Got many questions lately about DEXes and regulations. I believe that if there is an entity that is earning trading fees then you have to follow same rules of CEXes. No way around.
P2P exchanges are the cyberpunk alternative in my opinion. P2P as in #LightningNetwork P2P 
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let's assume a system like uniswap had a fee and the fee was used to buy back and burn a specific token. Would you consider this a "fully P2P exchange"?
on a 
there is still an entity or specific community earning from the exchange activity.
There is tech available to build fully P2P exchanges. UX is of course important there
A good question is: an Ethereum DEX uses a smart contract for each token. It means that one/more person deployed it. How this argument can be used by regulators? Don't know the answer. To me P2P is different: one node deployed by one person under his independent responsibility
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As long as the dependency layer is secured (decentralized).. not worried about the service layer. . Having dependency layers on top of dependency layers, even if you call those layer decentralized, the overall system is no longer p2p and definitely a lot less secure/decentralized
Thanks. Twitter will use this to make your timeline better. UndoUndo
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