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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and

OFAC doesn't get to regulate email, it shouldn't get to regulate DEXs.

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miles jennings

@milesjennings

Oct 20

Applying OFAC sanctions to protocols is both impractical and unnecessary. If the U.S. demands a right to censor users of web3, other countries will do the same. So, instead of an open and free internet, we'll end up with one encumbered by geopolitics. a16zcrypto.com/web3-regulatio

Replying to

and

OFAC isn't regulating DEXes and wouldn't under my proposed standards *but* it is in fact true right now that OFAC makes it illegal for people to ignore sanctions lists in crypto

12:05 AM · Oct 20, 2022Twitter Web App

Replying to

and

Agree that those who host apps/frontends in the U.S. should have to monitor/use IP blocks for sanctions compliance. That's a baseline that the vast majority of U.S. companies already comply with. But applying regulations lower in the tech stack is unworkable.