Leviathan News

In this episode of Leviathan News, Samuel McCulloch and DeFi Advisor discuss the FIT21 bill and its potential implications on the decentralized finance (DeFi) sector in the U.S. with Lawyer Alex Golubitsky, labeling it a 'psy op' that could effectively end DeFi. The discussion prominently features critiques of Gary Gensler, past CFTC regulatory actions, and detailed analysis of the FIT21 bill's provisions. Alex elaborates on the history of regulatory approaches, potential pitfalls of the FIT21 bill, and its paradoxes.

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References:
Sarah's Token Launch Flow: https://miro.com/app/board/uXjVKDbf5kQ=/
Dissenting Statement of Commissioner Summer K. Mersinger Regarding Enforcement Actions Against: 1) Opyn, Inc.; 2) Deridex, Inc.; and 3) ZeroEx, Inc.: https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement090723
Cryptocurrency Derivatives, Funds and Advisers: Key Considerations Under U.S. Commodity Laws (Part 4: About the Interests of Interest): https://www.derivativesandreporeport.com/2018/10/cryptocurrency-derivatives-funds-and-advisers-key-considerations-under-u-s-commodity-laws-part-4-about-the-interests-of-interest/
Ooki Dao Report: https://www.fintechanddigitalassets.com/2023/07/whats-next-for-daos-in-the-wake-of-the-ooki-decision/

00:00 The FIT21 Bill: A New Regime for Crypto
00:58 Historical Context: Forex Trading and CFTC
05:07 The Threat to DeFi: Lessons from the Past
05:46 Interview with Alex Golubitsky: Legal Insights
09:35 Understanding Decentralization in FIT21
18:13 Digital Commodities and Regulatory Challenges
24:36 CFTC's Role and Potential Overreach
30:45 Regulatory Challenges for Digital Commodities
31:48 Understanding Eligible Contract Participants (ECPs)
33:51 Mandatory Intermediation in DeFi
35:50 Implications of Fractured Liquidity
40:15 The UKIDAO Case Study
44:00 The Future of DeFi Regulation
48:21 Closing Thoughts on FIT21
51:08 Ethereum ETF and Staked ETH Discussion
53:22 Upcoming Events and Wrap-Up