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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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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The solution isn't to apply the old CeFi rules to DeFi.
The regulation should approach DeFi from first principles.
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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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> 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
