Crypto Social Media and Updates

Upcoming Bill Threatens DeFi with Misguided Regulations

TOMORROW is the markup of the crypto market structure bill 🚨 Some provisions in the bill could be BAD for DeFi 🚨 If you haven't listened to the @DEXintheCityPod interview with @SKMersinger of @BlockchainAssn, she says, "What we see in the text is a reflection of [a] lack of understanding" of how the technology works. Also, some provisions "create new requirements and responsibilities that just don't work for DeFi." @TuongvyLe12 also notes current language "disincentivizes protocols from implementing any kind of user or market safety measures" and also "conflates the idea of decentralization and permissionlessness." She also said it gets extremely technical, with the industry getting less than 24 hours to provide input.