Holy shit looks like that son of a bitch @elonmusk really saved democracy as a casual side quest between playing Diablo 4 and sending rockets to Mars.
wassieloyer
12.6K posts
wassieloyer
@wassielawyer
Biglaw restructuring lolyer turned hentai penguin in suit.
Co-founder and Poltergeist @gvrn_ai
Philosophy, therapy, strategy and diplomacy @JupiterExchange
Singapore
Joined March 2018
- I feel gaslit by the US elections. The party that: - is in power - is pro-war - pro-censorship - pro-judicial lawmaking - controls media - uses state apparatus against political enemies - opposes secure elections is running on the basis that their opponent threatens democracy?
- Replying to @wassielawyerYou don’t have to like Trump to realise that this is fully retarded.
- Trump dropping his own memecoin means he has the wrong people in his ear re crypto policy. I’m now getting very concerned about the Trump presidency.
- 1/ Just realized that the Coindesk article released the full versions of (a) the contract I termed 'possibly the worst agreement I have ever seen' and (b) the agreement I drafted. Perfect opportunity to explain legal v commercial terms, and demonstrate the role of foundations.
- Replying to @wassielawyerBut somehow every journalist, every celebrity and every academic (shown on media) is repeating the exact same talking points that he is evil?
- 1/ The role of market makers in crypto seems shrouded in mystery. MMs are often perceived as the invisible shadowy hand that paints the chart and then slips into your pockets to steal your lunch money. Heres a thread demystifying market makers from the POV of a Wassie in a suit.
- Replying to @wassielawyer2/ I'd previously written about the role of foundations in Web3. In short - foundations are often set up for tax optimization, decentralization and governance reasons. They are often (at least initially) largely staffed by professional service providers.1/ Foundations for Web3 projects - what they are, what they are not and why you even use them. In crypto law, the 'foundation' is one of the least understood and most expensive products sold to founders. Oftentimes, it feels like most lawyers themselves do not understand it.
- Replying to @wassielawyer3/ before I get into the "worst agreement I have ever seen" and how I 'fixed it', Ill contextualize how the Labs / Foundation relationship works in relation to sourcing, negotiating and entering MM contracts. Critically, note foundations exist literally 'for the ecosystem'.
- Replying to @wassielawyer13/ you can see, we raised it to the Labs team. I wish this internal email, which was provided to Coindesk was more prominently featured. This was not the only term we found weird. The compensation terms was pretty off-market. Why? MM Agreements are generally structured...
- Replying to @wassielawyer52/ Also - literally no amount of legal documentation protection is helpful if someone wants to straight up do crime.
- Replying to @wassielawyer12/ Next - the loan amount was huge. 500 bps is a massive amount allocated to market making, much less to one party. Note that this is a commercial term which is a part of tokenomics design, an area within the control of the Labs team. Its weird but I'm just a lawyer and as...
- Replying to @wassielawyer14/ as either pure liquidity arrangements, or discretionary arrangements. In a pure liquidity arrangement, the MM provides stable bid-ask side liquidity. Its job is to ensure e.g. 200k of buy and sell side liquidity at 98% uptime. For this, they are paid a fixed amount.
- Replying to @wassielawyer9/ Firstly, it is a BVI company with email notice address [email protected]. This is indicative that the company is a new SPV. It doesn't mean its immediately dodgy, I just need to find out who actually owns and controls this thing via KYC and asking the Labs team.
