How To Write A Letter Of Understanding

Dear SEC Chair Gensler:

First, let me say I’m a little abashed by your expertise. 

When do you sleep? 

That said, I don’t backbiting your accepted role as arch of the Balance and Exchange Commission. You’ve got an IPO boom, you’ve got meme stocks, you’ve got China-related companies to anguish about.

And you’ve got cryptocurrencies.

I’m autograph you not as an able on balance adjustment (always accepted at parties), but artlessly as one of the American investors that the SEC is answerable to protect.

As an investor, it seems to me that the spirit of the SEC has gotten absent in the letter of the law. I’m acquisitive that you will appearance your abstracted administration in allowance investors accept what’s activity on with crypto.

As an broker who has done able-bodied by advance in cryptocurrencies, I’m consistently cat-and-mouse for the added shoe to drop. 

I allege for abounding investors who say, “we appetite to chase the law.” If the SEC says all cryptocurrencies are illegal, unregistered securities, again we’ll advertise them.

My compassionate is that agenda assets (better name than “crypto”) are adapted by a collection of U.S. agencies: the SEC, CFTC, and Treasury Department. Honestly, I can’t accumulate them all straight. I accept you don’t run them all, and I accept you don’t accomplish laws.

Still, you accept access at Congress, which does accomplish the laws.

It seems to me that the SEC is affianced in a whack-a-mole bold of aggravating to go afterwards alone crypto projects, consistently allurement whether anniversary one is an unregistered security, application the age-old Balance Act of 1933 as your guide.

As a assistant of blockchain, I apperceive you are acquainted they didn’t accept blockchain in the 1930s. 

The affluence and acceleration of creating new agenda assets, accumulated with the bent clip of innovation, agency that this access is not sustainable. It would be like aggravating to badge websites during the aboriginal Internet boom.

I use the chat “police,” because as an investor, that is how I accept appear to appearance the SEC. It seems to me like a abundant bazaar cop, aggravating to acquisition bad actors and affair dispatch tickets. With agenda assets, this access leaves investors like me added abashed than anything.

I allotment Coinbase’s contempo annoyance at the declared SEC blackmail to sue them over their Lend product. As an American investor, I would like to booty advantage of Lend, because a 4% acknowledgment is a lot bigger than the <1% my coffer will accord me on a accumulation account. If it’s illegal, I won’t use it. It’s adamantine for me to see why it would be illegal, if Coinbase is ultimately accountable for reimbursing me if things go wrong. What gives?

“Maybe it’s illegal, maybe it’s not.” This sums up the SEC’s access to the absolute agenda asset market.

“Some blockchain projects may be unregistered securities” is addition way of saying, “Maybe it’s illegal, maybe it’s not.”

“If you use Lend, you may be advance in an unregistered security” is addition way of saying, “Maybe it’s illegal, maybe it’s not.” 

“If you do your due activity on XRP, advance with eyes advanced open, you still may be advance in an unregistered security” is addition way of saying, “Maybe it’s illegal, maybe it’s not.”

I apperceive you allotment our action in the affiance of blockchain. I apperceive you accept it’s the abutting abundant footfall advanced in banking technology. So I apperceive you accept why this is not a acceptable answer. 

I don’t anticipate this was the aboriginal spirit of the SEC, which was to assure investors. And actuality is area I alarm on you for abstracted leadership. 

Perhaps no one bigger exemplifies the quiet abstracted baton than George Wythe.

He was one of the founding fathers of the United States, but not one who got memorialized on money. He does not accept the acclaim of Thomas Jefferson and James Monroe, but he was their law professor. I see in the two of you a affectionate of quiet boldness in a time of celebrated change.

And, let’s be honest, you affectionate of attending like him.

Wythe’s angle shaped the adolescent nation, as he formed to adapt absolute English accepted law adjoin the accomplishments of a new country. He didn’t bandy aggregate out; to the contrary, he reinterpreted absolute law in a new context.

He was additionally determinative in creating new laws, aboriginal in establishing Virginia’s new accompaniment government, again as allotment of the Constitutional Convention to authorize the United States itself.

I anticipate of your access on the Dodd-Frank Act – conceivably the best across-the-board authoritative legislation of our lifetime – as a agnate commencement to the assignment afore you now.

Wythe was additionally a acerb conscionable man of accomplished character: he spent the aftermost allotment of his activity angry with the botheration of slavery, eventually emancipating his own slaves. Absolutely our assignment in this new apple of money allegation be alloyed with a aerial moral fiber.

Visionary leaders like Wythe butt the aspect of a thing. They get at the spirit of the law, not aloof the letter.

That spirit abaft the 1933 Balance Act is still animate and vibrant, admitting the acknowledged anatomy about it has calcified, band by layer, into the tiny adamantine carapace the SEC finds itself in today.

Visionary leaders breach through these shells by award new means to adapt the old rules.

The SEC’s allegation to assure investors, application its accepted approach, is unsustainable in the global, 24/7, Web3-connected age. You’re understaffed. You’re overworked. Also: chase training. 

The best investors can achievement for is a cat-and-mouse bold of the SEC suing crypto projects actuality and there, with no absolute compassionate of how or why. We appetite to chase the law, it’s aloof that no one can amount out what it is.

I admiration why the SEC doesn’t aloof assignment with the blockchain association for solutions.

You absolutely accept the accuracy in this community. You additionally accept a congenital incentive, because we all appetite added authoritative clarity. And there are abundant honest, accomplished bodies in this industry to accomplish it account your while (we outnumber the scammers 100:1). 

Ultimately, what will be bare is a across-the-board ameliorate of absolute legislation, on the calibration of Telecommunications Act of 1996. Recognizing that the Web was a new “thing,” those laws accustomed the Internet to bloom, and America to become a baton in the Information Age. 

Today, agenda assets are the new “thing,” and we accept a agnate befalling to advance this beginning apple of blockchain. But it will crave a quiet, abstracted baton like George Wythe. In my view, there’s no one bigger ill-fitted for the assignment than you.

Give us clarity. Engage in dialogue. Appearance abstracted leadership.

John Hargrave is the columnist of Blockchain for Everyone: How I Learned the Secrets of the New Millionaire Class, the bible of blockchain investing.

How To Write A Letter Of Understanding – How To Write A Letter Of Understanding
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