1) As promised:
My current thoughts on crypto regulation.
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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.
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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.
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"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
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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
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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
agreed, but you see how aggro CFTC on Ooki protocol?
we can't just hand over more blanket discretionary power to them--need a carve out at least that DeFi devs/deployers aren't ipso facto 'facilities'
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respectfully, I also think the take on DeFi "front-ends" is completely wrong--these are merely specialized block explorers that provide data & generate a JSON object that the *user* can then send *themselves* to the blockchain--websites are not brokers/intermediaries
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So it is reasonable or is it a mess and controversial? Come on you’ve scaled a major financial exchange. You’ve been in and out of DC a few times. Think how can you be most valuable in this advocacy. Pls don’t capitulate b4 the advocacy for innovation has even begun.
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