Conversation

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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And I haven't had "conversations" with federal politicians. They prefer subpoenas to civil discourse, and I don't appreciate being approached under duress.