Conversation

1) As promised: My current thoughts on crypto regulation.

Possible Digital Asset Industry Standards

Draft of a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes

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RYAN SΞAN ADAMS - rsa.eth

@RyanSAdams

Oct 19

Replying to

@SBF_FTX

Sam. With respect. This absolutely sucks. You're saying DeFi should be OFACed. You're saying onchain freeze's should be normal. You're saying DeFi front-ends to register as a broker-dealer. No, this is not reasonable. This would eliminate the U.S. from the crypto race.

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SBF

@SBF_FTX

Replying to

@RyanSAdams

Right now devs can’t write code in the US without fear of requiring a license they couldn’t possibly get, and you can’t launch a token without fear of prosecution for not completing a registration no one could complete. If the industry argues for no regs this is what we get.

9:49 PM · Oct 19, 2022Twitter for iPhone

Replying to

and

And what exactly do you think we should do we assets that came from eg a hack? Right now everyone avoids those assets effectively freezing them. To be clear I *don’t* think validators should!

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Boycott FTX

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and

Then how did Parity do it?

Brad Nickel - DeFi.canto

Replying to

and

You aren't building anything into your regs that help DeFi or founders. Instead you are proposing painfully expensive legal requirements that will stifle innovation in the US & benefit CEX. There are any number of ways besides this regurgitated do what we already do model.

RYAN SΞAN ADAMS - rsa.eth

@RyanSAdams

Oct 19

Replying to

@SBF_FTX

The solution isn't to apply the old CeFi rules to DeFi. The regulation should approach DeFi from first principles.

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I totally agree! And I think it is, slowly, moving in that direction. The way we continue to do that is by working constructively. If we revolt, as an industry, against all regulation, the result won't be good.