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Stakeholder Proposals / Re: Compliance Work
« on: October 19, 2017, 02:38:15 am »
Pretty sure you know my position based on the lengthy Telegram discussion but here is my thoughts on this for the community who did not read through the hundreds of comments. A rigorous debate is essential for Bitshares to grow and improve.
1. This is a bad idea. No regulator cares about anything that a foundation for a blockchain (in their eyes some magical internet money people) has to say. A regulators' job is not to investigate the technicalities of a blockchain, thats irrelevant to their decisionmaking. What is relevant are businesses in their jurisdiction who would come under their regulatory oversight. Regulators engage with actual business on/off ramps into crypto, not the blockchains themselves which therefore means this worker is a non-starter to begin. Regulators regulate businesses.
2. This is a BTS shareholder subsidy for businesses. It is not the job of BTS shareholders to subsidise the costs of some business who elect to operate in a regulated exchange in their jurisdiction. Why not subside gateways in Russia? Thailand? Colombia? Each jurisdiction has different regulation and the only person that can speak to them about opening a regulated entity is the entity itself. The onus is on the business/gateway to seek regulatory permission, not the blockchain holders themselves.
3. This has no real objectives. If a random company called Bittrex USA decides to delist Bitshares thats a decision for them, why again must BTS holders subsidise decisions of a company? Its irrelevant if the reasoning is because of regulatory uncertainty, maybe Bittrex shouldnt be in USA, its not my problem or anyone elses they find it hard to do business there. The objectives around 'responding to regulators' is also fairly vague, I can tell you that regulators in asia are not even going to return the emails of a blockchain foundation nor care about what they have to say because it's irrelevant to their decisionmaking. Telling them Bitshares is not a security because of X and Y is also not useful, its the gateway that is regulated not the blockchain, so even if they agree with you it wont impact any decisions. A gateway accepts fiat? Ok they're regulated and need license X, whatever blockchains they're using doesnt matter.
4. People would really get behind a worker for marketing if someone is willing to step up and do that 'on behalf of bitshares' but a regulatory representation is an entirely different thing, especially from a few people who are unknown to the community.
1. This is a bad idea. No regulator cares about anything that a foundation for a blockchain (in their eyes some magical internet money people) has to say. A regulators' job is not to investigate the technicalities of a blockchain, thats irrelevant to their decisionmaking. What is relevant are businesses in their jurisdiction who would come under their regulatory oversight. Regulators engage with actual business on/off ramps into crypto, not the blockchains themselves which therefore means this worker is a non-starter to begin. Regulators regulate businesses.
2. This is a BTS shareholder subsidy for businesses. It is not the job of BTS shareholders to subsidise the costs of some business who elect to operate in a regulated exchange in their jurisdiction. Why not subside gateways in Russia? Thailand? Colombia? Each jurisdiction has different regulation and the only person that can speak to them about opening a regulated entity is the entity itself. The onus is on the business/gateway to seek regulatory permission, not the blockchain holders themselves.
3. This has no real objectives. If a random company called Bittrex USA decides to delist Bitshares thats a decision for them, why again must BTS holders subsidise decisions of a company? Its irrelevant if the reasoning is because of regulatory uncertainty, maybe Bittrex shouldnt be in USA, its not my problem or anyone elses they find it hard to do business there. The objectives around 'responding to regulators' is also fairly vague, I can tell you that regulators in asia are not even going to return the emails of a blockchain foundation nor care about what they have to say because it's irrelevant to their decisionmaking. Telling them Bitshares is not a security because of X and Y is also not useful, its the gateway that is regulated not the blockchain, so even if they agree with you it wont impact any decisions. A gateway accepts fiat? Ok they're regulated and need license X, whatever blockchains they're using doesnt matter.
4. People would really get behind a worker for marketing if someone is willing to step up and do that 'on behalf of bitshares' but a regulatory representation is an entirely different thing, especially from a few people who are unknown to the community.