the trick here is that he's citing FTX and Fidelity as examples of "centralized", but he also seemingly thinks any blockexplorer/JSON object generator is "centralized" if any aspect of it is hosted by anyone anywhere
mere websites must not be regulated broker/dealers
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etherscan must not be required to be registered as a broker dealer, merely because it "faciltiates" trades by displaying data & helping generate a JSON object
same is true of more specialized block explorers that pertain to more limited data
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so if you look at the updated blog post (ftxpolicy.com/posts/possible) I actually call out etherscan explicitely as something that shouldn't count; thanks for pointing out that my prior language could have been read that way!
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but every DeFi website is just a specialized version of etherscan; I don't see how you can coherently draw the line between them
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In the end there isn't an extremely clear line, and that sucks, but it's also the truth
for some extremes:
a) etherscan.io isn't a broker
b) if Robinhood routed some of its ETH to a DEX, it'd still have to KYC its users
where exactly do you draw the line? idk
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I'm glad you admit you don't know--I think the difficulty of drawing this line is exactly why it's not a good policy approach.
Eager to discuss more.
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Happy to!
FWIW -- I don't think I necessarily think it's the perfect line to draw -- as much as anything else:
1) I think empirically it might be what regulators draw
2) I think that doing so preserves on-chain action as permissionless which is the most important thing
how does this bill "preserve" on chain action as permissionless? that line of attack is coming from Treasury anyway. does the bill constrain other parts of the executive branch from regulating L1s/validators? if not, the "client vs. server reg" framing is a false choice
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different parts of the executive branch are going to come for both of these. the only thing this bill *might* do is take the CFTC & SEC out of the validator regulation game, but they don't have authority to do that anyway, and no one is even proposing that.
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