Larry Florio

Larry Florio@larryflorio · 1 天前政策影响

Senate Majority Leader Thune told reporters yesterday that the CLARITY Act probably won't get a Senate vote before the August recess. Before "probably" hardens into "next Congress," a reminder of what the status quo actually is. US crypto regulation is a road where the speed limit is printed on the ticket. You find out what the rule was when the penalty arrives, drafted by the enforcement division, years after you built the thing. You can't comply with a speed limit that only exists on the ticket, especially when the cop at the speed trap changes every 4 years. I've worked on crypto deals under this status quo for years. Here's where you end up in almost every conversation: Legal opinions nobody will sign, because the honest answer to "is this asset a security" is a probability range, not a yes or no. Clients pay for certainty but get a memo full of hedges instead. Offshore structuring as default hygiene. The Cayman foundations & BVI issuers in these deals aren't just tax plays (but, to be clear, the tax play doesn't hurt). They exist in no small part because the US wouldn't say which agency owns the asset (and both reserved the right to decide it later), or if they were regulated at all. Diligence that dies on "we can't get comfortable with the regulatory posture." Nobody was protected when those deals fell apart. Except maybe the lawyers, because we tend to get paid either way. And here's the worst one: the enforcement was always filed in the name of investor protection, but when the complaint hit, the token price got hit with it. The team had money, lawyers and usually months of warning. Retail investors found out from the headline and held onto that falling knife all the way to the floor. The ticket was written to the project, but the fine landed on the passengers. CLARITY posts the speed limit sign. It draws a statutory line between digital commodities (CFTC) & securities (SEC), gives trading platforms an actual registration path and sets real custody requirements, with disclosure obligations for them all. This isn't deregulation. Every serious project I've worked with would take MORE compliance obligations in exchange for knowing what they are in advance. That's the whole trade. Is the bill perfect? No 60-vote bill ever is. But the alternative on offer isn't a better bill. It's another Congress of writing the speed limit on the ticket after you're pulled over. The Senate has about two weeks left. Every market structure framework since 2022 has died the same way: waiting on a better version that never came. Pass it.

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。

Larry Florio@larryflorio · 1 天前赛道影响

Think of it like the wiring in an old house. Some appliances plug straight in, some need an adapter, and some need the panel upgraded before you dare even flipping the switch. The third bucket doesn't fill itself. The lawyers who spent the last decade in crypto already know how this goes: import what works, build what's missing /F

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Larry Florio@larryflorio · 1 天前政策影响

Needs a new build. Scienter without a mind. Fraud doctrine wants intent, and an agent can deceive with no human intending anything. While blockchains hand prosecutors and regulators a perfect record of everything that happened, models hand them a black box and a shrug emoji. There's no rails yet for knowing which agent acted, for whom, with what authority /6

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。

Larry Florio@larryflorio · 1 天前赛道影响

Crypto has spent more than a decade stress-testing the legal system with one question: what happens when software does the thing & no human is standing where the laws expected one? AI is just starting to rerun that test with everything, everywhere, all at once 🧵

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Larry Florio@larryflorio · 2 天前观点输出

@MeatEsq That ring ⭕️🤌

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Larry Florio@larryflorio · 2 天前观点输出

RT @larryflorio: Vault designs aren't uniform. Some allocate purely by immutable smart contract while others hand a third-party full discre…

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Larry Florio@larryflorio · 2 天前观点输出

I’ve been a big fan of the work by @Patrick_Wyman for years, but the “Four Things That Would Blow Your Mind in the Past” bonus episode of Past Lives is definitely one of my favorite things he’s done. As a society, we’ve become conditioned to thinking of progress as linear (always up and to the right), and I really enjoyed having that challenged. Doubly so with ideas as seemingly mundane as “memory” in a time where we’re increasingly outsourcing our cognitive load. Strongly encourage people to check Past Lives out: https://t.co/uMr2mLsIsE

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Larry Florio@larryflorio · 3 天前观点输出

@frizzaud @MeatEsq 🤝

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Larry Florio@larryflorio · 3 天前观点输出

@MeatEsq https://t.co/obj9DtTOw9

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Larry Florio@larryflorio · 3 天前赛道影响

@MeatEsq You’re right to push back on that— if people aren’t using their minds, eventually their executive function will suffer. I’ll say it plainly: the blast radius of lawyers not actively involved in their legal work is bad. It’s not the future, it’s the end.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。