Rohan Grey

RT @[email protected]

1/ I often get asked: “What does regulatory clarity actually look like for crypto?” So I outlined a realistic blueprint for this that regulates centralized actors, while preserving decentralized innovation. https://www.coinbase.com/blog/regulating-crypto-how-we-move-forward-as-an-industry-from-here

🐦🔗: https://twitter.com/brian_armstrong/status/1605008167812730880

Dec 21, 2022 at 8:11amWeb
Show threadRohan GreyDec 21, 2022

I'm begging crypto CEOs to stop trying to dictate financial regulatory policy debates until they learn how modern banking works.

Calling it "fractional reserve banking" is a flashing sign asking not to be taken seriously.

But hey, given his views on Howey it's unsurprising.

Show threadOrangeCat 5000Dec 21, 2022
@rohan wait is fractional reserve banking not a thing?
Show threadRohan GreyDec 21, 2022

@zorangecats no it isn't.

https://www.hks.harvard.edu/sites/default/files/centers/mrcbg/programs/senior.fellows/2019-20%2520fellows/BanksCannotLendOutReservesAug2013_%2520(002).pdf

Show threadMatt ChambersDec 21, 2022
@rohan What are his views on Howey?
Show threadRohan GreyDec 21, 2022

@MattChambers he thinks it's "outdated" because it works

https://decrypt.co/84339/coinbase-lend-security-issuance

Why Coinbase Lend Really Was Security Issuance

Early marketing materials from Coinbase’s website show how its plan to connect USDC lenders with borrowers looked to the SEC like a clear security.

Decrypt
Show threadMatt ChambersDec 21, 2022
@rohan When I was practicing law, I had to apply Howey repeatedly, most to analyze the status of entities under the Investment Company Act and the Investment Advisers Act. It's a pretty clear test and well established.
Show threadRohan GreyDec 21, 2022
@MattChambers sure, if you want to be a effective lawyer. But have you tried completely ignoring the lessons of history, repeating the mistakes of previous financial industry innovators, making a shitload of money in a scammy market, and then arrogantly whining about how entitled you are to ignore laws that you don't like? How do you know it's not good if you don't walk a mile in their shoes, y'know?