1/ Watching v as I clean my house :)
Takeaways:
- The Federal Reserve and banking system - highly regulated -- is not transparent. Why should crypto be held to a higher standard, when it is already MORE transparent in many ways?
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Watched this earlier today, it seemed like a productive discourse
You can tell Erik has a stronger grasp, but showed deference to SBF in a “You gotta trust the person in the room” way
I never felt like SBF was lobbying on my behalf, but under Erik’s influence, I do feel better
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I feel like Erik would blow an actual negotiation -- though I highly respect his thoughts and position.
I don't think an absolutist, purist position is possible here. If we gambled with that, we'd all get nothing.
SBF is practical. He's balancing many, many things.
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Let's be really clear... My suggestion to Sam wasn't to take an absolutist, purist position. That's a strawman.
My suggestion was highly pragmatic and prudent: don't include defi in a bill that intends to regulate BSA-registered financial intermediaries.
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hm so I think you and I have fairly different priors on what would be interpreted in DC as 'absolutist' and 'purist'
but idk maybe you're right! I'm guessing you've spent a bunch of time talking to lawmakers and regulators from both parties and gotten positive feedback?
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Purist = free-market capitalism. No regulations of voluntary transactions between consenting adults.
Anything less than that is already a compromise.
I have no doubt a great many compromises will be in the DCCPA. Nobody should accept targeting defi as one of them.
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don't think it does target DeFi, do you? If so, where/why? (Also what does 'targeting' mean?)
I hear you on free markets! I think DC is more complex right now, but again, I'm probably just off-base here--how have your conversations with politicians gone?
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Well, not everyone has a couple billion to throw at politicians, so perhaps not as well as yours!
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Speaking with politicians isn’t an automatic “point” in whatever measuring game you’re playing. If you’re selling out to the politicians that’s worse than not having spoken with them yet.
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Good to define "targetting" = mandatory behavior imposed on individuals, corps, validators/miners, developers in relation to how they write or read to smart contracts or otherwise decentralized protocols.
Language regarding how BSA-governed entities may interact with defi = fine
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And I haven't had "conversations" with federal politicians.
They prefer subpoenas to civil discourse, and I don't appreciate being approached under duress.
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I think that if regulation is so effective at protecting people without adding unnecessary burden then it shouldn’t have difficulty competing with an unregulated space for those who don’t want or require or can’t afford or would be excluded from the regulated space.
Maybe if Eric was one of the top dem donor he wouldn't even have to negotiate
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Hi Sam. Been listening to the dialogue. Instead of grinding against each other, why don't you and eric start synergizing. He is gifted with idealism and vision, you are gifted with vision and practicality. Stop making it a fight!!!!
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Of course you have deeper experience in DC. And Eric is old school, he has deep roots in the decentralized movement. These things should not be pitted against each other!
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