1) As promised:
My current thoughts on crypto regulation.
Conversation
Replying to
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.
175
555
3,009
Replying to
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.
135
54
218
"If the industry argues for no regs this is what we get."
This is a strawman, arguing against bad reg doesn't mean arguing for no reg
1
6
363
Please tell me what set of regs you’d argue for?
for DeFi there should be a detailed notice & disclosure regime--no permissioning/gating by regulators, no you can launch only if you follow "principles", etc.
just disclose all material facts, file publicly, keep up to date, be liable for fraud if wrong
3
6
124
high level I think that sounds reasonable but also I think actually legislating that would be a mess and extremely controversial -- mostly I think it's not time yet to solidify DeFi regimes
5
3
13
Show replies
1/2
Transparency safe harbors.
The regs that push for registration do so because we believe retail can only invest when the full scope of the entity is clear.
We should push for standards that make it easy to put transparency and reporting into tokens and contracts.
2
1
38
2/2
No need to ban particular entities or actions, they just need to meet a high burden of transparency and reporting on-chain to be exempted.
Make it a filing exemption similar to a Reg D process.
1
27
1) no limitation on speech and 2) no search or seizure of personal property without probable cause.
1
The fiat on / off ramp KYC is sufficient. Nothing needs to be regulated on chain.
3
Defi without admin keys is global lives in international waters. Rules should promote safety and provide audit information. Legal entities that are based in jurisdictions should have controls in line with the goals of the relevant govt agencies.
Show additional replies, including those that may contain offensive content
Show