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larry

@larryflorio.eth

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larry
@larryflorio.eth
Treasury management is going to be a crazy area in the near future. And I don’t mean treasuries of memberless foundations and unwrapped DAOs with a multisig. I mean old, boring corporate treasuries for companies with names like International Business Machines & General Electric We’re just a few years away at most from onchain reverse repo vaults & one-click debt issuance. All the pieces are being put together, the primitives are launching or live. Slowly at first, then all at once
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larry
@larryflorio.eth
Yeah they’re basically talking about registering tokens that are part of a securities transaction that isn’t non-US or accredited only
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larry
@larryflorio.eth
SEC’s Crypto Task Force in Action Acting Chair Uyeda’s team is building a framework, but this guidance is a stopgap. It bears repeating, if you have questions you can finally ask and not worry it guarantees a Wells notice. Full text: https://www.sec.gov/newsroom/speeches-statements/cf-crypto-securities-041025
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larry
@larryflorio.eth
Governance & Financials: No Shortcuts - Disclose execs/policymakers - Financial statements must meet SEC standards - File smart contract code as exhibits (updated for changes) We’re finally dealing with an SEC that wants to engage. If you have questions, you can finally ask!
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larry
@larryflorio.eth
Technical Specs: Less is Not More SEC wants: - Smart contract audit details - Token supply mechanics (minting/burning) - Wallet reqs & tx fees - Tokenholder powers It’s never been good practice to hide the details. Don’t make it a securities fraud risk.
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larry
@larryflorio.eth
Focus on Business Operations Issuers must detail things like: - Development stage & milestones - Revenue models & crypto asset utility - Network governance and upgrade processes This isn’t news for ppl used to registration statements. Keep it specific to the biz, not the broader crypto ecosystem.
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larry
@larryflorio.eth
Risk Factors: More Than Just “DYOR” Disclose things like: - Tech/cybersecurity risks - Liquidity & price volatility - Regulatory overlaps (FinCEN, CFTC, etc.) There’s a plenty of precedent for these out there, most of it shouldn’t be starting from scratch.
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larry
@larryflorio.eth
SEC Releases New Crypto Disclosure Guidelines The SEC’s Division of Corp Finance just dropped clarity on crypto asset securities. Key focus: investor protection via detailed biz descriptions, risk factors, and technical specs. 🧵
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larry
@larryflorio.eth
In a digital world, you can have programmatic commons. It’s not just limited to grazing land for the village sheep. This is one of crypto’s primary innovations - the ability to have systems and value flows that don’t necessarily rely on or run through a specific person/org
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larry
@larryflorio.eth
BREAKING: Tornado Cash removed from sanctions list https://ofac.treasury.gov/recent-actions/20250321
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larry
@larryflorio.eth
Implications Clearer regulatory path for BTC miners and similar PoW networks. SEC’s focus remains on assets with “passive yield” or profit-sharing features. Still: Verify specific setups – unusual structures could face scrutiny. Full statement: https://www.sec.gov/newsroom/speeches-statements/statement-certain-proof-work-mining-activities-032025
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larry
@larryflorio.eth
Self-Mining ≠ Security Solo miners’ profits stem from their own hardware/energy investments, not passive reliance on a third party’s work. The Howey “efforts of others” test fails here. Rewards = payment for services, not securities.
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larry
@larryflorio.eth
Mining Pools Also Exempt Pool operators handle logistics (e.g., payout distribution), but miners still rely on their own computational contributions. SEC says pool ops are “administrative,” not entrepreneurial. Profits tied to pooled resources, not passive income.
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larry
@larryflorio.eth
Why? Miners contribute computational power to validate transactions + secure networks. Rewards are earned via protocol rules, not from others’ managerial efforts. SEC views this as administrative work, not investment contracts.
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larry
@larryflorio.eth
🚨 SEC Clarifies Stance on PoW Mining The SEC’s CorpFin division stated that proof-of-work mining (self-mining or pool participation) does not qualify as securities transactions under the Howey Test. No registration required for these activities. 🧵
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larry
@larryflorio.eth
Now it goes back to the Senate for reapproval. Yes, the process is confusing. So long broker rule!
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larry
@larryflorio.eth
BREAKING: CRA passes the House 292 -132, with 76 dems in support! Most bipartisan House crypto vote yet! ✌️ broker rule
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larry
@larryflorio.eth
Another day, another crypto law update from DC Earlier today Acting SEC Chair Uyeda made a speech mostly focused on Treasury markets, but with one major takeaway for crypto. **Removal of the shadowban of crypto protocols in the new ATS rules** Uyeda says it best himself: "it was a mistake for the Commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market" He has directed the staff for opinions on how to best get this removed, especially in light of so much negative response from the public. Full speech: https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-institute-international-bankers-031025
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larry
@larryflorio.eth
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larry
@larryflorio.eth
7/ Last but not least, in Europe, common sense prevailed and ESMA declined to treat base layer blockchain infrastructure like financial institutions, a victory for credible neutrality You wouldn’t regulate road builders like drivers. Same thing here. https://warpcast.com/larryflorio.eth/0xf331837f
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