JB

@thecryptolawyer.eth

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Law & Policy goes coast to coast next week! DC 5/21: PGP* for Crypto with @paulbrigner / @mike-orcutt and a happy hour co-hosted by @jeff-xyz from /startupradar SF 5/23: Bay Area Builders/Lawcasters happy hour co-hosted by @mccall-b-wells Registration links below: https://lu.ma/15jxgx31 https://lu.ma/6qb3kpo7

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@thecryptolawyer.eth

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@thecryptolawyer.eth

Super excited and long overdue to share that my legal note on "Why Self-Custody Wallet Platforms Are Not Brokers Under the Securities Exchange Act of 1934" has been published in the online edition of the GW Law Business & Finance Law Review. https://gwbflr.org/why-self-custody-wallet-platforms-are-not-brokers-under-the-securities-exchange-act-of-1934/

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@thecryptolawyer.eth

In light of the SEC's upcoming roundtable on crypto trading, the SEC should issue interpretive guidance excluding an AMM-based DEX, like @uniswap, from the definition of an "exchange" in the Exhange Act. https://www.sec.gov/files/ctf-input-berkun-040325.pdf

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@thecryptolawyer.eth

This would provide legal certainty for DEXs while acknowledging the limitations to the self-regulatory framework for securities exchanges. Ultimately, Congress should address the risks of DEXs through new legislation.

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@thecryptolawyer.eth

This is based on (1) control of a blockchain, (2) control of a protocol, and (3) ownership rights in an enterprise or object. Although there may be flaws, it would offer improved interpretive guidance for issuers considering the distribution of a token.

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@thecryptolawyer.eth

My written input to the SEC Crypto Task Force is now live on their website (third from the bottom) https://www.sec.gov/about/crypto-task-force/crypto-task-force-written-input In this letter, I propose a three-step test to analyze the "efforts of others" prong of Howey, consistent with caselaw.

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@thecryptolawyer.eth

I'm also very happy about this dismissal too (compared to the other ones). On-chain crypto represents real innovation and can help guard against monopolistic tendencies found in centralized finance.

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@thecryptolawyer.eth

These papers reflect my own original ideas and analysis. It is for educational purpose only. It would be awesome if this was circulated around to lawyers, regulators and advocates to inform and shape today's public discourse.

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@thecryptolawyer.eth

Please reach out to me if you have thoughts or questions! Would love to hear feedback - even if you disagree with my arguments.

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@thecryptolawyer.eth

Hi everyone, last semester I worked on two papers: (1) a legal argument on why DEXs are not securities exhanges, and (2) a policy argument on reforming the Bank Secrecy Act. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5127416 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5127448

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@thecryptolawyer.eth

Is a private right of action against the federal government for a violation of section 5(a), 5(c) & 17A of the Securities Act barred by the doctrine of sovereign immunity? Frankly, this feels like a total mockery of the federal securities laws for the government to both engage in fraud and sell unregistered securities

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@thecryptolawyer.eth

https://x.com/WestlawToday/status/1843275088692416521?t=LLzQLgDTXy-9_kFAhQl0cQ&s=19

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@thecryptolawyer.eth

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@thecryptolawyer.eth

My response to a question Mark Cuban asked me on crypto. ⏬️ https://x.com/mcuban/status/1808609454545342589?t=EA1WKJCcpRQaY0xB8_KupQ&s=19

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@thecryptolawyer.eth

Node sales are increasing in popularity, but may they still be designated as an offer or sale of a security? In this blog, I explore the implications of Sophon Blockchain raising $60 million in fundraising from their node sale. https://jbcryptolaw.com/f/node-sales-are-becoming-popular-but-are-they-securities

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@thecryptolawyer.eth

Hi everyone, I am pleased to share my second blog post now that final exams are over. In this blog, I discuss why I believe the SEC is likely to prevail against Robinhood for operating as an unregistered broker and clearing agency. https://jbcryptolaw.com/f/is-robinhood-crypto-an-unregistered-broker-or-clearing-agent

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