General Counsel @HallidayHQ. Previously: VP, Global Head of Legal @21Shares, @Sewkis, @NYDFS. Views are my own - not legal advice.
Joined March 2009
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We have been thinking about this for a while at @HallidayHQ. For distribution in defi, the only way that RWAs are truly programmable is if they run on non-custodial rails. Very few non-custodial rails can implement very complicated strategies onchain. Users will want to do in one-click what traditional asset managers have used prime brokers, dozens of lawyers, and hundreds of pieces of paper to effectuate.
Non-custodial architecture is so much more scalable. @HallidayHQ built our system from Day 1 to be truly non-custodial - meaning users retain control over their funds. This is the way.
This is where @HallidayHQ actually fits in quite well. Our Workflow Protocol enables very complicated movements onchain, that are completely non-custodial and immutable. Executing trades will no longer be 1:1. It will be hundreds of steps. The future is bright.
High quality assets will soon have software-like functionality. That is utility. There is little point in buying/holding a tokenized asset - instead, put it to work. Cross-venue, cross-chain, cross-asset class.
Two interesting things here. First, this volume is almost entirely xStocks (Backed tokens distributed on Kraken). And that makes sense. You can move your tokens, trade them on Raydium, finance them on Jupiter. It goes to the point I keep making - if you don't have enhanced utility, why would you trade stock onchain?
Second, October volume has dropped off to about a $1B a month trading run rate. Something to watch. Note that @Figure is adding $2.5B ('ish) of RWA assets a month: credit is still bigger than equity.
But the equities are coming. They just need to have real utility to have staying power.
For those of you interested, here's the last 24 hours on Solana. The virtues of a public network.
NOT ME AT @HallidayHQ NYC OFFICE AND WHENEVER I VISIT SF OFFICE.
Onchain workflows. As the demand for workflows outpaces the compute capabilities of smart contracts, then @HallidayHQ...
Pretty cool to see this - congrats @SlushWallet and @Mysten_Labs!
Starting today, getting your tokens and cash into Slush is much faster and easier.
We've integrated @HallidayHQ. Bring tokens from 25 chains, or fund with a card, bank transfer, Apple Pay and more, in just a few taps.
Receive SUI or USDC. Tap Buy to start.
The greatest trend: high quality assets coming onchain. It will take time, but onchain markets are rapidly changing.
Amazed to see that three of the top 25 tokens on @Uniswap today are stock tokens (for Meta, Nvidia, and SpaceX)
Universal access to markets is really happening
app.uniswap.org/explore
People so fundamentally underestimate what programmable finance will look like and how it will function. Instead of 2-3 legs of a trade, it will be thousands, across hundreds of venues.
What a tremendous statement from @HesterPeirce.
Commissioner @HesterPeirce's Statement on Today's @SECGov Innovation Exemption Order is one of the best characterizations of DeFi we've ever seen.
"What does the order not do? This order is not about decentralized finance. Truly decentralized systems that are driven by automated software do not give rise to the foundational concerns underlying securities regulation, namely that an intermediary you trust to act on your behalf will be foolish, careless, or compromised. An investor does not need an exemption to avail herself of permissionless smart contracts that mediate peer-to-peer trading."
Thank you, Commissioner Peirce, for your tireless leadership defending the values that matter to builders of blockchain technology and DeFi systems.
Has there ever been a more consequential regulatory exemption than what the SEC just announced? I cannot think of one.
Agree. And it’s even worse. They believe all regulations are bad because it will spur healthy corporate economic growth. Same mindset happened with crypto.
The industry was advocating for regulations, more efficient financial markets, and enhanced consumer protection. The pie is not finite - we can cure cancer and upgrade our markets. And this is not a defeat.
“The amount of money the crypto industry spent on lobbying firms for such a staggering defeat would have been better spent curing cancer,” one lobbyist told @semafor after the vote.
semafor.com/article/09/15/20…
It is time. Let's pass the Clarity Act.
Today, @BlockchainAssn joins @Crypto_Council and @DigitalChamber in respectfully urging every Senator to vote YES on Clarity. Our joint statement follows:
Perfectly stated @m_mosier_
