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SBF
@SBF_FTX
Replying to
@SBF_FTX
6) On the DCCPA: a bunch of the comments the DeFi community is making are extremely important. Here’s where it stands:
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SBF
@SBF_FTX
7) The core goal of the bill is to regulate *centralized* crypto venues. The main *DeFi* touchpoint is: *how can a regulated centralized entity interface with DeFi?*
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SBF
@SBF_FTX
8) In particular, it is *not* making claims about what DeFi devs, smart contracts, and validators must do. It’s looking to eventually establish guidelines about how e.g. FTX’s platform--or Fidelity's--could interface with DeFi contracts.
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SBF
@SBF_FTX
9) This gets right what the infrastructure bill a while ago got wrong: that devs and validators aren’t platforms, and shouldn’t be regulated as such. Which is a huge step forward! But again we’ll have to see the final language; I’d only support a version that gets this right.
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SBF
@SBF_FTX
10) The most surprising thing is how constructive and receptive the lawmakers are to everyone's feedback--including the DeFi community; it’s one of the reasons I’m optimistic about the bill. Granted, we’ll have to see the final language.
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SBF
@SBF_FTX
11) One thing that may ultimately be required centralized entities like FTX: there are likely to be disclosure/etc. requirements, and potentially “customer suitability tests” of some sort. It’s really important that this is done in an equitable way.
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SBF
@SBF_FTX
12) Historically, these have been a toxic combination of wealth tests and variants on ‘do you have a fax machine’ that are highly exclusionary towards the poor, minorities, and rural investors. It’s bad to gate building wealth on having wealth.
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SBF
@SBF_FTX
13) Instead, they should drive at the core question: Does the customer fully understand the product and its risks? Are they making an informed decision? If you’re going to gate products on regulated exchanges, do it on understanding, not wealth.
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SBF
@SBF_FTX
15) (Also I thought the section on hacking was interesting and going to be one of the more controversial ones. Boy was I wrong about that. But either way I think the 5-5 standard would help give people a lot more confidence and comfort! And save people a lot of money.)
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SBF
@SBF_FTX
Replying to
@SBF_FTX
17) Anyway: I totally understand that lots of people will disagree with me on various points. That’s great—it means I have people to learn from. And I really do think that regulation is going to get better, clearer, and create pathways for crypto to come back onshore.
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SBF
@SBF_FTX
18)While I don’t myself wear glasses, I’m excited to join our bespectacled brethren. It’s a huge honor to see the passion and intensity with which Bitboy regards me. Maybe someday I’ll feel as strongly about something as he does about me.
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Sotashi Nokomata
@SotashiNokomata
Replying to
@SBF_FTX
Would you have the courage and altruism to go a bit further than “sympathy” for all the innocents and denounce broad OFAC sanctions as unjust, ineffective if not counter-productive? You might be one of the voices that can help finally move this in the right direction.
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@hawtbabbles
Replying to
@SBF_FTX
If we see the current censoring spreading to other chains I’m going back to fiat. Although, this must be the funniest post ever, and still you invest and promote permissioned “decentralised” blockchains. Hence your post have 0 credibility.
Davey
@DaveyWithCV
Replying to
@SBF_FTX
C) exactly what does "sympathy for innocent people" mean while supporting colonial policies that blocks and financial bans against millions of people in defense of our privileges directly at their expense?
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