So, I was thinking, what’s more confusing than trying to find a parking spot in West Hollywood? Oh, right, the SEC’s Crypto Task Force meeting with the crypto industry to talk about custody rules. Like, do you even know what a custody rule is? I mean, it sounds like something my therapist would talk about, but apparently, it’s about keeping your crypto safe. 🤔
August 27th, they all got together-like a really boring high school reunion, but with more lawyers. The Blockchain Association, Multicoin Capital Management, Blockchain Capital, and Sullivan & Cromwell LLP were all there. The Blockchain Association had previously said, “Hey, guys, these old rules don’t work for us.” It’s like trying to fit a square peg into a round hole, but with more blockchain jargon.
They wanted a new way to handle things so they wouldn’t have to jump through the same hoops as the old finance folks. Because, you know, why make it easy when you can make it complicated? 🙃
Summer Mersinger, Laura Sanders, Jay Stolkin, Joshua Rivera, Colin Lloyd, and Aaron Levine were all there, probably feeling like they were explaining quantum physics to a room full of people who think the earth is flat. But hey, someone’s gotta do it.
Then, in a previous meeting, Kraken came in with a tokenization plan. Like, tokens, but not the kind you get at Chuck E. Cheese. They had their fancy lawyers from WilmerHale with them, and they laid out how this new system would work. It’s supposed to make everything faster, cheaper, and more accessible. But, of course, the SEC is like, “Wait, what about the risks?” Because nothing says ‘fun’ like regulatory oversight. 😅
Mark Greenberg, Jonathan Jachym, Emily Gianetta, Andriana VanderGriend, Jeremy Moorehouse, and Reid Carroll were all there, probably wishing they could just go back to trading cat videos instead. 🐱
At the end of the day, the SEC has to figure out how to update the rules without breaking the internet. Or, you know, the financial system. It’s a tough job, but someone’s gotta do it. And if it’s me, I’ll probably just tell everyone to relax and enjoy the ride. 🚀
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2025-08-29 12:09