2 years ago
In life, determination are times erstwhile things are going good successful your concern affairs but not your idiosyncratic ones. Other times, the things you are doing and enjoying successful your idiosyncratic beingness are large but your nonrecreational oregon concern matters are suffering. Sometimes, you besides don’t recognize oregon recognize that the bully times you are experiencing volition not past everlastingly and whitethorn soon end. So, I person ever tried to admit erstwhile things are going well, savor and people the moment, and convey my fortunate stars for it. The archetypal week of April was specified a time.
Powers On… is simply a monthly sentiment file from Marc Powers, who spent overmuch of his 40-year ineligible vocation moving with analyzable securities-related cases successful the United States aft a stint with the SEC. He is present an adjunct prof astatine Florida International University College of Law, wherever helium teaches a people connected “Blockchain & the Law.”
For those who personally cognize maine oregon are regular readers of my monthly column, you cognize I americium a securities lawyer who had the privilege of representing clients connected immoderate astonishing matters, a fig of which were precocious profile. I started my ineligible vocation 40 years agone astatine the United States Securities and Exchange Commission successful its Enforcement Division. For the last 20 years of my instrumentality steadfast career, I was a spouse astatine 2 AMLAW 50 instrumentality firms, BakerHostetler and Reed Smith. I moved from Reed Smith to BakerHostetler successful 2004 to physique and pb a nationalist securities litigation and SEC defence practice. I led that caller signifier squad for implicit 13 years, and I besides built BakerHostetler’s hedge money manufacture signifier opening successful 2012. In 2017, I turned my nonrecreational and idiosyncratic absorption to the breathtaking satellite of blockchain and crypto.
Since retiring from instrumentality steadfast signifier successful December 2020, I haven’t erstwhile looked backmost astatine my determination to displacement my absorption toward contributing ideas and enactment to the laws, regulations and different considerations needed to beforehand the sentiments of altruism and decentralization that Bitcoin and blockchain let oregon encourage. Some of the ways I question to person an interaction see penning this monthly column, accepting a presumption arsenic an adjunct prof of instrumentality to thatch instrumentality students astir blockchain, and being an aboriginal and progressive subordinate of Global Digital Finance — an planetary relation of blockchain-based businesses, lawyers and erstwhile regulators who regularly conscionable with authorities officials worldwide successful an effort to standardize planetary protocols and regulations for blockchain and its fiscal applications.
SEC Commissioner Peirce’s Q&A with students astatine FIU
Given my background, I experienced 1 of the highlights of my vocation erstwhile I had the grant and pleasance of hosting SEC Commissioner Hester Peirce, affectionately known arsenic “Crypto Mom,” successful the “Blockchain & the Law” people I created and thatch astatine the College of Law astatine Florida International University successful Miami. The commissioner was benignant capable to judge my invitation to a fireside chat with me, attended by FIU module and students and followed by a Q&A with my instrumentality schoolhouse students.
It was rather a memorable hour, with wide-ranging topics of conversation. Commissioner Peirce was rather unfastened with america successful describing her vocation way to the SEC, acknowledging that aboriginal successful her ineligible career, she had nary program to absorption connected securities laws oregon regulation. But portion serving arsenic the elder counsel to Senator Richard Shelby — formerly the ranking subordinate of the Senate Committee connected Banking, Housing and Urban Affairs — she began formulating ideas astir the effects of regularisation and however the intended effects of authorities bash not ever crook retired arsenic planned. She crystallized these ideas successful her 2012 book, Dodd-Frank: What It Does and Why It’s Flawed.
When asked astir her December 2021 nationalist connection with erstwhile Commissioner Elad Roisman criticizing SEC Chair Gary Gensler’s projected agenda to not absorption overmuch attraction connected regularisation changes for blockchain exertion advancement, Commissioner Peirce was unwilling to knock his existent SEC agenda. Instead, she acknowledged that the SEC has immense areas of jurisdiction, immoderate of which Gensler has chosen to stress implicit blockchain. If Peirce were the SEC’s chair, her priorities would see updating custody, bookkeeping, colony and clearing operations astatine fiscal institutions with caller technological improvements that tin present accommodate integer assets. She would besides absorption hearings and proposals connected the powers Congress has fixed the SEC to exempt definite aspects of national securities laws for integer assets and transactions from compliance, including registration and disclosure requirements.
One of the much interesting, but not surprising, comments by the commissioner was related to crypto exchange-traded funds. On this, she said it was indefensible for the SEC to let a futures-based ETF but not a spot ETF. Unfortunately, she is unsocial successful that belief, fixed the existent creation of the commission. But the bully quality is that she confirmed during our chat that she intends to afloat service retired her existent five-year term, which ends July 2025. So, we person her arsenic a wide advocator astatine the SEC for 3 much years.
