Gensler and our relationship to financial regulation

Hello Everybody,

today Garry Gensler, chairman of the SEC, made some very clear remarks on synthetic stock trading: Bloomberg - Are you a robot?

It is clear that his remarks fit Mirror protocol, which would make it illegal if this opinion is shared US Regulators. A lot of you might think “oh, it is decentralized, they can not stop us”, but I think this would be too optimistic. The US is a very powerful nation. If they want to outlaw something, they will have success. They can’t stop the blockchain, but they will make our life a living hell and at least cost us participants from the USA (and probably Europe too)

Combined with the focus on regulating Stablecoins (which might lead to them banning everything that is not completely backed by USD) this regulatory attention could have a big effect on the whole ecosystem.

What are your opinions on this? I would be interested to hear what the community and TFL have planned concerning lobbying these Politicians and getting into contact with regulators in the US. In my opinion, we need to frontrun any regulatory action. And those might come earlier than expected.

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Thanks for bringing this up. I was on my way to also post this here. Mirror no doubt is on the top of the list as they are calling the stocks listed on crypto mirrored stocks which is directly from the mirror lexicon.

I know Do has been adamant and stating how regulatory exemption is a pro of this. However I do believe they’re going to come after mirror here and do believe we need a community plan for that.

If you look at UNI they’ve already taken from the community pool to hire a lobbyist for over 250k a year and have several board members getting payment for the new organization to lobby for beneficial cryptocurrency regulation. I’m not saying this is the route that mirror needs to go. However, we need to have clear plan of action.

I know that the general argument has been that mirror is completely decentralized and therefore exempt. However this is not the US federal government stands and since mirror is the leading synthetic stock platform they’re going to look to make an example of it no doubt by going after TFL.

@dokwon would be really great to get your thoughts on this. I know that you’ve made many statements before but wondering if you’re sentiment is changing a bit with all this added pressure?

You should stop thinking backwards.

Its coming from Uniswap FUD. Uniswap in fact didn’t censor/KYC anything, interface =/= protocol, you can host your own interface for Uniswap or use one of the exisitng ones on ipfs (look up their github).

If every part is properly decentralized, you can’t enforce any arbitrary rules. The sooner you understand it the better for you.

Properly decentralized stablecoins can’t be touched (USDT, USDC are centralized rug-pully scams - visit Defi Pulse for perspective).

If you are not tech savvy - DeFi can be censored only to the similar point Torrents/Usenet/Sport Betting are (oversimplification).

DAO only, no corporate structure, decentralized protocol, decentralized interface - this is all we need. No jurisdiction, anyone has access - nobody is forced to.

Stop thinking like a slave.