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sure, I love it when I ask my broker-dealer to buy stock and instead he sends me a JSON object & I have to further adjust the parameters in a local application, sign with private key, run signed message through a third party's node, & hope a fourth party actually processes it...

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SBF

@SBF_FTX

Oct 20

Replying to @ErikVoorhees

I think that making the distinction between US-based front-ends vs validators/smart contracts is the compromise to make, practically: it preserves the core freedom while accepting that things that look like BDs will register as such. But one could try a different line instead!

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_gabrielShapir0

@lex_node

Oct 21

oh wait, I don't do any of that with a broker-dealer because broker-dealers are financial services intermediaries and javascript is not a financial services intermediary

SBF

@SBF_FTX

Replying to

@lex_node

there's a distinction, potentially, between the javascript code, and the person who pays GoDaddy to host a website advertising a product to US retail traders but I hear you--in the end a lot of this is arbitrary and trying to find something workable

12:45 PM · Oct 21, 2022Twitter Web App

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and

does it really matter when its all hosted on amazon

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and

Technically yes. The laws in the US that we've seen in other areas tend to target "operators."

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and

twitter.com/austerity_suck comment on this please, you aren't registered in the US as far as I know, who says they get to decide who is right or wrong, good or bad.

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Austerity Sucks

@austerity_sucks

Oct 20

North Koreans, Iranians, Russians deserve economic freedom as well Every single soul in the universe should be free to transact Crypto enables this It will always be unstoppable That is why a lot of us are here twitter.com/SBF_FTX/status…

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and

Could I suggest product liability as a distinction? If I expect to be compensated when a trade through a branded front end breaks, my expectations are distinct to yolo-ing parameters through Etherscan.

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and

Now we're talking. How about limiting the bill's focus to custodial services and DINO devcos who do all of the activities of a broker dealer (other than outsourced processing of txs to validators) inside of a traditional corp with common equity?

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makesy

@0xMakesy

Oct 21

Replying to @0xMakesy @jchervinsky and 3 others

@SBF_FTX how about sticking to custodial services and DINO devco entities (with equity) where the sum of their activities lead them to be classified as a broker? Even with the amendment, purely on chain DAOs or hobbyist devs coordinating in decentralized way get captured.

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and

I get the desire to regulate VC funded DINO devcos with conflicted dual equity/token capital structures who use blockchain tx processing as a way to do regulatory arb. As you're aware, grassroots DeFi doesn't like this arrangement either.

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and

person who pays GoDaddy to host a frontend?

"hold my beer"

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and

What if I write a front-end and make the code available for people to run it locally on their computer? Or what if I make a YouTube video showing how to create a front-end to interact with the protocols?