1/ I have been in crypto a long time now and I have never been as excited about our prospects. With GENIUS and stables behind us, the sprint is now on to get market structure done.  The House opened the door by passing CLARITY with strong bipartisan support.  We wouldn’t be here without that great work.   In August 2025 though, all eyes turn to the Senate Banking Committee to build on CLARITY and give us a practical, workable and, most importantly, understandable, market structure framework.  So what does the Senate Banking’s discussion draft of the Responsible Financial Innovation Act (RFIA) look like?     A 🧵.

Coin Center’s Seven Takeaways from the Storm Verdict: ▪️ 1. The sole conviction—unlicensed money transmission (18 U.S.C. § 1960)—turns mainly on legal/regulatory interpretation (“does this count as money transmission?”), not jury fact-finding. ▪️ 2. The court, at the motion-to-dismiss stage, discounted FinCEN’s stated guidance on what counts as “money transmission” in crypto and treated the category as broader than “control of customer funds.” ▪️ 3. With “money transmission” defined that broadly, the jury’s room to decide facts was narrow; the court’s interpretation largely dictated the outcome. ▪️ 4. DOJ’s prior “end regulation by prosecution” memo didn’t fully resolve §1960 issues left things open for continued prosecution; the DOJ dropped the failure-to-register theory but not the “knowingly transmitting criminal funds” theory. Coin Center’s view: both hinge on “transmitting” and are improper against developers excluded by FinCEN guidance. ▪️ 5. The BRCA (Blockchain Regulatory Certainty Act), now attached to CLARITY and passed by the House, would confirm that non-controlling developers aren’t money transmitters. It can’t help Roman retroactively, but the Senate should pass it in upcoming market-structure debates. ▪️ 6. Coin Center fellow Michael Lewellen is suing DOJ for a declaration that publishing/maintaining his software isn’t unlicensed money transmission. Coin Center will continue supporting this effort to correct the legal interpretation. ▪️ 7. Coin Center is sorry Roman faces sentencing on a theory that contradicts the regulator’s guidance. He should appeal the denial of his motion to dismiss; Coin Center will assist however possible.

We’ve just released our new NFT card collection. At this point, it feels like I, Takashi Murakami, am the only one left in the art world still putting out NFTs. Just recently, we also released an NFT project by Mr. through my company. Creating art, for me, holds several meanings. One is to push forward at the cutting edge of the times, to carve into uncharted territory, and to create entirely new standards of value. Another is to engage in a profound exchange with the collective consciousness of people. So I’m trying to explore the relationship between collective value and beauty within the blockchain space—something that may not be understood now, but perhaps will be recognized far in the future. Sure, it probably look like a fool’s errand right now. Yet… I’m going to insist on being the fool, all the way through! This time around, I clumsily used AI to animate illustrations of myself and my beloved late dog, POM, as navigators—and made them speak English for fun. I hope you enjoy! In January 2024 @takashipom released 108 Flowers... now they return — refreshed, expanded, and reborn. Murakami’s universe grows with 108 Flowers Revised NFTs. 🌸 Now minting as part of Onchain Summer on @baseapp 👉

6/ J: It seems that the discovery aspect of our space is a bit difficult for newcomers (as recently pointed out by @RaoulGMI ). With thousands of artists and millions of works - everything feels scattered and hard to find. How would you tackle this issue to make discovery more convenient? 6529: Discovery in our space is trash, is the number #1 barrier to proper adoption and is an incentive management problem that is not easily solved. In fungible coins, most of the trading volume is in the best coins so when you go to Coinbase and Binance, BTC and ETH trading, pricing and workflows are prominently displayed. In NFTs a lot of the top collections rarely trade, so the marketplaces are chasing and prominently the “random collection surging that day” which logically leads a new participant in the space to think “wtf is this space” I do not have an obvious solution yet, when I do, I will let everyone know!

1/12 A man who needs no intro joins us today - @punk6529 🧠 He dropped insights on personal drivers, the networked nature of art, ETH vs USD pricing, L1 vs L2 - and predictions about where NFTs fall on the crypto adoption timeline. Bookmark it🔖 and enjoy! 🧵👇

JUST IN: 🇺🇸 Senator Elizabeth Warren says crypto could "blow up" the entire US economy.