Sebastian Ornstein πŸ‡―πŸ‡²πŸ‡ΊπŸ‡ΈπŸ”Ί

BREAKING: WH WH WHWH!? White Hat Time, Cryptospace Update

1/ I'm going to cover two big developments in our space today, the first being the WH's "First-Ever Comprehensive Framework for Responsible Development of Digital Assets." A thread. cryptocurrency BTC ETH web3

2/The framework is relatively benign. The WH wants the SEC, CFTC, and CFPB to aggressively go after unlawful practices in the space. This is nothing new and it shouldn't come as a surprise.

They have, however, decided to put the FLEC in charge of informational distribution.

3/Putting the FLEC in charge of "leading public awareness" means that they'll be telling the general public what they should or should or shouldn't do or interact with. Expect them to push their rhetoric on to the private sector. Might be an uphill battle for builders.

4/They're actively researching CBDCs and are working on something called FedNow, an "instantaneous, 24/7 clearing system." Don't we have one of these already...? But I digress.

5/There are a few other little tidbits that don't particularly matter in the release, but they have tossed a sleeper bomb into the tail end of the document.

6/ The bomb: they're considering amending the Bank Secrecy Act, Anti-Tip-Off statutes, and laws against unlicensed money transmitting – all to apply explicitly to digital asset providers.

7/ The

amendments would specifically target NFT platforms. Not great. They're even looking to RAISE penalties for unlicensed money transmitting & to amend federal statutes to let the DOJ prosecute digital asset crimes in any jurisdiction where a victim of those crimes is found.

8/So long story short, a lot of nothing peppered with a little bit of oh shit. Only time will tell how all this pans out but in the meantime, I'd expect continued pressure from the SEC and CFTC [and even more nonsense from our good old friend Gensler]. Stay safe frens.

Thoughts @lawtoshi ? I see you threadin as we speak πŸ˜‚

This post is based on this twitter thread.


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