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Miles Jennings

General Counsel @ a16z crypto; Formerly Partner @ Latham & Watkins

Miles Jennings is an accomplished legal professional with a wealth of experience in the areas of blockchain, cryptocurrency, venture capital, and fintech. He currently serves as the General Counsel for Crypto at Andreessen Horowitz, where he focuses on decentralization and DAOs. Prior to this role, Miles gained extensive transactional experience at Latham & Watkins, specializing in venture capital financings, IPOs, high yield debt offerings, M&A, and general company representation. Within Latham, he was actively involved in the Healthcare & Life Sciences Industry Group, providing legal counsel on various crucial matters. Miles also played a significant role in the Fintech Industry Group, serving as the Co-Chair of the Global Blockchain and Cryptocurrency Task Force, advising companies and VC firms on issues related to financings, token rights, decentralized governance, and compliance with state and federal securities laws.

Highlights

May 4 · twitter

On Friday, @a16zcrypto filed a response with the @USOCC on their GENIUS Act rulemaking to implement the historic U.S. stablecoin legislation.

Here’s some of the key issues we address, and why they matter:

1️⃣ The OCC’s “one issuer, one brand” model adds cost and compliance burden without commensurate benefits. Brand-specific reserve attestations and clear account titling, recordkeeping, and segregation for reserve assets can help achieve the same safety outcomes at far lower cost.

2️⃣ The OCC’s approach on yield is over-broad and ineffective, sweeping in common business arrangements that GENIUS didn’t intend to capture. Issuers shouldn’t be responsible for what they can’t control. The rule should stop there.

3️⃣ Congress excluded decentralized networks and their underlying software from GENIUS’ framework. But the OCC’s approach creates uncertainty and a risk of inconsistent application by regulators. The OCC should clearly carve out DeFi activities consistent with the CLARITY Act to protect developers and ensure harmonization.

4️⃣ Decentralized stablecoins are deliberately carved out of GENIUS—they aren’t issued by a person and are entirely disintermediated, so they don’t pose the same risks as centralized payment stablecoins. To make this explicitly clear, the OCC should reaffirm that decentralized stablecoins are outside the framework. — As @cdixon put it, stablecoins are money’s “WhatsApp moment.” More than $12 trillion in value moved through them last year, and we expect volumes will continue to increase as builders keep improving the global finance stack.

The GENIUS Act will unleash this future and demonstrates what’s possible when effective policy and technology work together.

Now let’s get the implementation right. 

Full letter: https://t.co/JDquRiQASV

Feb 27 · twitter

Never underestimate the ability of lawyers to quibble over the smallest and most insignificant minutiae.

The White House has done an incredible job offering constructive solutions and driving the discussion forward.

But lawyers are going to lawyer, so deals take time.

Miles Jennings
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Location

San Francisco, California, United States