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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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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huh
so, uh, how do you think they would respond to your arguments, and what's your evidence for that?
I'd love you to fight the good fight! And I'd love you to be as impactful as possible--which I would guess means message testing on the relevant audience in DC and adapting.
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Bro. You are the politician. Eric is clearly not. Take the ideas and run with them, You would have CT at your back.
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You need to watch that podcast or any interview with Sam. He's unable to put together a coherent message. What he does have is money and that can be a powerful tool to get politicians to act, but I think Sam overstepped on that and is only now realizing just how anti-crypto he is
Is there a way for both of you to work together in DC? Same team? I think there’s a way..
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Replying to @BowTiedNightOwl @ErikVoorhees and 2 others
idk if people would want me to, or if @ErikVoorhees would want to--I assume he thinks I'm net negative
And FWIW I would be very concerned about strategies that might backlash and don't wan to be the one to shoot the industry in the foot
but doesn't matter--it's his call
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What if DC ruins the US' global competitiveness in crypto industries?
I think that is a possibility of substantial likelihood?
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"They thought blockchain would free them, we're using blockchain to put them back in chains." While nerds that got rich selling sold fake decentralization ponzi coins like comply
