The President’s Working Group on Digital Asset Markets’ report cited a finding from the market mapping exercise @JBSDC and I conducted: 1 in 10 crypto users held crypto before opening a bank or payments app account. That’s a powerful signal about where access is starting and what the future of our financial system can look like. Grateful to @davidsacks47 and @BoHines47 for featuring our work in this important report!

1/ Always jealous of the lawyers/policy folks that do monster threads, so going to try to 🧵 for the President's WG Report (it's a 🐉 = 160 pp). Big kudos to @davidsacks47 and @BoHines for their tireless efforts on this. I think I start with "Let's dive in" 🪂

Crypto, Welcome Home.

Appreciate @SecScottBessent setting the tone from the top on crypto. Looking forward to reading the 180 Day Report today.

Today the SEC approved creations and redemptions in kind. For a variety of reasons this is really important. 1) It puts crypto ETPs in line with other physical metal ETPs where APs can use affiliates to deliver and receive commodities in kind.

I asked SEC Commissioner @HesterPeirce and Crypto Task Force Chief Counsel @MikeSeligEsq about decentralization and crypto. Every blockchain project should listen their answer:

This quote from @HesterPeirce - “I certainly want to be able to live in a world where a project can decentralize. But I also want to be in a world where we don't force decentralization at an earlier point than makes sense.”

1/ Innovators need to be aware of an under-the-radar issue where the banks are poised to notch a victory at crypto & consumer expense: the open banking rule. Let me break it down for you.

RT @amandatums: As of Thursday, in their Rule 29 response, the DOJ is still pushing this theory that Storm, by publishing TC software, prov…

You either get why the fight for Tornado Cash is existential for crypto, or you don't get crypto.