Last week was an absolutely banner week for the US crypto industry and for TDC: 🧵⬇️ 1. @WhiteHouse issued its groundbreaking cross-agency recommendations for the US Digital Asset Markets 2. @SECGov Chair @SECPaulSAtkins outlined his vision for American Leadership in the Digital Finance Revolution in a game-changing speech #ProjectCrypto 3. @TDC submitted our 13th and final response to @SECGov Commissioner @HesterPeirce’s request for input to the Crypto Task Force from the industry, addressing a range of questions related to the trading of digital assets.

1/ Our final letter responds to Questions 15-20 of the request for input and provides solutions for market intermediaries seeking a pathway to trade multiple asset classes – traditional securities and commodities, tokenized securities, and digital commodities – on one platform.

2/ Many of the blockers to innovation noted in our letter are specifically identified in both the @WhiteHouse report and @SECPaulSAtkins speech. TDC fully supports the vision of @WhiteHouse and @SECPaulSAtkins for how to move the US markets forward into a digital future.

3/ We encourage @SECGov to commence efforts on a new holistic initiative in the tradition of Market 2000, exploring and investigating the potential for blockchain technology across all aspects of the U.S. public markets.

4/ As the US crypto asset markets continue to grow, retail and institutional customers will undoubtedly want to trade traditional and tokenized securities alongside non-security digital assets like payment stablecoins and commodity digital assets on the same platform. They will also want to engage in pairs trading of these assets.

5/ @SECPaulSAtkins' vision for a SuperApp makes this exact goal possible. It’s an incredibly exciting opportunity for @SECGov to make that vision reality and would jump the US lightyears ahead of other countries on the innovation and regulatory clarity front.

6/ In the meantime, @SECGov should clarify or amend its rules to make clear that such national stock exchanges and ATSs are permitted to trade traditional and tokenized securities, as well as non-securities crypto assets like payment stablecoins, bitcoin, and other commodity tokens. @SECGov should also work with @FINRA to ensure that a speedy and cost-effective path is cleared for broker-dealers looking to amend their business plans to make these changes.

7/ Our letter also covers a range of other important issues related to digital asset trading including the need for @SECGov to formally acknowledge that there is no fundamental difference between a digital asset that is a representation of an existing security and a digital asset that itself constitutes a security - both are tokenized securities. We need to stop using confusing nomenclature around these assets.

8/ We thank James Walker, Arthur Greenspan, and @LowellDNess of @PerkinsCoieLLP with our contributing members for the great work on our 13th letter. Read our full letter here:

9/ We also thank the eight other law firms and over 75 TDC members who put hundreds of hours of time and effort into our other 12 response letters, along with our own strategic advisor @amtlawgeek who led the efforts on the entire project over the past five months.