Conversation

1) As promised: My current thoughts on crypto regulation.

Possible Digital Asset Industry Standards

Draft of a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes

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RYAN SΞAN ADAMS - rsa.eth

@RyanSAdams

Oct 19

Replying to

@SBF_FTX

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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RYAN SΞAN ADAMS - rsa.eth

@RyanSAdams

Oct 19

Replying to

@SBF_FTX

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.

RYAN SΞAN ADAMS - rsa.eth

@RyanSAdams

Oct 19

Replying to

@SBF_FTX

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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leaked a copy of the DCCPA. Are there things actually in it you object to?

11:28 PM · Oct 19, 2022Twitter Web App

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Honest question, does it matter? You're just gaslighting and will continue to push your self-interests behind closed doors anyways

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yeah it fuckin matters some in the industry are busy doing actual work bringing up reasonable objections and proposals for it, and those have had actual impact others are fuckin around on crypto twitter

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“Authorizes the CFTC to impose user fees on digital commodity platforms to fully fund its oversight of the digital commodity market.”

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those are fees that *I* would be paying. Would you prefer someone else pays them?

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do you think you could steelman this as an exercise to help people understand both sides? Not trolling, genuinely tying to get a better understanding of the situation.