GC @Sei_Labs // host @CryptoAmerica_ // co-founder @DCDAOxyz // Digital Finance @BrettonWoodsCom // fmr fintech & health vc
Washington, DC
Joined March 2013
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“Yea my path into VC was pretty non-traditional” - Jeremy, 2 yrs McKinsey, 2yrs Uber Ops, dad plays golf with Larry Ellison
“Today’s action is just the beginning. The CFTC is starting the process of addressing gaps in crypto-asset market structure and creating clear rules of the road for innovators and market participants. We haven’t solved every problem, nor can agency action substitute indefinitely for a statutory framework passed by Congress, but we must do what we can.”
Thank you @ChairmanSelig for your continued commitment and leadership for regulatory clarity on digital asset markets in the US.
I’m happy to connect with you on LinkedIn but no I’m sorry I don’t want to try your new AI tool for lawyers
Gerald Gallagher retweeted
🚨NEW: Do the banks actually want the Clarity Act to pass?
@a16zcrypto’s Head of Policy and General Counsel @milesjennings says he’s seen “no evidence” of the deposit flight banks have warned could result from stablecoin rewards and argues some banks just “don’t want this bill to pass at all.”
Jennings joined us at @SALTConference Wyoming to break down the path to 60 votes, the banking battle, why SEC action alone can’t give founders long-term certainty and whether the scars of the Gensler era are still driving crypto entrepreneurs away.
Full conversation and links.👇🏼
Gerald Gallagher retweeted
The best way to protect crypto from a future hostile administration is to have robust, regulated markets for great products in the USA for as long as possible before any change in leadership. There is no protecting crypto if nobody uses crypto, and no killing it if everyone does.
SCOOP: There are more motions pending. Docket forming. More to come. The wheels of justice are turning.
As a member of said league I feel the need to speak up.
Respondent moves to stay the delinquent-dues proceeding pending review by a capable tribunal, on the ground that the Commissioner is the payee, the plaintiff, and the judge. In the alternative, Respondent notes the dues will be sent sent to the wallet address the Commissioner posted as a screenshot in a timely manner, and finality is not Respondent’s problem.
As a member of said league I feel the need to speak up.
Respondent moves to stay the delinquent-dues proceeding pending review by a capable tribunal, on the ground that the Commissioner is the payee, the plaintiff, and the judge. In the alternative, Respondent notes the dues will be sent sent to the wallet address the Commissioner posted as a screenshot in a timely manner, and finality is not Respondent’s problem.
Gerald Gallagher retweeted
JUST IN: Agentic trading is live on Sei, with @MetaMask Agent Wallets.
Gerald Gallagher retweeted
Thanks @BrendanPedersen.
Lummis told us Senator Hawley is “really resistant.” He didn’t vote for GENIUS and the expectation is that he also won’t vote for Clarity, although discussions with his office are said to be ongoing.
Other GOP resistance appears to be driven by concerns from the banking sector over the bill’s stablecoin yield provisions, as Brendan has been reporting.
One plugged in industry source told me yesterday that, given the pressure from bank lobby and some Republican concerns, they expect at least some changes to the yield section before the bill reaches the floor, although unclear if the tweaks would be enough to satisfy the banks.
Thank you @DigitalChamber and @JapanEmbDC for putting together a great discussion on the future of digital assets this afternoon.
With the path forward on CLARITY in front of us, it’s exciting to see the world’s most vibrant financial markets guiding institutional adoption of digital assets that matches US adoption. The US leads the way and Japan, with a trading market of over $8.5T, is clearly looking forward to discussions on vital policy for the 21st century. Can’t wait to see what happens next.
Gerald Gallagher retweeted
Our very own @thatgerald breaks down the lawsuit everyone is talking about: @CMEGroup CEO Terry Duffy’s case against the @CFTC.
Gerald Gallagher retweeted
July is shaping up to be quite a month. What better way to celebrate our nation’s 250th than by cementing American leadership in global financial markets for decades to come? 🇺🇸
I agree with @LeaderJohnThune: The Senate should vote on crypto market structure legislation in July.
@BankingGOP advanced a bipartisan bill that would deliver clear rules of the road, protect consumers, and keep innovation in America.
It’s time to deliver for the American people.
