Any legislation that requires KYC for DeFi is a non starter. That’s a red line we do not cross. Until we have a path for a more reasonable bill we must fight any such legislation.

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We’ve already lost if its even possible to fathom KYC DeFi.

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It quite possible to fathom, it's just very technologically impossible to universally mandate, it mostly means the gov domestically treats SC deployer like darkmarket drug pushers. (ross) You get to live like a criminal for speech. Chainalysis will make your "gray funds" unfungible. Rather than add good legislation, they could easily add bad legislation forbidding proceeds from unlicensed platforms, I have no doubt the idea is floating around.

For the 80th time in 3 years, I will Simpsons Tap The Sign and say, *they told you what they would do in the Fatf Revision Drafts in 19, 20, 21* They are taking a very strict approach in the EU.

Our best lawyer Stephen Palley has said that we probably will not get a brand new agency or full framework for DeFi in the next 5 years because of how Law works.

In my opinion our entire strategy in the crypto industry is backwards, everyone is seeking

Licensing or Evasion of Licensing,

instead of Explicit Legal Exemption.

What we need to do is we need to focus on two concepts, a) smart contracts are legal speech no matter what under american law b) Dao are international legal structures with personhood & instrumentality, limited legal liability, that can behave like CIV (Collective Investment Vehicles).

Rather than seeking explicit licensing domestically in the EU & US which is a nightmare and will take 5 or 6 years of lawmaking,

We need to add about a page or two of updated SEC & CFTC rulemaking in a must pass bill to congress to get it codified so the SEC & CFTC have to do it.

The Bill would essentially expand the exemption requirements and opportunities with some additional demands for certain forms of disclosure and file making by the Daos.

You're going to have to learn to use the law and use loopholes and complex structures the way Wallstreet already does basically.