15 sats \ 4 replies \ @KingZing 12 Jul 2022 \ parent \ on: If You Aren't Trying to be Money, Why Do You Need a Coin? bitcoin
there's no incentives now, but more and more money and talents are flowing into the industry. they will have to deal with it eventually in ways that it won't wipe out the entire sector.
I appreciate your stance on this, but I just completely disagree with you. I don't think DeFi will ever get so big that they wont regulate under the standard securities laws. That completely defies logic and assumes that DeFi will grow to be larger than TradFi all ahead of them actually regulating it.
I'm sorry to get heated about it, but I just think your take on this is dangerous for anyone reading these posts. 100% based on hopium about something that has very little traction in the real world.
reply
I don't think there's any hopium here? majority of the financial hubs like SG/UK/HK are working on regulations for digital assets. Why would the US would be any different?
reply
Because Gary Gensler (Chair of the SEC) has stated over and over that almost all coins besides BTC (and ETH, which is bullshit) are unregistered securities. There is no indication of any type that suggests special laws being created around crypto DeFi. None. Zero.
reply
But that's why I said, eventually they have to.
The SEC, like central bankers, do not really call the shot. The market does.
It can sit and wait for a couple more years and see if defi dies on its own, but chances are it most likely wouldn't.
A lot of high executives are leaving tradfi to join crypto even during this bear market. This pushes more pressure on them to do something, especially if other financial hubs already have their regulation all set up.
reply