current gp @ vbcap | finance lawyer | fmr @davispolk & IB @barclaysCIB | author - Chambers Global Practice Guide - Banking & Finance (US) | not your lawyer
What the Dems/Biden admin are STILL doing:
- OCC refuses to enact Brian Brooks' "fair access" banking rule to prohibit federally chartered banks from denying financial services such as lending to would-be clients on political or ideological grounds.
- Enforcement actions against
*Puts unnecessary/incompetent/disasterous crypto regulation in must pass bill on abbreviated timeline to obviate full debate on the merits. Refuses to concede on legitimate concerns and/or revisit the issue later when full debate can be had.*
"Why are you so arrogant!"
So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
- They've obtained a CUSIP in prep for a launch
- They may be looking to seed with cash this month (which is earlier than I would've thought, but may be nothing)
I'm two pages into this transcript, and it's already hilarious. Since Paul is respectfully deferring on characterizing, let me do so. The judge is absolutely livid.
It's a beautiful morning in DC. And I can now share a transcript of the Court hearing we had last month in our @FDICgov FOIA suit, where we showed that FDIC unlawfully withheld documents. Out of respect for the Court, I will not characterize anything in it--- you must read it for
Yes, US Marshal Service (USMS) is almost certainly selling silk road bitcoin. Joey is right (at least in the present). USMS has been sending BTC to a custodial address required by the terms of the servicing agreement that USMS entered into with Coinbase in June. Given the
Grayscale's amended S-3 gives a nice little background on the key sticking point for in-kind creation/redemption. The SEC promulgated rulemaking for digital asset safekeeping. Despite the fact that BDs and exchanges apparently believe they could comply with the rule and offer
A lot of discussion/confusion regarding the SEC asking Bitcoin ETF filers to revise their filings lately. It seems helpful if we can clarify these events with context from Grayscale case, and try to figure out what's going on.
First, a little history and status of the law:
1/
If you're angry at Elizabeth Warren, don't spend your time and resources trying to oust her out of her Senate seat in MA. That's not worth the energy. Instead, focus on vulnerable seats that have supported her crusade this past year. A list:
Should go without saying, that a national securities exchange doesn't request acceleration to list securities before a 19b-4 order is even issued unless the SEC specifically told them to. And there's only one reason the SEC would specifically tell them to do that.
Ok, here me out. If Gensler wants to capture everything as a security, then we can cry / play defense or we can go on offense and start filing private causes of action against the Pokémon company and Taylor swift for unregistered security offerings and really get this fire going.