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Had a great time discussing what I'm seeing in the crypto market for founders and investors on the Law of Code podcast with @JacobRobinsonJD
Nick Pullman 🇺🇸
4,612 posts
Nick Pullman 🇺🇸
@NickPullmanEsq
Founder @DayOneLaw. Fast, crypto-native legal for founders who need docs signed, not memos. Ex-@join_royal @CooleyLLP @DLA_Piper.
- Just got our second straight bank rejection for our law firm for having crypto clients. These companies are all VC backed and the money is coming from their bank and going back to our bank. Our clients have it so much worse than this too. Going on my villain arc. Fuck the banks
- 1/ 🚨 HUGE NEWS for crypto out of the SEC today. Commissioner Hester Peirce is pushing for a sandbox for non-securities, breaking free from the rigid ATS & custody rules. This is a direct opening for permissionless innovation. Let’s break it down 🧵👇
- Replying to @mikekarnjMagic number is never reached because the second you’re close the number moves. Many such cases.
- Replying to @MattWalshInBosMe. Security budget unsolvable due to extreme protocol ossification that rejects even minor changes
- Replying to @MattWalshInBosYes. Fee market has never been sustained to the level needed and will never do so even with global adoption as daily use would necessitate L2s so only large true up transfers for L2s and large settlement tx from custodian to custodian would be base layer. Fee market simply isn’t
- First hand witness of this being applied downstream to even the LAWYERS doing corporate work for crypto companies. If that’s not an insane level of denial of the rights we as Americans hold dear, what is?Replying to @iampaulgrewalSo far we've uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services. The public deserves transparency, not an agency that’s working behind a bureaucratic curtain. 2/3
- It was only $149b in a month from real people. Time to pack it up.
- The SEC's position seems unlikely to change outside regime change via election, which is extremely sad to me as an American. There's not even a real dialogue anymore.Robinhood has every possible securities license, TradFi securities relationship, an army of traditional securities lawyers, etc., and even THEY can't figure out how to offer crypto compliantly ***even if they were to treat tokens as securities*** that says it all right there
- 30 year old attorney in the real world: "junior to mid" level associate and no expectation of fee origination. 30 year old attorney in crypto land: subject matter expert and often is trending towards a $1m+ book.Being a millennial in crypto is like being a boomer in the real world
- 1/ 🚨 A real framework for crypto innovation is taking shape. @HesterPeirce wants a sandbox for non-securities—a space where decentralized networks can operate outside the broken ATS & custody rules. Now, @milesjennings is building the intellectual foundation to make that
- I personally experienced this while trying to get my LAW FIRM onboarded to traditional banking rails. Banks wouldn’t even take my call. I’ve since been connected with banks willing to fight their compliance team to get us on, while everyone apologizes profusely through theMarc Andreesen on Elizabeth Warrens agency CFPB which has spent the last 4 years terrorizing people via debanking. This is going to be a 3 part thread.
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