Will the currently proposed regulatory action on the DeFi space affect all sectors of the DeFi industry. More specifically, will the arena of decentralised prediction markets be affected?
Amadao responded to that proposal here:
Personally, I have a similar view:
- This is just a proposal, even if it gets acted on this is probably a year or more away
- If a ban actually managed to pass they risk it getting over-ruled by the supreme court (like in India with the Bitcoin ban)
- Any ban would be within a certain jurisdiction, DeFi is global, enforcing a ban would be a legal nightmare. Especially for highly decentralized open source protocols. This is what makes a DAO so powerful.
- Developers can innovate faster than governments can pass legislation. There are billions of dollars at stake. I highly doubt a ban would stop DeFi, just slow it down for a while.
DeFi and crypto in general needs to keep at least a sizeable sector completely out of reach of any regulation.
The simple reason is that governments will eventually regulate and tax absolutely anything, even though it migh take a while until they get around to it.
I’m not saying everyone should be anarchists and black hat gangsters, BUT if there is not a sizeable percentage of the total marketcap that is liberated money then ALL will be gobbled up and destroyed by banksters in cahoots with government.
Will take a while before I get around to really check local regulations here in Thailand, but seems very promising from what I’ve read so far - and also goverment here does not follow all fiat accounts as is the case in Europe…
Government here simply does not have complete control, and will never have, adding DeFi to that mix… Will be interesting to follow!