Gerald Gallagher retweeted
the ‘ghost kitchen’ era of the internet is coming very soon
we’re going to see lots of websites and products that are built only for agents, without a human in the loop
this is inevitably going to be the majority of traffic, and much larger than the human internet
Gerald Gallagher retweeted
I've said since day one that the @CFTC will be looking at perpetuals on an asset-by-asset basis.
The CFTC staff’s advisory on 24/7 trading made this point abundantly clear, and we will continue to work to ensure responsible innovation is allowed to flourish in American markets.
📺👇
Crazier things have happened
Hitting the timeline of passing the Clarity Act into law by July 4 would require finding an ethics solution both Republicans and Democrats can live with, addressing issues in the Ag text, merging the bills, securing 60 votes, and passing it through both the Senate and House in just two weeks.
Logistically impossible.
Gerald Gallagher retweeted
Perps are one of the most exciting financial innovations in decades.
Crypto didn’t invent them, but crypto did prove and popularize them, one of our industry’s best contributions to global finance so far.
Anti-innovation incumbents may hate them, but perps are here for good.
Gerald Gallagher retweeted
Around $3 Trillion dollars were laundered through banks in 2025 and they want you to believe that a bill in Congress that clearly applies AML/BSA obligations to crypto exchanges is somehow the problem. Literally nonsense.
🚨NEW: JPMorgan CEO Jamie Dimon took aim at the Senate's crypto market structure bill today, arguing it "doesn't do anything for AML/BSA" and provides "almost no legal protections."
When asked for comment, a spokesperson for @SenLummis told me:
"The banks can’t deal with a bipartisan compromise on stablecoin yield and are making completely false claims about BSA/AML as a last ditch attempt to poke holes in a solid piece of legislation that protects consumers. Fear of competition always brings out an interesting side of people and that’s all this is.”
Nathan Allman was a visionary in crypto who saw a trend coming back in 2021 and grinded his way to scale. He believed in tokenization before it was in the lexicon, started with a simple product, and was one of the first to see that TradFi was, indeed, coming, and the regulatory complexity of the space would catch up with our industry.
We weren’t close but we met a few times, and every time I saw him speak I was impressed. Sorry to hear of the loss of a great mind in the space.
It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones.
Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.
Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team.
We will continue building what Nate started. That is the most meaningful way we know to honor him.
Great work from @JacobRobinsonJD
What is the CLARITY Act?
How does it protect the 70 million Americans who hold crypto? What does it change about how projects operate?
This @LawofCodeFM podcast explains the history of U.S. digital asset regulation, why regulation-by-enforcement failed and what CLARITY solves, plus remaining steps for this to become law.
Featured: @NYcryptolawyer, @milesjennings, @SH_Brennan, @KyleBligen, @millercwl, Dugan Bliss and snippets from @BillHughesDC, @thatgerald.
By the end of this episode, I promise you'll be in the 99th percentile for understanding the CLARITY Act, regardless of whether you're a lawyer, builder or operator.
Timestamps:
0:00 Intro
4:46 Explaining market structure
6:05 @milesjennings on regulatory distortion
10:43 Predecessor bills (RFIA, FIT21)
13:35 Senate Banking markup takeaways @millercwl
15:46 SEC & CFTC
20:37 The Securities Act of 1933
23:07 The Howey Test
25:26 @NYcryptolawyer's Ineluctable Modality of Securities Law
28:51 SEC enforcement
32:32 Why SEC rulemaking isn't enough
37:36 Titles of CLARITY
40:00 Digital commodities
47:29 Howey principles @NYcryptolawyer
54:10 Promoters: originators
58:18 Promoters: related persons
1:04:13 Token taxonomy @milesjennings
1:11:02 Ancillary asset requirements
1:19:34 The certification process
1:28:32 Remaining hurdles for CLARITY
1:34:50 Stablecoin yield
1:38:45 Ethics @KyleBligen
1:45:50 Tax consequences @CryptoTaxGuyETH
1:48:54 Thanking people working on the bill, such as @SenLummis, @gillibrandny, @SenatorTimScott, @SenatorHagerty, @SenThomTillis, @MarkWarner, @SenRubenGallego, f , their staffs & many, many others.
Nothing in this podcast is legal or investment advice.
Gerald Gallagher retweeted
Spotted today at the National Cherry Blossom Festival Parade:
@CryptoAmerica_
#CherryBlossom @CherryBlossFest
