued a call to better understand crypto vaults. CCI’s Vault Coalition answered. We submitted “Under Control: A Framework for Applying the Federal Securities Laws to Crypto Vaults,” 200+ pages of technical and legal analysis.
Ji Kim retweeted
🚨🗞️NEW: Crypto Vaults Put 90-Year-Old Securities Rules to the Test
Can securities laws keep up with crypto vaults? A new report from @crypto_council says the answer may hinge on how much control humans retain over how the funds are managed.
cryptoinamerica.com/p/exclus…
Ji Kim retweeted
1/ The @SECGov issued a call to better understand crypto vaults. CCI’s Vault Coalition answered. We submitted “Under Control: A Framework for Applying the Federal Securities Laws to Crypto Vaults,” 200+ pages of technical and legal analysis.
This is tough to see. As a former corporate restructuring attorney at @WillkieFarr, I always had deep respect for @WeilGotshal, and I still have many friends and former colleagues there. I had the privilege of working across Weil on the most complex of restructuring matters. Weil, in many ways, set the standard, not just in restructuring but across PE, M&A, litigation, and beyond. Harvey Miller (🙏) and so many others there helped shape what bankruptcy practice is today in the U.S. That legacy is lasting.
Wishing everyone at Weil the absolute best. It’s easy to comment from the outside, but I have deep appreciation and respect for what Weil contributed to the practice of law — thank you.
Ji Kim retweeted
Excited to work with Payward to forge a path for onchain derivatives built on Hyperliquid's infrastructure. Kraken is one of the most trusted and respected exchanges in crypto. They are also true believers in the technology and crypto ethos. We're honored that they are building on Hyperliquid to bring the next evolution of perpetual markets to the United States.
Ji Kim retweeted
I was happy to join this roundtable discussion with @USComptroller of the Currency, conveniently on the same day the OCC released historic GENIUS Act final rules for stablecoin issuers.
We were grateful to meet with @USComptroller Gould and the @USOCC for a forward-looking discussion with CCI members and industry. We appreciate the OCC’s leadership in delivering clear, workable rules, including the GENIUS final rule, which will help U.S. payment stablecoins grow and gain adoption around the world. Special thank you to CCI member @Circle for hosting.
Ji Kim retweeted
Q3 was a powerful reminder of how far we’ve come in less than a decade. But equally clear of the massive opportunity still in front of us
In 2018, we had 650,000 members and one primary business. Now, 17.1 million @SoFi members use 26.7 million products. We delivered record adjusted net revenue of $1.4B, record adjusted EBITDA of $470M and raised our outlook through 2027 for $6.4 billion in revenue $2.24 billion of adjusted EBITDA, $1.28 billion in Net Income a 20% margin and $0.90 in EPS
Our conviction has never been greater. We’re still early in SoFi’s journey, and our ambitions for the future remain as bold as ever.
Thank you to our members and clients for trusting us to help you get your money right.
investors.sofi.com/news/news…
Regulatory CLARITY is coming. Grateful for and proud of team CCI's work across the regulatory front: comment letters / meetings with Treasury, the OCC, FDIC, SEC, CFTC, DOL, FTC, FinCEN, and more. Much more to come as we continue to advocate for our members and industry.👇
Ji Kim retweeted
1/ Over the past few weeks, regulators across the Administration have been actively advancing clarity and modernizing rulebooks for stablecoins, crypto investments, and consumers. Here’s what you need to know and how CCI has weighed in 🧵
Ji Kim retweeted
Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
Ji Kim retweeted
We were grateful to meet with @USComptroller Gould and the @USOCC for a forward-looking discussion with CCI members and industry. We appreciate the OCC’s leadership in delivering clear, workable rules, including the GENIUS final rule, which will help U.S. payment stablecoins grow and gain adoption around the world. Special thank you to CCI member @Circle for hosting.
Ji Kim retweeted
ICYMI: @USComptroller Jonathan V. Gould sat down with @RealVision’s @AshBennington at the birthplace of capital markets, the New York Stock Exchange, to discuss the OCC’s implementation of the GENIUS Act. The OCC’s final rule establishes a clear, practical regulatory framework for payment stablecoin issuers, including strong standards for reserve backing, redemption and risk management. Learn more at OCC.gov/GENIUS
ALT Comptroller Jonathan V. Gould and Ash Bennington at the New York Stock Exchange.
ALT Comptroller Jonathan V. Gould is being interviewed by Real Vision’s Ash Bennington at the New York Stock Exchange.
Ji Kim retweeted
There's lots of discussion about a16z dropping the word 'crypto'.
It's actually a sign of crypto winning. It's outgrown being a standalone sector and now runs through global finance and frontier tech: payments, trading, tokenization, AiFi, and much more.
We've spent more than a decade building this industry to make it useful everywhere, and we should welcome it escaping its own category. People used to say 'internet companies' - which is a prehistoric phrase now. Eventually, calling something a 'crypto company' should feel just as redundant.
Many of us (including me) will keep the word. But the millions, and soon billions, using it every day won't care what we call it.
They'll care what it lets them do.
