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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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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Replying to
The solution isn't to apply the old CeFi rules to DeFi.
The regulation should approach DeFi from first principles.
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Replying to
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.
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but if you have an alternative set of regulations/guidelines you'd like to propose -- go for it!
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I pitched a well regulated sandbox model where cash in and cash out gets reported to the relevant tax authorities by the platforms/protocols to the irs and Texas tax comptroller and all I got was a tax audit. Blerg.
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> If we revolt, as an industry, against all regulation, the result won't be good.
This is, again, a straw man argument.
One can hold two ideas simultaneously in their head: a) this industry needs regulation; and b) protocol-level censorship is NOT the way forward*.
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uh I don't know how many times I need to repeat: I do *not* want protocol level censorship! Validators should be free.
Also I understand that OFAC exists and am saying, as a factual statement, that if you enjoy sending tokens to sanctioned parties, you're gonna have a bad time
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Replying to
We’re not revoting against all regulation.
We’re revolution against bad regulation.
We very much want better regulation for crypto.
But much of what you proposed for DeFi is a non starter.
I pray to god nothing like this ends up in the DCCPA. We’d have to revolt.
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Sam, you are smart enough to know, that once it is law, then we are stuck with 95% of it for a very long time.
I'd rather you put your efforts/funds into stalling & killing bills, educating, and then proposing a smarter & better way, rather than rehashing the same old shit.
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