People have speculated on how the Eu and US would ban DeFi or force KYC on it. Well they can do so much more than you think they can. Practically all I do these days is follow legal developments with DeFi. Last month, a very good post on r/cryptocurrency was put up about the Fatf and it got 3k likes. That was the first time I saw the major reddit community acknoweledge how serious this is, after I tried to speak about it for 2 years.
They absolutely intend to force KYC on defi globally, and can. That is the intention of the infrastructure bill, the intention of Gensler's statements. It is consistent with Mnuchin. It is fully outlined in the Fatf report. They left it vague because ultimately there are people in the US and EU goverment who fully believe that they can enforce KYC on miners, validators, nodes, and DeFi apps.
They want total mass surveillance. This is obviously for greater nefarious political goals. The desire for this level of surveillance is coming from a larger political trend by western oligarchs to remake the west as a totalitarian system of persistent surveillance in a manner of social credit and negative interest rate central bank digital currency based tracking. They do not want their farm animals off the grid or out of the gate. If you can't see this after 18 months of pandemic politics than I truly cannot help you.
This is about more than finance. This is about code, speech, and finance, and media and press on an unconfiscatible, uncensorable, undeplatformable, fully disintermediated backbone full tech stack on the internet, otherwise known as web 3.0 We are headed towards full bore totalitarianism because of the level of oligarchic control in the west that multinational corporations and federal agencies have now with artificial intelligence through the likes of Palintir, Insulir, Google, and various defense contract systems. Things Witney Webb talks about by the way.
Not only is this not conspiratorial, it is very dour and urgently dangerous to liberal western democracy. We must get off corporate press and social media, and onto uncensorable web 3.0. This is becoming a 1984 playbook very rapidly.
Our lives and freedom are dependent on web 3 developer and defi developer who can make this tech stack backbone to the internet.
Gensler and the EU want a trust based system of public policy. We know what that means, and we know why we build trustless systems. But this is an ideological battle for public narrative. They have the nuclear option, they can and will come for miners and developers, there are plenty who want to do so, and moreover they can and will try to destroy the price of an non compliant coin. The only coins that will be left alone are ethereum and bitcoin for the most part because they are easy to regulate. Defi is not easy to control, it really threatens their system, and they will absolutely crush the price. It's hardly worth it at this rate to be a doxxed defi team. That alone isn't good for human development. So we need to get the public narrative on our side.
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source https://www.reddit.com/r/btc/comments/oxzeij/we_cant_let_defi_lose/
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