An almost-balanced lawyer (tweets are not legal advice) ⚖️ legal @phantom 👻 prev. legal @blockchainassn 📜 writer
California
Joined July 2010
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1/ Big news: @phantom has received first-of-its-kind no action relief from the @CFTC. We can now connect users to regulated derivatives markets and event contracts without registering as an introducing broker.
cftc.gov/PressRoom/PressRele…
Marisa Tashman Coppel retweeted
New data out today on how Americans feel about the financial system. Phantom helped sponsor this research through @fund_defi, and @Ipsos ran it independently on the same panel the Fed uses. What stood out: people want more control over their money than they have now. 🧵
1/ This week, @phantom is putting our no action letter to work. US users will soon be able to access Kalshi to trade prediction markets from within the Phantom app, where users can maintain max control over their assets while accessing a regulated product. phantom.com/learn/blog/phant…
5/ Now, we're rolling out prediction markets for our US users. Users can sign up and trade Kalshi markets in Phantom all without leaving the app. @Kalshi, a CFTC-registered exchange, verifies identity and executes trades behind the scenes. (Market availability varies by state).
6/ Thank you to @CFTC staff and @ChairmanSelig for working through this process with us in good faith. And to @Kalshi for joining us to build this novel endeavor.
Marisa Tashman Coppel retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
Big thank you to @BlockchainAssn and @crypto_council for representing the industry and helping achieve the win from the OCC today.
Marisa Tashman Coppel retweeted
The following statement is attributed to Blockchain Association Chief Policy Officer @lindsayfraser0 following the @USOCC’s final rule implementing the GENIUS Act:
At the @USOCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump's vision and @SecScottBessent's leadership to grow the economy and lead the global digital currency revolution.
Today marks the birth of a new industry having a federal framework for payment stablecoins in the digital age. It also brings us back to our original mission when the OCC was charged with the responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.
Very glad that the OCC decided to not stray from what Congress intended. @phantom filed a comment letter, as did many others in the industry, and it is encouraging that the OCC took the industry's comments to heart.
nitter.cf/MTCoppel/status/205025…
At the @USOCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump's vision and @SecScottBessent's leadership to grow the economy and lead the global digital currency revolution.
Today marks the birth of a new industry having a federal framework for payment stablecoins in the digital age. It also brings us back to our original mission when the OCC was charged with the responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.
Marisa Tashman Coppel retweeted
The @USOCC released its final rule implementing the GENIUS Act requirements for payment stablecoin issuers under its purview. Thank you to @USComptroller Gould and the OCC for their leadership in advancing GENIUS implementation.
CCI appreciates that the OCC carefully considered public comments, including ours. The final rule follows the language of the GENIUS Act by eliminating the rebuttable presumption regarding rewards arrangements between issuers and affiliates or third parties. CCI looks forward to reviewing the final rule more closely.
At the @USOCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump's vision and @SecScottBessent's leadership to grow the economy and lead the global digital currency revolution.
Today marks the birth of a new industry having a federal framework for payment stablecoins in the digital age. It also brings us back to our original mission when the OCC was charged with the responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.
Marisa Tashman Coppel retweeted
Arc is live in @phantom today.
Circle built it on a simple idea: money should be internet-native. Real-time, always on, settled fast, interoperable. We agree. Congrats to @arc @circle and @jerallaire.
Big picture: markets should be open to anyone, usable by anyone. Everyone should be able to control their own money, and plug into markets that never close. That's the freedom of open markets, and every rail like Arc gets more people there.
Marisa Tashman Coppel retweeted
🚨Ahead of today’s 2:15 CLARITY vote, the White House @CEA47 has some inconvenient math for the bank lobby — and even built an interactive model for those for whom math isn’t their strong suit (like, apparently, said bank lobby).
The banks want Congress to go further than GENIUS’s *existing ban on issuer-paid yield* and *also ban all stablecoin rewards from other intermediaries too,* a compromise which was carefully negotiated in CLARITY already.
