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3) First, it means that we have blocklists and not allowlists for illicit financial activity. We need fast, reliable lists of addresses associated with illicit finance. But peer to peer transfers should generally be free as long as they're not going to sanctioned actors.

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4) This can simultaneously enforce sanctions compliance effectively while also making sure that you don't need a passport and social security number to buy a bagel from 7-11.

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5) Second, we need something to reduce the impact of security breaches and hacks in crypto. One way we could do that is with a community standard that required attackers to return the vast majority of assets and prioritize customer protection, in return for settling the dispute.

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6) Third, we should work towards public disclosures and transparency for assets. For non-securities, we have a framework we've rolled out for FTX US Derivatives: ftxus-legal.webflow.io/digital-assets.

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7) Fourth, we should develop a regulatory structure that allows the settlement benefits of blockchains to protect the profits made by retail investors in equities:

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17) Ok, so how about market structure? On January 28th 2021, most major retail brokers shut down. Users were unable to buy; sometimes they were unable to sell, too. And on some platforms users got liquidated. The weird thing is that there was basically no leverage!

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8) Fifth, we should develop standards to help inform and protect customers. At its core, I think this means: a) disclosures b) safer clearing models c) suitability based on knowledge, not wealth ftx.us/derivs/

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9) Sixth, DeFi. This is, frankly, one of the trickiest areas to get right. The most important thing is that we not jump the gun: that industry, regulators, and lawmakers work collaboratively and thoughtfully together.

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10) But we should make sure that code, peer to peer transfers, validators, etc. are free while also ensuring that retail-facing platforms and marketing build in customer protection.

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11) Finally, stablecoins. They make payments better: twitter.com/SBF_FTX/status. We need regulatory oversight and up to date public information and audits to confirm that dollar backed stablecoins are, in fact, backed by the dollar. ftxpolicy.com/posts/context-

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3) Let's start with payments, both domestic and international.

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How do USDT, BUSD, USDC, & DAI fare in this regard as of now according to you?

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USDT/BUSD/USDC could all get within the framework without substantial changes DAI needs a different framework, and should neither be licensed nor banned by this one

10:46 PM · Oct 19, 2022Twitter Web App

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what are the benefits of being licensed under such framework and what are disadvantages of not being licensed

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@yellowdoodle1x

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be a larger regulated player yourself get everyone else censored

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I think every trader should wear goverment issued electric collar that protects you by mild shock if you commence not SBF sanctioned trade tbh.. it is for your own good after all

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