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.
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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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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!
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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No response. Should’ve just poasted on main. Ha. Sad ha.