The full thread is worth reading & is an interesting preview of what’s coming for activist investing One of the most absurd takeaways here is that no one knows how many shares there are in a company’s float at any specific moment except @ reporting time. Why’s it matter? 🧵

This. Whatever your views are on Tornado Cash or crypto generally, surely we can all agree that just because you are unwilling to let the government track every detail of your personal financial life does not mean you must be a criminal. And it is a sad day when the US government suggests otherwise to a jury.

This is pubco fight I’ve been waiting for. We finally have the next wave of activist investors testing the waters. hostile takeovers 🤝 crypto flame wars

If you’ve ever wondered why lawyers are the way they are, the responses here (and fact many still got full-time offers) will clear some of it up

With @coinbase picking up @liquifi_finance (pretty hot on the heels of their @DeribitOfficial acquisition) we're already seeing this trend build momentum I still think this is just getting started

I would like to announce a newly developed structure: the Limited Liability Yeet, or LLY. The LLY is a statutorily recognized legal entity formed for the purpose of undertaking, executing, and deploying high-momentum initiatives, ventures, or actions (collectively, “Yeets”), with limited liability protection for its participants. An LLY is intended to facilitate rapid, decisive, and potentially disruptive conduct, including but not limited to experiments in business, technology, culture, and memetic economics. Able to be formed instantaneously from any hot wallet by declaring “YEET” while submitting an onchain transaction, this cutting edge structure will hopefully usher in a new era of timeline flame wars and flameouts the likes of which we’ve never seen before this week. The future is now! YEET

I can’t wait until we see crypto IPOs start selling Units like SPACs instead of shares SPAC Units are a share packaged up with an equity warrant (or fraction of one) to give some extra upside to investors. After trading for a little, units can be split and each piece can trade separately I don’t think it’s coming soon in the US, but seems semi-inevitable to me that some project will try doing shares + token warrant for their IPO I’m sure these conversations are already happening behind the scenes

Our industry is still wild. Service providers trying to make you sign agreements indemnifying them if they break the law.

this is what decentralization looks like

This is an excellent panel that @SECGov has put together on the critical topic of DeFi Everyone should tune in June 9