The US should not have this power over other country. It should not be able to terroristically intimidate `197 other countries into mandating global KYC on their smart contracts to prevent US citizens from having margin and leverage and options trading. That is an insane position.

.The position of the CFTC and DoJ. They are proving they can do this by sueing unincorporated dao, and extending jurisdiction of commodity definition. So now (new Dccpa act in House ag committee) any eth and btc trading as spot on any smart contract without KYC, is still a commodity, and they can apply that to the extradition of the non US citizen developer who wrote the code. They arent' going to stop because you weasel out of security designation and deprive people of leverage, they will rearrange the goal post until they can extend their extra jurisdictional reach onto you, just like they did the Tornado developer in Netherlands.