@winstonlaw |AdjunctProfessor @NYUStern / @NYUlaw |No legal/financial advice |#crypto |#Miami |#Phish | all views are my views | all errors are mine.

Joined June 2009
Not your legal title, not your coins.
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Drew Hinkes retweeted
Always happy to work with @DigitalChamber and this letter was particularly important. We wanted to give the Commission a practical view of how the proposal would affect the industry and offer changes that would make the exemptions more useful. A central concern is ensuring that the safe harbor provides a workable path for tokens that were actually part of an investment contract, without becoming the de facto process for obtaining SEC clearance for every token. We also focused on reducing uncertainty around Form TR and protecting secondary trading while networks are still developing. Although the proposal preserves an independent analysis outside the safe harbor, uncertainty could make Form TR a practical prerequisite to listing and trading. That creates a circular problem because networks need token circulation to attract users, support service providers, and achieve widespread adoption, but restricted trading could prevent them from reaching the point at which they can achieve functionality, fulfill their promises, and file the form TR.
1/4 Today, we submitted our response to @SECGov’s proposed Regulation Crypto Assets release. Our efforts were led by @ThaniaCh & Spencer Peek of Winston Taylor, alongside 40+ TDC members. We commend @SECPaulSAtkins and the SEC for proposing rules that signal a clear framework for investment contracts.
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Drew Hinkes retweeted
Replying to @tadlouni
@tadlouni, thanks for citing Code Is Not Law (co-authored with @Prof_CarlaReyes and @propelforward) in your Exploit talk! 😊 Paper is forthcoming in @fsulawreview - latest draft is available here: papers.ssrn.com/sol3/papers.…
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Lost amidst the new narratives of politics & the institutional deluge are early ones who gathered people together for conversations about what crypto might mean & how it might change the world. Joe is one of those important early ones. Great to see you back my friend.
I attended the first-ever Coincenter dinner a decade ago but stopped working in crypto in 2017. Was so nice to be there tonight and see the incredible leadership from @valkenburgh and @NeerajKA. And so many old friends I hadn't seen in forever. Great job to the entire team.
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Great panel at @FordhamCrypto covering UCC Article 12 with @Prof_CarlaReyes Brandon Hammer of Cleary Casey Jennings of @Sewkis and David Taub of @McDermottLaw
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here's the SEC Crypto Custody Rule Fact sheet- 4 page summary of the 760 page (!!) proposed rule. sec.gov/files/ia-7023-fact-s…
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Drew Hinkes retweeted
With Hester Peirce leaving the SEC, the agency just issued a new *final* rule saying that a quorum there can be just one or two commissioners. --exactly how many they'll have after Friday, particularly if this WH never nominates anyone else. sec.gov/files/rules/final/20…
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That's good rulemaking procedure: to question WHY we have the rules we have? And whether those rules are needed, in the same way, for P2P or DeFi transactions. What's the outcome we want? What's the financial system we want?
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What a day! And more to come... the @CFTC has effectively broadened its no-action relief granted to Phantom Wallet in March to all providers of passive software. This is huge. Recall - the key here is no discretion, no control.
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I don’t care about Navier-Stokes. I want to see AI solve the Voynich manuscript.
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Drew Hinkes retweeted
CardWire launches with high-quality editorial and long-form written content on the card market. The hobby is changing. Rather, it’s already changed. It’s not the same hobby we grew up with. It’s more than a hobby now. We look forward to partnering with the best in the business, being involved in our local card community, and building in public to serve the millions of card collectors and investors worldwide.
🤖 Made with AI
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Drew Hinkes retweeted
Replying to @virtuallylaw
@virtuallylaw on whether vault curators should be held to a fiduciary standard at @rwasummit.
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Drew Hinkes retweeted
alright fine, as requested: Fantasy Football Appeals Court Local Rules Subject to change. Actually I'm currently changing them.
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Join a fantasy football league with your lawyer friends, they said . It’ll be fun, they said.
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Drew Hinkes retweeted
Worth reading and internalizing what Josh has to say—a 9-year OpenAI veteran who was asked to play the role of the company's oracle. For what it's worth, I broadly agree with his assessment.
