There’s been a lot of talk about how regulation is pushing for a BTC-centered market, which someone I think said will bring BTC’s price up to $250K (don't remember the guy's name). But I think that’s a very narrow-minded way of viewing the situation. Crypto as a whole is developing all over the world, as the main markets seem to be Southeast Asia, South Korea, the middle east, and Africa. These places are embracing not only BTC, but altcoins and are developing their own crypto infrastructure. Considering these factors, do you think the market will be focused exclusively on BTC or do you think this will only be a thing in the US? Also can't crypto users circumvent these bans anyway with vpns and relatives abroad?

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Posted by2 hours ago

Discussion

Do you consider altcoins securities or currencies?

If the SEC succeeds with their argument, cryptocurrency linked to projects will be classified as securities. To me, this sounds pretty dumb, since these currencies are the payment currency for using the project’s utility, which is why in my opinion, they’re currencies and not securities. But, I’m curious to see where the community stands at this point. Do you think they should be treated as securities or are you a firm believer that crypto is currency?

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Posted by7 hours ago

Discussion

Why the SEC's Recent DeFi Regulation Attempt Misses the Mark

The U.S. Securities and Exchange Commission (SEC) recently reopened the comment period for a set of proposed rules aiming to redefine blockchain protocols as regulated securities exchanges, marking their second attempt at regulating decentralized finance (DeFi) since early 2022. However, this attempt is full of fatal flaws that have only worsened in the latest version.

Key Problems

Fundamental Misunderstanding of Blockchain Technology: The central problem with the SEC's proposal lies in trying to treat blockchain protocols as regulated exchanges. This does not align with the Exchange Act of 1934, existing exchange regulations, or an accurate understanding of how blockchain technology works.
Vagueness and Lack of Clarity: Most of the criticism on the initial version of the proposal was centered around its vagueness. Unfortunately, the 2023 draft cures almost none of these long-standing problems.
Unclear Thresholds and Standards: The proposal does not clearly define the threshold of "significant" token ownership or when a service provider starts exercising enough control to become responsible. It lacks clear guidelines and raises more questions than it answers.
Extraterritoriality: A significant percentage of individuals and entities participating in blockchain protocols are based outside the United States. As U.S. securities laws generally do not apply extraterritorially, this creates an immense amount of uncertainty.

Potential Impact

Suppressing Innovation: The proposal could stifle innovation in the blockchain space. By suggesting that software developers may be liable for their code, it could disincentivize the development of free, open-source software.
Regulatory Burdens: The proposal does not recognize the immense regulatory burdens it would place on ordinary individuals participating in the blockchain ecosystem, such as validators, DAO members, and liquidity providers.

It's clear that new U.S. legislation, like the recently published market structure bill, is sorely needed. This attempt at rulemaking provides compelling evidence that the SEC's current approach, based on a fundamental misunderstanding of blockchain technology and DeFi, is flawed and inadequate.

What are your thoughts on the SEC's latest proposal? Share below.👇

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Posted by9 hours ago

TradFi

Where can I trade stocks and indices on a DeFi platform?

Where can I trade stocks and indices on a DeFi platform?
Gains Network just delisted their stocks-pegged crypto.
Looking to trade Tesla on leverage.

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Posted by1 hour ago

Help

Novice questions about GMX

I've traded crypto on centralized exchanges, but not on dex'es. I'm learning about dex'es, and GMX in particular. To start out, I'm just interested in leverage trading BTC.

I have a few questions:

Arbitrum or avalanche? In practical terms for me as a trader, which one is better?

Which currency should I use as collateral? It says something about converting your collateral to USD, so are stable coins better? Does it make any difference which stable coin I use? Do you have a preference?

As far as available liquidity, which setup (chain / collateral) usually has the best liquidity?

Any other tips or tricks?

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