Sat Evn Rvw of BW 1 - Crypto and its brethren DeFi is on the run, and taking fire - it's happened before. Is something different now? A good bet is that things will settle, the players will change places, and then carry on. https://t.co/AtscKDvPUB #DeFi #BusinessWeek
— Jack Vaughan (@JackIVaughan) May 22, 2022
Read the above which is part of a series of 7 or so tweets. Or read the below...copies of tweet text.
Crypto and its brethren DeFi is on the run, and taking fire, but this has happened before. Is something really different now? A good bet is that things will settle, the players will change places, and then carry on.
It seems, just as Uber and AirBnB found a way to set up shop and unseat regulation, crypto found it too. A little mystical chatter about blockchain or scaling helped fog the screen. With government so unfavored as it is today, the coast is clear.
Dan Berkovitz, a former commissioner at the Commodities Futures Trading Commission and now general counsel at the SEC, has called DeFi a “Hobbesian marketplace” with products that violate statutes on commodities trading. The techno twits say if I can do it it is good. Whadya gonna do about it Dan?
Says Ryan Clements, a law professor at the University of Calgary, Governments can’t “block” decentralized platforms the way they can websites, since they operate on globally distributed blockchains.
“I think it should be decentralized in terms of governance and the management of projects,” he says. “But you need a central authority to enforce basic rules.”
Dillon Kellar, a co-founder of Indexed, likes a free-wheeling DeFi environment, unless something goes wrong. “I think it should be decentralized in terms of governance and the management of projects,” he says. “But you need a central authority to enforce basic rules.”
Without a working or unsullied legislative branches at state or federal level there no stopping a grifting VC that armed a low-coding Stanford drop out.
Technical advances launched onto the Internet cleared a path to get around local ordinances. Oh and lobbyist efforts too. Add some libertarian 'who needs regulation' equivocation, and Katie bar the door. https://bloom.bg/3lvjHjp
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