excellent post from @bewaterltd. compares the DATs (bitcoin access vehicles I call them) with the investment trust (closed end mutual fund) mania of the 1920s. many, many similarities.

Current net capital rules weren’t built for crypto. Broker-dealers need regulatory guidance designed for the future of tokenized markets. From staking rewards to trade settlement, we @a16zcrypto lay out principles for modernization that preserve capital markets protections. See blog post in 🧵

Few questions nagging me about treasury management companies: (1) How do you comply with ongoing PubCo disclosure obligations? If you disclose ongoing efforts of the digital asset issuer, you're increasing securities laws risk for the digital asset. If you don't, you may be committing fraud. (2) How do you reconcile a commitment to digital asset holders to support the price of the asset with equity capital raises of the PubCo with the Gary Plastic case? (3) What do you do when the shares eventually trade below NAV? These problems are manageable for treasury management companies being set up by third parties for very mature projects like BTC, ETH, and SOL. I'm not sure these problems are solvable where management teams of less mature projects are spinning up and controlling these public vehicles themselves. Crypto lawyers should be doing a better job here.

Huge win for CCI and the broader crypto industry here. There's no one sharper on crypto policy issues than @_jikim. Excited to continue our work together.

New @a16zcrypto podcast! The GENIUS Act just became law and it could change how money moves in the U.S. and beyond. In this episode we go behind the scenes with members of our policy team on how it came together. Here's what to know. 👇

Today we're talking about the passage of the GENIUS Act. The "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill. We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate. Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got @milesjennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners @BenNapier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop. Timestamps: (0:00) Introduction (1:01) Understanding the GENIUS Act (3:56) News Summary: What Happened in the House (5:45) Central Bank Digital Currency (CBDC) Contention (7:01) House Vote Drama: Republicans (9:31) House Vote Drama: Democrats (14:28) Winners and Losers (16:01) Decentralized Stablecoins and SEC Involvement (17:49) CLARITY Act and Future Legislation (21:47) Looking Ahead w/ our host @rhhackett 🎙️

Today we're talking about the passage of the GENIUS Act. The "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill. We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate. Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got @milesjennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners @BenNapierBen and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop. Timestamps: (0:00) Introduction (1:01) Understanding the GENIUS Act (3:56) News Summary: What Happened in the House (5:45) Central Bank Digital Currency (CBDC) Contention (7:01) House Vote Drama: Republicans (9:31) House Vote Drama: Democrats (14:28) Winners and Losers (16:01) Decentralized Stablecoins and SEC Involvement (17:49) CLARITY Act and Future Legislation (21:47) Looking Ahead w/ our host @rhhackett 🎙️

Last week was a historic one for crypto and for the United States with the passage of stablecoin legislation, one of just a few pieces of major financial legislation signed into law in the past 25 years. It marks a meaningful step toward making the United States the home for crypto. Today we are excited to announce our seed investment in @CowrieIO, a crypto native advisory firm based in Wyoming that specializes in domestic tax compliance and entity structuring. We believe the United States is on the path to enacting comprehensive crypto legislation, and @DKerr_Cowrie & Cowrie are well positioned to help DAOs and crypto projects meet their regulatory obligations. Learn more about Cowrie and our vision for the future of crypto corporations and foundations below.

With the GENIUS Act celebration done, builders already want to know what's next. The answer is CLARITY – crypto market structure legislation – which also got overwhelming bipartisan support in the House last week. Here's everything you need to get caught up on CLARITY:

Just left the White House after the GENIUS Act signing ceremony. Stablecoins are bringing faster payments, safer dollars, more access, and less friction. Now we have a legal framework. Many people to thank. Historic day. Now it’s time to get the CLARITY Act done.