Future Of DeFi Increasingly Set To Be Total Corporate Capture in The US [and this means Global KYC on DeFi, mostly 95%]

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_gabrielShapir0@lex_node on Twitter [ I STRONGLY STRONGLY suggest following him ]

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I think probably what's going to happen is that major CEXs and wallets will become the gatekeepers for DeFi, through their "interface apps". They will offer projects integration with their "registered interface" in exchange for large token stake & revenue share. IMO this is a big part of why a16z and other are pushing for "interface regulation" and unwilling to condemn bad bills like Boozman/Stabenow's. It's a massive profit opportunity for incumbents with enough $ and influence to secure CFTC 'interface registration'.

what’s the incentive for other participants to give them large token stakes and revenue sharing??

otherwise they won't be able to have a widely accessible front end (because having such a front end will be heavily regulated) and it will be tough to attract a large user base

what’s the path to frontend regulation that doesn’t restrict mere publication of software?

that's been my question all along; crickets… seems many people in crypto are willing to sacrifice some software freedoms for others, especially if it offers them a profit opportunity ofc, 1A fights etc. can be tried, but it's not as clean as you might think…

i agree that many people are willing to sacrifice freedom of others for profit, but it seems like that dynamic might shift if the profit in question is captured by gatekeepers instead. “sacrifice freedom to pay rents” is a lot less appealing than “sacrifice freedom to profit”

We just need to publicly drag this, reptuationally extort it seriously lol. It's beyond the pale. It's an affront to what the internet is suppose to be, they get to redefine language in an outright Orwellian manner. The US is really going full tyrant on this.

I fully agree and have been beating this drum hard. The most insidious thing is that many people with a lot of skin in the game in DeFi etc.–the very ones who you'd think would oppose all this–are in favor of it.