1/n Regulation FUD Super Thread
**regarding recent proposals by the Financial action task force on changing the definition of virtual asset service providers to individuals, multisig key signers, owners, and operators, from "companies" and "custodians" as was defined previously.
**regarding recent proposals by the Financial action task force on changing the definition of virtual asset service providers to individuals, multisig key signers, owners, and operators, from "companies" and "custodians" as was defined previously.
2/n **Existing SEC and CFTC Precedent and Laws on Sueing non US citizen for offering products to US citizen**
Some of you may have already seen posts about what the DoJ wants to do with KYC on DeFi.
Some of you may have already seen posts about what the DoJ wants to do with KYC on DeFi.
3/n 1)They are creating the framework to extradite non US citizen for developing anon DeFi smart contract.
2)The US is also the only country that sues and prosecutes non US citizen for offering unlicensed Securities and Commodities to US citizen.
2)The US is also the only country that sues and prosecutes non US citizen for offering unlicensed Securities and Commodities to US citizen.
4/n What seems to be a Patriot act warpath of 4rth amendment violation, surely coincidentally has the effect of making it impossible for small start ups domestically and all foreign start ups to compete with legacy american institution.
5/n Only a small handful of centralized crypto exchanges can afford this type of KYC being proposed. Mostly only legacy banks can, and it is my belief that the banks want to run and operate and control Security Token Offers
6/n US regulated Commodities, all on *their* DeFi backdoored with *their* kyc feeding into a dragnet surveillance for the nsa/fbi
There is no way a non US citizen developer can truly keep a US customer from accessing their DeFi app if it isn't on a proprietary chain like BSC.
There is no way a non US citizen developer can truly keep a US customer from accessing their DeFi app if it isn't on a proprietary chain like BSC.
7/n a) No startup can afford Bank Grade KYC surveillance, especially a DeFi app. It's an economic death blow.
b) It's nearly impossible to get a crypto approved as a security, in fact none have been, and the approved commodities aren't real crypto on chain.
b) It's nearly impossible to get a crypto approved as a security, in fact none have been, and the approved commodities aren't real crypto on chain.
8/n The US will not create a framework, and is acting in extreme bad faith on this.
c) It creates a deliberate incentive to force people to use Centralized exchange to wrap proprietary chain tokens to gain access to gated DEFI (BSC)
c) It creates a deliberate incentive to force people to use Centralized exchange to wrap proprietary chain tokens to gain access to gated DEFI (BSC)
9/n d) The cost of attaining a SEC or CFTC approval is incomprehensibly expensive to the point of breaking the industry.
I personally think the EU parliament should look at this as an invasion of privacy, data, and an assault on free trade, a form of anti-trust abuses.
I personally think the EU parliament should look at this as an invasion of privacy, data, and an assault on free trade, a form of anti-trust abuses.
10/n The United States is willfully attacking foreign countries ability to compete on an open source protocol and marketplace with it's dangerous interpretation of anti-money laundering laws and unfair applications of security and commodity laws.
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