shows that Three Arrows’ position in the Grayscale Bitcoin Trust – worth $1.2 billion at the time – was split between its Singapore and British Virgin Islands entity.
Of course, if Three Arrows had a cash position that was more reflective of its crypto AUM, there would be less of an issue overall . This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full Making matters worse, a comprehensive approach to tech policy typically occurs only after some crisis forces legislators’ hands and the media is all over them, only increasing the risk that the law is hasty or ill-conceived.
In Web3 and crypto, regulators and innovators alike have at times gotten this backward. For instance, in the midst of the initial coin offering boom; an SEC chair every ICO token he had seen was a security. That suggested, although digital tokens on distributed ledgers are infinitely variable and could represent anything from book club points to stock in a corporation, legal risks in Web3 stem from the technology rather than what lawyers call a substantive activity.
What is the business? What rights are being created between parties? How are those rights communicated from seller to buyer? What risks are associated with the business?
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