Law & Policy

👨‍⚖️Newsletter, Fresh & Hot👩‍⚖️ With GENIUS up for a vote, and looking likely to pass cloture later today, I took a look back at the Market Structure draft from a few weeks ago. Why do people like this again? I am genuinely curious, so let me know what you think and SUBSCRIBE.

👨‍⚖️Newsletter, Fresh & Hot👩‍⚖️ With GENIUS up for a vote, and looking likely to pass cloture later today, I took a look back at the Market Structure draft from a few weeks ago. Why do people like this again? I am genuinely curious, so let me know what you think and SUBSCRIBE. 

https://open.substack.com/pub/broganlaw/p/finding-god-on-market-structure?r=487bq2&utm_medium=ios

broganlaw.xyz — elite legal services for $700/hr and less — you’re burning money by not hiring us 💸

Lawyer (but probably not yours) • yogi • parent • crypto/payments nerd

This is how I feel about stablecoin legislation if we end up with the 10bn cap on state regulated issuers.

My issue with this version of Market Structure is that the relief it is actually providing is so limited, that it might actually narrow the industry going forward. I think it’s an artifact of being some relatively old language that has been reworked over the years, rather than redone from scratch. I’m honestly not sure it is better than nothing.

I have a small concern that people are over-valuing passage of legislation itself as progress, and under-valuing getting the legislation right. But also, maybe that’s just always the case with legislation of any sort in a democratic system.