The shrill calls by the bank lobby that mass deposit flight will allegedly happen absent congressional action was modeled and unambiguously disproven by CEA earlier this year, and this examines the counterfactual. (And lest we forget, if CLARITY fails, the GENIUS status quo, which they claim is intolerable, will remain.)
So, let’s play this out — What happens if the banks get their way, and ban rewards, and kneecap stablecoins?
1) Bank lending rises … 0.02%. 😂
That’s $2.1B in CEA’s baseline. Community banks get $500M—a whopping 0.026% increase. (For reference, current community banks deposit base is $2.3T.)
**Large banks, meanwhile get 76% of the additional lending.** So much for the community bank rescue mission — community banks are the unwitting stooges here for the very big banks who are *actually* squeezing their margins and gobbling them up. And those big banks just want to maintain their hegemony against any and all competitors (while they issue their very own stablecoins!)
2) Consumers pay for it.
CEA estimates a net welfare loss of $800M/year. Costs exceed benefits 6.6 to 1. What a great deal! Thank you banks!
3) “But what if stablecoins get MUCH bigger?”
CEA ran that too. A $3.7T stablecoin market, holding reserve composition and the Fed’s framework constant: roughly $20B in additional lending. Still under 0.2%.
4) “But deposits disappear!”
Buying a stablecoin doesn’t make money evaporate. When an issuer buys a Treasury bill, the seller gets the deposit. It changes hands. The only way money leaves the deposit system is if you’re sticking it under your mattress.
Don’t believe me? Use the interactive model to find out for yourself.
Congress should probably check the math before taking away Americans’ rewards. And market participants should focus on competing, not lobbying for monopolies.
whitehouse.gov/research/2026…
Marisa Tashman Coppel retweeted
There are hundreds of ice cream brands in the U.S., and around a dozen spots in a typical Costco freezer.
Only about 6–8 of those spots are novelties. SIX TO EIGHT!
Costco basically looked at the entire ice cream industry and said, “Fine. You guys can come in.”
I don’t know how to properly explain what that feels like...We are so freakin’ lucky 🍦
Our no-mess soft serve ice cream is hitting Costco freezers all weekend long in Northern California, San Diego, and Arizona.
Please be patient with us over the holiday weekend! We’ll be adding warehouses to the store locator on our website as we get confirmation that CVT is officially on the shelf.
Marisa Tashman Coppel retweeted
Pre-IPO perpetuals are one of crypto’s few breakout hits. They’re the best tool in the world for pricing IPOs, and they’re good for investors and issuers alike.
The SEC asked how it can modernize the IPO process. Our answer with @tradexyz is to bring pre-IPO perpetuals onshore:
![HPC and trade[XYZ] Introduce Pre-IPO Perpetuals to the SEC](https://pbs.twimg.com/media/HQAMgfQWwAAvqel.jpg)
Marisa Tashman Coppel retweeted
Cheat sheet for everyone:
- Rule text starts on page 320 and ends on 355, everything before that is commentary, after is paperwork/appendices.
- Crypto asset (324) is defined as any digital representation of value recorded on a cryptographically-secured distribution layer, but this only applies to subject crypto assets, which are those subject to a "covered investment contract." @NYcryptolawyer's ineluctable modalities point is now in regulation
- SEC is saying that a firm attempting to comply with this regulation in good faith shouldn't face enforcement actions (325).
- Up to $75 million of a covered crypto security can be sold each year (333).
1/ We've been waiting for this. The SEC proposed "Regulation Crypto Assets," which relates to token offerings. If you ship token products, this is the framework that's been missing. A few thoughts from the product counsel perspective. sec.gov/newsroom/press-relea…
2/ What jumps out for builders: two exemption tiers ($5M/4yr "startup," $75M/yr "fundraising"), a safe harbor from "investment contract" status, AND airdrops and network rewards written directly into the startup exemption. Disclosure is principles-based.
3/ The SEC is trying to make "launch → build/mature → token separates" an actual compliance path instead of a litigation risk.
Note this is a proposal. Comments are open for 60 days. Watching this one closely. Not legal advice, views my own. Thank you @HesterPeirce @SECPaulSAtkins and SEC staff for working hard on this one.