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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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?
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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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