UnleashClub PriceUNLEASH

RT @blueshift_gg: This is what it looks like when you unleash the potential of the @solana_devs community. We open sourced just under 2 wee…

RT @theunipcs: i've been reliably informed that the usual paid KOL gang have been rallied to unleash coordinated FUD on BONK and the BonkFu…

Paul Atkins (@SECPaulSAtkins) is delivering: "I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain." His announcements today signal an even higher priority than we've seen with the Crypto Task Force and prior talk of an innovation exemption. "Despite what the SEC has said in the past, most crypto assets are not securities. But confusion over the application of the “Howey test” has led some innovators to prophylactically treat all crypto assets as such." Whoa. "First, we will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over." True story. Let's fix it. "Yesterday, the President’s Working Group on Digital Asset Markets released the PWG Report with clear recommendations for the SEC and other federal agencies to build a framework to maintain U.S. dominance in crypto asset markets." Link in the thread below. "[F]or those crypto asset transactions that are subject to the securities laws, I have asked staff to propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called “initial coin offerings,” “airdrops,” and network rewards. Regarding these sorts of transactions, our goal should be that issuers no longer exclude Americans from their distributions to avoid legal complexity and lawsuits, but instead choose to include Americans to enjoy legal certainty and an accommodating regulatory environment. It is my view that a Cambrian explosion in innovation could occur if we stay true to this course." We're going to bring back ICOs, this time with rules and protections. Last time "ICO" became a dirty word, but it doesn't have to be. "Additionally, many firms seek to “tokenize” their common stock, bonds, partnership interests, and other securities, or tokenize the securities of third parties. Much of this innovation is offshore today due to regulatory challenges in the United States. I also hear from our regulatory policy staff that firms—from household names on Wall Street to unicorn tech companies in Silicon Valley—are lined up at our doors with requests to tokenize. I have asked the Commission staff to work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate to assure that Americans are not left behind." Let the tokenization of everything begin 👾 "[A] key priority of my chairmanship is to allow market participants to innovate with “super-apps.” I am often asked, “What do you mean by a super-app?” Plain and simple: securities intermediaries should be able to offer a broad range of products and services under one roof with a single license. A broker-dealer with an alternative trading system should be able to offer trading in non-security crypto assets alongside crypto asset securities, traditional securities, and other services, like crypto asset staking and lending, without requiring fifty-plus state licenses or multiple federal licenses." Interpretation: it will be as easy to start a fintech that deals in securities (including security tokens) as it is to start one that just deals in dollars or crypto commodities. In the future, every fintech will offer you every type of asset, and most of them will be tokens. (Extremely bullish for DTFs and asset-backed currency.) This next quote is long but I'm just pasting the whole section because wow: "I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets. On-chain software comes in many shapes and sizes—some of these systems are truly decentralized and not operated by any intermediary. Other on-chain software systems have an operator. Both types of on-chain software should have a place within our financial markets. It is essential that any crypto asset regulatory market structure create a path for software developers to unleash on-chain software systems that do not require operation by any central intermediary. Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them. "We will create space in our markets for both models, by protecting pure publishers of software code, drawing reasonable lines to distinguish intermediated and disintermediated activity, and creating rational and workable rules of the road for intermediaries that seek to operate on-chain software systems. Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation. "To make this vision a reality, we will need to consider some changes to our rules. For example, accommodating trading of tokenized securities on-chain may require us to explore amendments to Reg NMS, in addition to what we otherwise would do in the normal course to correct market distortions that it engenders. Many of you will remember that I co-authored with Commissioner Cynthia Glassman a lengthy dissent to the adoption of Reg NMS twenty years ago last month. This dissent is even more compelling now that we have had two decades of prescriptive requirements that distort market activity and impede the evolution of our securities markets. Congress clearly intended that “competitive forces, rather than unnecessary regulation, guide the development of the national market system.” I will look for ways to bring us back in line with that intent and thereby promote innovation and competition in our markets." TLDR: They are ready to make some changes to the rules to make way for DeFi. The specific changes are not being talked about yet since we are all collectively still working them out. This is what the Digital Securities Initiative is organized to do and we are proud to be moving the conversation forward. DSI received feedback from the SEC's Crypto Task Force that its proposed framework is exactly the kind of thing they'd like to see tried out under an innovation exemption. We're currently having conversations with companies and projects across the industry about building a working version of the decentralized regulatory enforcement system we've contemplated. The process for receiving an exemption is still being worked out, so we don't have one yet, but all signs look good. "Under my vision for an innovation exemption, innovators and visionaries will be able to immediately enter the market with new technologies and business models but will not be required to comply with incompatible or burdensome prescriptive regulatory requirements that hinder productive economic activity. Instead, they will be able to comply with certain principles-based conditions designed to achieve the core policy aims of the federal securities laws." Go Paul! Links below.

The SEC just said they want to take all markets onchain, unleash defi, open up airdrops for Americans, and that the right to self custody is a deeply American value and youre bearish?

As a former reporter, here are the quotes that stood out to me from SEC Chairman Paul Atkins' speech on Project Crypto: 1. We're in "a moment that demands American ambition" and it needs "a project that can unleash it." 2. "America must do more than just keep pace with the