UK 🇬🇧 (2/3): Given the nature of UK requirements there is no practicable route for compliance with the UK financial promotions regime for sales conducted via DeFi, such as the Aztec Token sale via Uniswap's new onchain auction, which intends to promote fairness and transparency

"Our vision is simple: a decentralised financial ecosystem that empowers citizens, rewards innovation, and protects society. DeFi - pure or intermediated - has immense promise." Good to hear an #EC Commissioner acknowledge #DeFi. (but intermediation ≠ DeFi)

“If we attempt to regulate decentralized protocols as if they were centralized brokers, we will undermine the very innovation that makes them resilient and transparent.” #DeFi #SEC #CryptoRegulation

So many DeFi projects sidelining the UK because of inapt rules. Shame. Thanks Andre Omietanski for the hard work on this.

Ann Sofie Cloots UK crypto regulation:

New: OCC (Interp. Letter 1188) lets National Banks engage in "riskless principal" transactions: bank acts as principal in a crypto transaction w/ one customer & simultaneously enters into an offsetting transaction w/ another as a noncustodial intermediary occ.gov/topics/charter…

The only thing worse than checked-out token holders is token holders who are activist and think they understand how to run a business. It's infuriating the amount of value that is destroyed right now by investors pushing startups to do buybacks, pushing for unproven

First a16z crypto tried London. Didn't last long. UK's loss. Now Seoul. South Korea's win. London-Seoul 0-1.

Put this way... lots of room for change.

Actual rethinking of financial markets: that's what the SEC's innovation exemption should make room for. Onchain finance on open networks.

DTC's tokenization letter is all over CT. Key change? Its members can make transfers between whitelisted other members *outside of DTC office hours*. Hurray. DeFi gets rid of office hours altogether. 24/7.Why go for second best solution?

Going mainstream.

✅"The answer is not to force intermediation when achieving the goals of the registration regime is possible without it." Yes. Let's not forget what the rules are for. Not to protect the status quo. But to allow us to do better.

"Tokenization is built on definitions that everybody disagrees on." RWA.xyz cuts it down to the essence: can you transfer your tokenised assets outside of the platform? That's the key question (although I'd add that transferability to whitelisted wallets alone isn't enough).