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
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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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there do, I think, exist carveouts for devs and validators in the bill draft you posted?
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yes, I would hope that makes it into any final bill and I do think that language is helpful to smooth out the edges
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100% agree
And I really do mean this:
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14) But my support for any particular bill, framework, etc. is absolutely contingent on those points--contingent on them actually protecting customers, and them actually protecting economic freedom.
Anyway, here's the blog post link once again: ftxpolicy.com/posts/possible.
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