larryflorio.eth

Treasury management is going to be a crazy area in the near future. And I don’t mean treasuries of memberless foundations and unwrapped DAOs with a multisig. I mean old, boring corporate treasuries for companies with names like International Business Machines & General Electric We’re just a few years away at most from onchain reverse repo vaults & one-click debt issuance. All the pieces are being put together, the primitives are launching or live. Slowly at first, then all at once

SEC Releases New Crypto Disclosure Guidelines The SEC’s Division of Corp Finance just dropped clarity on crypto asset securities. Key focus: investor protection via detailed biz descriptions, risk factors, and technical specs. 🧵

In a digital world, you can have programmatic commons. It’s not just limited to grazing land for the village sheep. This is one of crypto’s primary innovations - the ability to have systems and value flows that don’t necessarily rely on or run through a specific person/org

BREAKING: Tornado Cash removed from sanctions list https://ofac.treasury.gov/recent-actions/20250321

🚨 SEC Clarifies Stance on PoW Mining The SEC’s CorpFin division stated that proof-of-work mining (self-mining or pool participation) does not qualify as securities transactions under the Howey Test. No registration required for these activities. 🧵

BREAKING: CRA passes the House 292 -132, with 76 dems in support! Most bipartisan House crypto vote yet! ✌️ broker rule

Another day, another crypto law update from DC Earlier today Acting SEC Chair Uyeda made a speech mostly focused on Treasury markets, but with one major takeaway for crypto. **Removal of the shadowban of crypto protocols in the new ATS rules** Uyeda says it best himself: "it was a mistake for the Commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market" He has directed the staff for opinions on how to best get this removed, especially in light of so much negative response from the public. Full speech: https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-institute-international-bankers-031025

🧵 Big week in crypto legal news! Let’s dive in: First, the OCC clarified that national banks can now engage in crypto activities like custody, stablecoin ops, and use of blockchain tech without needing prior regulatory approval. A major shift easing past restrictions. https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-16.html

The OCC’s NR 2025-16 update isn’t just policy tweaks - it’s wiring the financial system for crypto Let’s unpack the linked docs that make this shift possible 👇(1/5)

Last night, the President established a Strategic BTC Reserve – locking up forfeited BTC as a permanent* national asset Some key points: - BTC recognized as “digital gold” - Agencies must transfer seized BTC to the Treasury within 30 days - No sales permitted What else? 🧵

Without falling too much into “this time is different,” token networks are (or at can be) inherently different from other assets & systems. They can have value accrual like securities, but like commodities can lack the centralized control or information asymmetries. To come up with a regulatory framework that addresses crypto’s unique characteristics without ending in worse tradfi or a dystopian free for all, you really need to go back to first principles on what existing regs are trying to accomplish wrt existing asset classes. In most cases, those rules are trying to control for the greed and/or incompetency of people (the “humans in the loop” that @lex-node references in his company’s whitepaper). A decentralized system may not have people involved, and shouldn’t have a single or concentrated group of actors in the middle. Whatever framework we end up with needs to acknowledge, accept, and embrace that.

EU regulators just made a CRUCIAL call on blockchain miners/validators under MiCA – excluding them from market abuse oversight. Why? Forcing them to police transactions would break blockchain’s neutral infrastructure BIG win for credible neutrality 🧵

BREAKING: CRA passes 70-27 with 19 Dems joining! Bye bye broker rule! Enormous victory for software developers, DeFi, and crypto in general!!

Another big win for crypto and another refreshing step away from the prior regime’s bad faith attempt to destroy the industry There is absolutely a role for regulation in crypto, but it is going after fraud and bad actors not parties doing their best to follow the rules https://x.com/cumberlandsays/status/1897007837336797271?s=46&t=rWmyZITqLrw5eLF2EUFOKw

A few people asked me why I think this so figured I’d share There’s a lot of tailwinds for this trend: - the maturing of the sector - removal of a hyper aggro regulatory environment - high volatility of asset prices - limited supply of expertise - an improved financing environment

Not really a spicy take but expect to see more M&A in crypto over the next 12-18 months than we’ve probably seen in the last 5+ years

The only reason I can imagine people leave read receipts on messages active is because they specifically want people to know when they’re being left on read

The Treasury Dept announced today that they won’t enforce the penalties or fines associated with Corporate Transparency Act reporting Nerfing the CTA by removing its penalties is honestly the common sense decision here It served no real end other than further rent extraction on small businesses in the name of expanding the already omnipresent surveillance state

The crypto community is atwitter with discussion of the SEC guidance on memecoins. One major point that is getting less airtime: it shows that the SEC isn't trying to become the Everything Regulator, like Gensler seemed to be trying to do. The SEC has now expressly given an outer bound to their jurisdiction. We're watching a regulator actually self-regulate, and after the jurisdictional ambition of Gensler (far beyond just crypto) it can be easy to not even notice something that should be the norm. Love or hate memecoins, a "real" memecoin (one that isn't just a pump & dump or rug masquerading as a community) isn't a security. Memecoins might be an easy way to lose a lot of money, but there are LOTS of ways to lose a lot of money without implicating securities laws.

The SEC just issued a major clarification on meme coins 👀 tl;dr most memecoins aren’t securities under federal law What does that mean? ➡️ No registration required. ➡️ No investor protections under securities laws But there’s a catch (thread👇)