10-30-2022, 11:17 AM
Vitalik give his opinion on crypto regulation and is against KYC on defi, saying it
<!-- SC_OFF --><div class="md"><p>For those who are active on crypto twitter, lately there have been many debates and discussions regarding crypto regulations on defi. Sam BANKman fried believes that defi needs to have KYC on its frontend to stop bad actors taking advantage of crypto. </p> <p>Here is Vitalik's take on crypto regulation:</p> <blockquote> <p>The "KYC on defi frontends" idea does not seem very pointful to me: it would annoy users but do nothing against hackers. Hackers write custom code to interact with contracts already. Exchanges are clearly a much more sensible place to do the KYC, and that's happening already. </p> </blockquote> <p>Here are some of his suggestions on how defi possibly could be regulated</p> <blockquote> <p>Regs on defi frontends that *could* be more helpful may include: (i) limits on leverage (ii) requiring transparency about what audits, FV or other security checks were done on contract code (iii) usage gated by knowledge-based tests instead of plutocratic net-worth minimum rules </p> </blockquote> <p>Vitalik also says</p> <blockquote> <p>Another maybe-controversial take of mine is that I don't think we should be enthusiastically pursuing large institutional capital at full speed. I'm actually kinda happy a lot of the ETFs are getting delayed. The ecosystem needs time to mature before we get even more attention. </p> </blockquote> <p>I disagree with vitalik on this, ETFs should not be delayed and I believe that the crypto ecosystem is already on its path to maturity. SEC needs to be fair and approve ETFs.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Far-Scholar9028"> /u/Far-Scholar9028 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yh3pyi/vitalik_give_his_opinion_on_crypto_regulation_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yh3pyi/vitalik_give_his_opinion_on_crypto_regulation_and/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>For those who are active on crypto twitter, lately there have been many debates and discussions regarding crypto regulations on defi. Sam BANKman fried believes that defi needs to have KYC on its frontend to stop bad actors taking advantage of crypto. </p> <p>Here is Vitalik's take on crypto regulation:</p> <blockquote> <p>The "KYC on defi frontends" idea does not seem very pointful to me: it would annoy users but do nothing against hackers. Hackers write custom code to interact with contracts already. Exchanges are clearly a much more sensible place to do the KYC, and that's happening already. </p> </blockquote> <p>Here are some of his suggestions on how defi possibly could be regulated</p> <blockquote> <p>Regs on defi frontends that *could* be more helpful may include: (i) limits on leverage (ii) requiring transparency about what audits, FV or other security checks were done on contract code (iii) usage gated by knowledge-based tests instead of plutocratic net-worth minimum rules </p> </blockquote> <p>Vitalik also says</p> <blockquote> <p>Another maybe-controversial take of mine is that I don't think we should be enthusiastically pursuing large institutional capital at full speed. I'm actually kinda happy a lot of the ETFs are getting delayed. The ecosystem needs time to mature before we get even more attention. </p> </blockquote> <p>I disagree with vitalik on this, ETFs should not be delayed and I believe that the crypto ecosystem is already on its path to maturity. SEC needs to be fair and approve ETFs.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Far-Scholar9028"> /u/Far-Scholar9028 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yh3pyi/vitalik_give_his_opinion_on_crypto_regulation_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yh3pyi/vitalik_give_his_opinion_on_crypto_regulation_and/">[comments]</a></span>