Code is (still) not illegal

Roman Storm's conviction for operating an unlicensed money transmission business is dangerous for all defi developers. It's also just wrong as a matter of law, and (I think) it will be overturned.

The Spanish galleon Andalucia is making her way into Bristol

Two things: (1) our tax system is nightmarishly dumb and broken (2) @songadaymann is a mad genius

Senate Dems should negotiate to "yes" on GENIUS if we are to have any hope of winning back the Senate in 2026. This is also important for Dem finreg experts if they want to see like-minded folks get Senate confirmations in a Dem Admin post 2028. 1/5

As promised, here’s my analysis on the new joint House Financial Services and House Agriculture Market Structure bill on crypto. This is the bill that will, finally, provide a clear regulatory regime on crypto that many have been calling for. Thread.