@Farrell1969

Crypto lawyer, but not your lawyer. Former AscendEX/ Paxful/SEC / Tweets are mine, not legal advice, etc.

Joined September 2009
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20Media
1. The problem with putting the eggs in the Lewellen basket is that the litigation is an INCREDIBLY poor vehicle for getting any clarity on 1960(b)(1)(C).
Jason Somensatto
@jasonsomensattoSep 14
You know you have been waiting for our take... Disappointing to see the BRCA protections limited. Still helpful to codify the regulatory protections for developers, but the lack of criminal law protections means @LewellenMichael's case against DOJ becomes even more important. coincenter.org/the-proposed-…

The proposed BRCA changes are a tough pill to swallow

The revised language stops short of resolving the essential criminal law issue; Lewellen’s lawsuit becomes that much more important.

coincenter.org
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10. It counters 2 general rules of appeals courts: (a) don’t decide issues in the first instance that were not decided at the district court level and (b) don’t decide cases on “how they should have been brought” and hold parties to the strategic choices they made in the DCT.
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11. To be abundantly clear, the way this complaint was filed was the only (IMO slim) chance to ever get the relief sought. Events just moved against plaintiff in a way not expected under the Biden admin in charge when filed.
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Watching the CFTC go above & beyond to protect its PM jdxn bring back painful memories of early e-cig days. Flaming Dragon got better treatment from Les Grossman than we did calling the FDA and saying "states are picking on us."
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One of the interesting rationales provided by the CFTC in the Kalshi order for why emergency relief is appropriate is that a sudden shuttering will cause market disruption as traders move to other prediction markets. Does that mean Kalshi is TBTF in CFTC eyes?
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Would also seem to preclude CFTC from ever taking any emergency enforcement action against any PM. If a PM is violating enuf rules & threatening consumer protection, how can CFTC seek its own emergency relief against the PM (say FTX)? Won't that action cause an emergency?
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CLARITY, Ethics and State AGs. So many bad legal takes on both sides. 🧵 1. To the “state AGs have never had any role in enforcing federally created restrictions” and “its unconstitutional”, Google “cooperative federalism.”
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See #10. I think it's bat s&$# crazy. I also think the politicians know that. But bc I'm part of the last gen to grow up on School House Rock, I think the fig leaf might be just thick enough so it suffices as a public excuse for a no vote w/o consequences.
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9. Effectively consenting to universal jurisdiction with no minimum ties to the forum now becomes an additional perk of election. Once that seal is broken on this issue, why not apply it everywhere?
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10. THAT creates the incentive to go tit for tat – “you [blue state] just sued my [red state] Senator. Now I’m going after 3 of your [blue state] Reps.” Our politics of personal destruction (while gaining name recognition & playing to the base) demands no less.
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