John Guild @JohnGuild

Glass Lewis sued Texas over SB 2337. linkedin.com/posts/johnfgui…

Exciting times in crypto! While probably more of an appetizer of what is to come, President Trump signed the GENIUS Act on Friday, which establishes a federal framework for payment stablecoins.  Now Congress turns to the much more complex Digital Asset Market CLARITY Act of 2025, which is known as the "crypto market structure bill."

Bell Nunnally @BellNunnally

11 months ago

The GENIUS Act has been signed by President Trump. This is the first federal stablecoin framework. It includes: 👉 Fed/OCC oversight 👉 1:1 backing required 👉 Bank-like supervision Learn more from Bell Nunnally’s John Guild here: tinyurl.com/yum65bwx.

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This is amazing.

Kyle Porter @KylePorterNS

11 months ago

"I love being able to play this game for a living. It's one of the greatest joys of my life, but does it fill the deepest wants and desires of my heart? Absolutely not." All-time five minutes here from Scottie. Must watch stuff.

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@michellekaycamp @OrinKerr @xmindallas I think it is a difficult question. We allow public funding of religious missions outside of schooling, e.g. hospitals, Catholic Charities, etc. And we allow parents to choose religious education. It does not seem obvious why the 1st Amendment prohibits the combination.

@jacobtaber @RMFifthCircuit This opinion would only apply to a decision by the owner/operators of the library at issue (e.g. the city) making that decision.

I'm not someone to give financial advice. And I would not attempt to trade this market based on Tweets regardless. But this information environment is terrible. Be careful out there.

The entire statement is here: sec.gov/newsroom/speec…

She then listed many projects underway, including: 1) Determining when an asset is a security; 2) determining the scope of the SEC’s jurisdiction; 3) temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset 4) modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path; 5) explore possible updates to the special-purpose broker dealer no-action statement; 6) custody solutions for investment advisors; 7) clarity about whether crypto-lending and staking programs; 8) rules revisions and guidance around crypto exchange-traded products; 9) analysis of rules around clearing agencies and transfer agents; 10) considering ways to facilitate cross-border experimentation.

Commissioner Peirce coming out of the gate with a very aggressive digital asset agenda for the @SECGov Crypto Taskforce.

Hester Peirce @HesterPeirce

a year ago

The crypto Task Force webpage is live. Join us for the drive (toward crypto clarity): sec.gov/about/crypto-t… and sec.gov/newsroom/speec…

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@justinmilleresq And meanwhile, a different judge of the same district court of the original injunction issued his own universal injunction on January 7, so we might get to do it ALL again even before the Fifth Circuit hears arguments in the first case.

I agree there. Though I could see the SEC indicating that it will open a rule making rather than revising its reasoning for denial. That’s really just a question of timing and whether it can get comfortable that the 3rd Circuit opinion gets them what they need to declare victory and render the case moot.

@AdviserCounsel @freddyriz I’m not sure what you mean by “end of the line.” Three SEC commissioners including the chair will have expressed the view that the SEC needs to adopt clearer rules for crypto. I would expect this to kick that process off.

The line drawing on what is or is not a security under the ‘33 and ‘34 acts is challenging, but the analysis doesn’t depend at all under the statute on the whether the asset exists only as a digital token. There will absolutely be “crypto” assets that are securities regulated by the SEC unless Congress chooses to do something different.

@freddyriz There are now going to be 3 SEC commissioners who favor adopting clearer rules for crypto. Even if you accept that it is unconstitutional for the SEC to try and push a square peg through a round hole, that doesn’t mean the SEC can’t adopt rules creating a square hole.

1) John; 2) securities regulation enforcement/litigation; 3) keep up with everyone you can, help them advance their careers when you can, find ways to keep enjoying their company after you go other directions in life/work. Some will be fantastic, lifelong friends. Some will be important sources of business. Some will just be people who you enjoy watching succeed.

@TheStalwart @valkenburgh An inflation adjusted equity derivative ETF, like TIPS but for SPY, would be pretty cool. Not exactly what you’re saying, but who’s building this?

A pause in the craziness: the 5th Circuit vacated its own stay of the district court injunction barring enforcement of the Corporate Transparency Act. Businesses don’t have to comply, and it’s unlikely that will change again until after oral arguments scheduled for March 25. While it’s been a rollercoaster ride, the change likely reflects the differing views of the merits panel that will hear the case compared to the motions panel that initially granted the stay. We won’t know the identities of the panel that will hear the merits until a week before the session, so probably on March 17.

Bell Nunnally @BellNunnally

a year ago

BREAKING: 5th Circuit reinstates nationwide injunction against Corporate Transparency Act! Key points: - CTA reporting now voluntary - Injunction likely in place until March 25 - Major win for businesses challenging the act Learn more: tinyurl.com/5462z9pz.

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@AdviserCounsel So much more could be accomplished by everyone trying to be respectful and courteous while also assuming good faith and being slow to be offended. Happy holidays!

More here: bellnunnally.com/news/corporate…

The 5th Circuit had a present for @FinCENnews and @USTreasury: a stay of the ED Tex nation-wide injunction against the Corporate Transparency Act. Reporting requirements are effective again, though FinCEN has given a short extension to January 13 for most.