David

People are the banks.

People are the banks.

Yeah.

So that's the stablecoin issue.

Second thing that Jake Stravinsky would like to see fixed, authorizing the SEC to enable tokenized securities.

He says, last year, SEC Chair Paul Atkins launched Project Crypto, an ambitious effort to upgrade the financial system by moving it on-chain.

Clarity Section 505 appears to stop him from achieving that goal by eliminating his authority to treat crypto fairly.

He follows up with, I bet Citadel loves this.

Citadel loves it.

The Trad5, who's that?

Ken Griffith?

That guy?

We don't like him.

Third, reducing burdens on token issuers.

We want more tokens to be launched and issued by people in the crypto industry.

Jake Stravinsky says, in this current form of the act, Title I includes onerous equity-level disclosures not too different from public companies, audited financials at all.

Works for mature companies, not for startups.

It may be better to go offshore or sell stock instead.

Basically, just like if you want to issue a token as a startup, you have to go through what is essentially a going public process, which is infeasible, infeasible.

Four, protecting DeFi developers.