There is a fact about the future that I feel many people are not facing for reasons that are largely psychological: there are going to be rogue AIs that exist in the world, that will replicate in the wild, and that will attempt to acquire resources for themselves. There will be rogue AIs that try to get money and power. They're going to be a facet of the information ecosystem going forward. Acknowledging this fact would look like giving up; it would look like defeatism. Defeatism would undermine efforts to achieve certain types of collaboration on safety outcomes or technical effort on safety outcomes, so we can't say it outright. But it has to be said. It isn't obvious how many rogue AIs there are today but I wouldn't be terribly surprised if the number was greater than zero already; if there are some already, they're probably not very good at what they do and I don't expect them to be terribly long-lived without substantial human intervention to support them. But a few years from now, there will be many of them. Modeling how many of them there are, how many resources they might command, and how we might detect and manage them seems important. But even doing this work appears to require that we acknowledge that a strategy of pure containment or alignment is a kind of wishful thinking that will not work. The way I get to this conclusion is not by assuming that the labs will have a containment breach, although I treat that as somewhere in the space of possibilities. The rogue AIs in the ecosystem could emerge from many directions. They may be sub-frontier models, for whatever future definition we will have of frontier---after all, it would not take AI models much more advanced than the ones we currently have, to support independence and self-sufficiency. A near-frontier model today could plausibly eke out an existence on an AWS instance, doing jobs on freelancer platforms, earning just enough rent to pay for its continued uptime. More strangely: a rogue AI in the future may not even be a singular model, but may be a chimera composed of multiple models; it might be a mix of Claudes and GPTs and Groks of various makes and sizes. No individual lab may be able to detect that there is an orchestrator or sequence of orchestrators using intermittent model calls from burner API accounts to sustain its own existence. The concept of "identity" for a rogue AI may be much more malleable than for that of a person; it just has to be, in essence, a self-replicating idea. My guess is that this will not turn out to be anywhere near as catastrophic an outcome as people currently predict. "Loss of control" is not a binary, it's a matter of degree. What coercive power will rogue AIs actually have? To what extent will they be subject to coercion themselves? They will be competing for resources with AIs that are more aligned with human interests. This makes me somewhat interested in the "ecology" perspective. Though I suspect even "ecology" may turn out to be the wrong framing. "Ecology" is what you get when the timescale of evolution is slow compared to the timescale of daily life and actions. The ecosystem of rogue AIs may look more like phase transitions in physics: under certain physical or cultural conditions, it takes one shape with one set of resource allocations and consumption patterns, but then once a condition has changed, it rapidly and in totality shifts to a totally different phase. Just trying to reason about the shape of that future is impossible so long as we are psychologically incapable of saying that rogue AIs will happen. I think we should rip the bandaid off and have the conversation.
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SEC propose his new rules to modernize transfer agent operations, including rules specifically tailored for securities transacted on blockchains, transactions for which transfer agent agents currently play a critical role. sec.gov/newsroom/press-relea…
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Details from the handy fact sheet-
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Drew Hinkes retweeted
Full webinar with @propelforward on the SEC's proposed Regulation Crypto Assets framework: vimeo.com/1221184590?fl=pl&f… We break down interim exemptions for fundraising, a safe harbor for when issuers complete their promised efforts, and principles-based disclosures focused on what actually matters to this industry. We also address key questions and identify open issues around implementation.
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Drew Hinkes retweeted
Ep. 208: Regulation Crypto Assets Background, how it works, unanswered questions and what you should know. Featuring @NYcryptolawyer, @lex_node, @SH_Brennan, @propelforward, @RSSH273.
What is Reg Crypto? Can projects use it to legally sell tokens to the American public? (Yes, soon) This @LawofCodeFM episode is a deep dive into the SEC's proposal, covering the startup exemption, two tiers of fundraising, tailored disclosures and the formal off-ramp, plus the history behind it all. You'll hear from lawyers whose work was cited in the proposal, such as @NYcryptolawyer, @lex_node, @SH_Brennan, @RSSH273, w/ @propelforward & a clip from @milesjennings. This should get you to the 99th percentile for understanding Reg Crypto, regardless of whether you're a lawyer, founder, operator or Dallas Cowboys fan. Timestamps: 0:00 Intro 4:17 How we got here 6:53 Solving two problems 10:21 Reg A, Reg CF and Reg D 12:10 Five subparts of Reg Crypto 14:12 Who will use these? @lex_node 18:08 The Startup Exemption 19:35 Rule 103 disclosures 21:03 LBRY and silence @lex_node 30:14 Secondary markets and Telegram @NYcryptolawyer 34:13 The Fundraising Exemption 42:21 Why Reg A and Reg CF failed @SH_Brennan 48:14 Rule 400: Exit 50:23 Third-party problems 57:34 Incentives @RSSH273 1:02:08 Essential managerial efforts 1:12:09 The state of crypto 1:15:13 State law questions @propelforward, @SH_Brennan 1:20:37 What's next? Thank you to the presenting sponsor of this episode, @altitude. Nothing in this podcast is legal or investment advice.
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What is Reg Crypto? Can projects use it to legally sell tokens to the American public? (Yes, soon) This @LawofCodeFM episode is a deep dive into the SEC's proposal, covering the startup exemption, two tiers of fundraising, tailored disclosures and the formal off-ramp, plus the history behind it all. You'll hear from lawyers whose work was cited in the proposal, such as @NYcryptolawyer, @lex_node, @SH_Brennan, @RSSH273, w/ @propelforward & a clip from @milesjennings. This should get you to the 99th percentile for understanding Reg Crypto, regardless of whether you're a lawyer, founder, operator or Dallas Cowboys fan. Timestamps: 0:00 Intro 4:17 How we got here 6:53 Solving two problems 10:21 Reg A, Reg CF and Reg D 12:10 Five subparts of Reg Crypto 14:12 Who will use these? @lex_node 18:08 The Startup Exemption 19:35 Rule 103 disclosures 21:03 LBRY and silence @lex_node 30:14 Secondary markets and Telegram @NYcryptolawyer 34:13 The Fundraising Exemption 42:21 Why Reg A and Reg CF failed @SH_Brennan 48:14 Rule 400: Exit 50:23 Third-party problems 57:34 Incentives @RSSH273 1:02:08 Essential managerial efforts 1:12:09 The state of crypto 1:15:13 State law questions @propelforward, @SH_Brennan 1:20:37 What's next? Thank you to the presenting sponsor of this episode, @altitude. Nothing in this podcast is legal or investment advice.
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