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1/ Watching

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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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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got it -- out of curiosity which lies in the DCCPA seem potentially dangerous to you? (remember that devs and validators are excluded!) could be useful to share here for whoever is going to take up the mantle in DC.

3:17 AM · Oct 30, 2022Twitter Web App

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