Greg Xethalis
@xethalis
GC @multicoinCap. Board FLAA & @BlockchainAssn. Lecturing Fellow @DukeLaw. Opinions are my own. Not a solicitation or an offer for investment advisory services.
On Tuesday, I had the honor of testifying before the Senate Banking Committee’s Digital Asset Subcommittee as they move on from GENIUS to consider market structure legislation. Some highlights from the hearing.
Thank you to @tyler & @cameron for bringing me into crypto 12.5 years ago. We just wanted to do a BTC ETF, but ended up helping them launch @Gemini & pivoted into a new mission/career. Spending today with them & @KyleSamani at @WhiteHouse was special. (I’m definitely this tall).
1/ The Senate Banking Cmte’s market structure bill is built around a simple premise: that founders should be able to easily know if a token they issue is a security or not. Finally! @SenLummis has long taken this approach, and we appreciate her work & that of the other sponsors.
#NEW: Building on the success of the CLARITY Act in the House, @SenatorTimScott, @SenLummis, @SenatorHagerty, & Senator Moreno released a discussion draft of digital asset market structure legislation covering issues under @BankingGOP jurisdiction. More: banking.senate.gov/newsroom/major…
By soliciting stakeholder input on market structure, @SenatorTimScott is reaffirming his commitment to setting the global standard for digital asset regulation. These actions serve as crucial steps to classify tokens, modernize securities laws, & prevent illicit finance.
To build a durable piece of legislation that delivers for the American people, we must engage stakeholders from across the spectrum. That’s why, along with my discussion draft, I released a Request for Information (RFI) and encourage stakeholders to participate in this process.
Today, @SenatorTimScott, @berniemoreno, @SenatorHagerty and I led our colleagues in releasing the discussion draft for market structure legislation that will serve as the foundation for making the U.S. the crypto capital of the world.
Fun fact, first panel I organized in crypto back in 2015… first invite went to @valkenburgh.
Good thread on stablecoin use and why retail POS crypto payments will likely require abstraction of crypto to backend/infra for now. Crypto commerce largely benefits recipient (low cost, instant finality, no chargeback friendly fraud); UX/tax (at least now) is worse for buyer.
6/ Direct use of stablecoins at merchants is hard: - Limited merchant acceptance - No consumer protections and value proposition - Poor experience with little standardization across blockchains
LIVE from the NYSE floor ✨ @KMSmithDC recaps last week’s historic crypto wins in Washington and what’s ahead for the industry
NEW POD: Takeaway from DC Crypto Week @RebeccaRettig1 and @AlexanderGrieve covered the impact of the three big bills: GENIUS, CLARITY, and CBDC Highly recommend if you’re building or investing in US crypto.
💥 💥💥💥 You thought what's happening w assets is exciting? BAM is here to change how transactions are sequenced and processed on @solana. Read the thread below and the blog: bam.dev/blog/
Introducing BAM: The Block Assembly Marketplace that revolutionizes how Solana processes transactions. Private. Transparent. Verifiable. This is how Solana wins ⬇️
Watch how we made history with the first crypto legislation signed into law. The GENIUS Act faced roadblocks, but we got it done.
We asked @KyleSamani (Managing Partner @multicoincap) about the future of currency globally: "My suspicion is that somewhere between 60% and 80% of the world would say US dollars." "Stablecoins make it trivial for anyone in the world to have dollars in their pocket. You don’t…
DC was a genius time. Thank you for your attention to this matter, @TomAndrews34 @AlexanderGrieve
There were multiple times since Kalshi was founded in late 2018 when Luana and I contemplated giving up. Going up against the federal government can sometimes feel like an impossible task. But thanks to our incredible team, we successfully defeated the bureaucracy and are now…
The GENIUS Act got signed into law today, and I look forward to working with SEC-regulated entities to integrate payment stablecoins safely into our capital markets: sec.gov/newsroom/speec…
Was honored to join some great friends at the White House today for the signing of the GENIUS Act, which creates a federal stablecoin regime — the first-ever federal crypto legislation. Thank you to @POTUS, @SenatorHagerty, @RepFrenchHill, @DavidSacks, @BoHines — onto the next!
I'm honored to be on my way to the White House with @BlockchainAssn Board Members @julie_stitzel and @xethalis for the GENIUS Act signing ceremony with President Trump. A historic day for our industry.
Alex touches on this, but the big winner is the consumer… full stop. GENIUS strongly regulates issuers and reserve requirements, and improves bankruptcy protections. Stables will run better on GENIUS and the dollar will run better on stables. Thank you @SenatorHagerty.
in which i discuss winners and losers from the monumental GENIUS Act, and explain why i think the CLARITY Act has only a 35% chance of becoming law before the midterms
Another step toward @BrianQuintenz taking the helm at the CFTC. Right man for a very important job. Hopefully in around a month because he’s got work to get to!
Brian Quintenz is getting a Senate Ag Committee vote Monday afternoon to lead the CFTC agriculture.senate.gov/hearings/busin…