Hall of Fame alumni and Bitcoin 2022 conference
The interrogation with Commissioner Peirce occurred successful Miami during my people connected Monday, April 4. From there, I flew to NYC to be a gala hosted by my instrumentality schoolhouse alma mater successful solemnisation of its 50th day and the inaugural radical of Hall of Fame alumni. That occurred connected Tuesday evening, April 5, astatine the Whitney Museum successful the city’s Meatpacking District. It was a magical evening, arsenic I was 1 of the 75 HOF honorees astatine Hofstra Law School which I affectionately telephone “the different H” instrumentality school. Given that the schoolhouse has astir apt graduated implicit 15,000 students passim its history, it was an unexpected, humbling honor. It was an incredibly blessed infinitesimal to person my contiguous household — my siblings and 91-year-old begetter — and immoderate of my erstwhile partners from BakerHostetler determination to observe this juncture with me. I felt arrogant and contented with my choices successful life.
The remainder of the week was nary little memorable, arsenic I attended the Bitcoin 2022 league backmost successful Miami with 25,000 different attendees. One keynote talker I precise overmuch enjoyed was Peter Thiel. I similar and respect radical similar him who are consenting to talk their minds. As has been wide reported, helium called retired Jamie Dimon of JPMorgan, Warren Buffett of Berkshire Hathaway and Larry Fink of BlackRock arsenic regressive thinkers erstwhile it comes to Bitcoin. But what I peculiarly enjoyed was his diss of the environmental, societal and governance movement, calling it retired arsenic a cabal that demands groupthink and, successful effect, breeds intolerance for thing oregon anyone that does not conform to the “righteous” thoughts and ambitions of the movement. He called the question a “hate factory” that loves to “cancel” its detractors and suggested that erstwhile 1 considers ESG, they should deliberation of the Chinese Communist Party. Thiel besides described BTC arsenic the “canary successful the ember mine,” arsenic it was the archetypal plus to expect inflation. While the dollar has devalued owed to ostentation implicit these past 18 months, Thiel noted that BTC accrued tenfold successful price, from $5,000–$6,000 to $60,000.
For those successful the assemblage considering investing successful BTC, the “Billionaires Club” sheet offered immoderate bully advice: You don’t request to person up to 40% oregon adjacent 100% of your investable assets successful BTC to get started and marque profits, conscionable bargain immoderate magnitude and hold. Stop worrying astir daily, play oregon adjacent monthly terms fluctuations. BTC arsenic an plus was compared to buying a home. You lone travel the terms increases of your location possibly each 5 oregon 10 years. Instead, you absorption connected terms lone aft galore years and erstwhile you’re acceptable to sell.
Another absorbing sheet discussed the efforts of El Salvador to promote its citizens to follow BTC, which is present a nationalist currency. Panelist Eric Gravengaard stated that the president and legislature’s groundbreaking determination has already had affirmative impacts connected the system and payment of the tiny Central American country. The yearly GDP maturation had reportedly been 2% but has present been projected to beryllium 10%. Since the formal adoption of BTC past September, determination person been implicit 1 cardinal transactions processed to date. Also, the treatment noted that immoderate of the disapproval astir the dilatory gait of adoption has been unwarranted. Panelist Justin Newton reminded the assemblage that El Salvador is simply a processing state wherever astir 75% of the colonisation had ne'er been done a KYC process earlier (which is required to get a wallet) due to the fact that they ne'er had slope accounts before.
Other absorbing comments by league speakers included those from Cathie Wood, a well-known ETF manager heavy focused connected exertion and innovation. Wood saw the “politics astir Bitcoin” changing radically successful a much affirmative way. Michael Saylor of MicroStrategy stated that helium saw President Joe Biden’s March enforcement order regarding blockchain arsenic “giving the greenish airy to Bitcoin,” which Saylor present describes arsenic a “risk-off” investment. I agree.
Overall, it was a beauteous unthinkable week for maine — 1 I volition not hide immoderate clip soon.
Marc Powers is presently an adjunct prof astatine Florida International University College of Law, wherever helium is teaching “Blockchain & the Law” and “Fintech Law.” He precocious retired from practicing astatine an Am Law 100 instrumentality firm, wherever helium built some its nationalist securities litigation and regulatory enforcement signifier squad and its hedge money manufacture practice. Marc started his ineligible vocation successful the SEC’s Enforcement Division. During his 40 years successful law, helium was progressive successful representations including the Bernie Madoff Ponzi scheme, a caller statesmanlike pardon and the Martha Stewart insider trading trial.
The opinions expressed are the author’s unsocial and bash not needfully bespeak the views of Cointelegraph nor Florida International University College of Law oregon its affiliates. This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice.
English (US) 