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 โYou gotta trust the person in the roomโ way
I never felt like SBF was lobbying on my behalf, but under Erikโs 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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So we are just supposed to trust Sam bc he is the one with โrelationshipsโ in Capitol Hill? Isnโt that how we got to a pretty deplorable state of politics today? By trusting those who were supposed to โknow betterโ?
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uh I'm saying the opposite--that you *don't* need to trust me because I'm taking a step back
just hoping whoever comes in is able to find a way to effectively reach and talk with the relevant stakeholders in DC
Thanks ๐ค you had me confused for a few tweets there (it seemed like you were implying something else)
On โwhoever comes inโ, does that have to be a single person / entity? Could it not be a consortium of relevant industry leaders engaging with DC? Including you/FTX, naturally
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so I'll be 100% honest--I am very worried that many approaches here would be counterproductive and shooting DeFi in the foot
and I'm not comfortable pushing for those
but it's 100% other people's right to!
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why not just take the higher ground and say - you know what - this guy Erik is right - I have changed my position and I want to throw my resources behind Erik(if willing) because he would be a great, better, voice for us. This is how you win the people. Not what your doing.
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why do you have to go dark on your position to say - oh well goodluck to the next guy to figure it out! - it all still net benefits you, benefits the community, your reputation, and everything we all hope you still stand for. Team up. Know your strengths.
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Yes a lot of people can do at least as good as you. Relax and please step back. You are not my rep to talk to my gov omb. Crypto doesn't need babysitting either.