Regulatory

As an initial matter, we generally agree with ACPRs “disintermediation” framing of the programmable blockchain space and welcome the opportunity to discuss further with them about the innovation in the programmable blockchain ecosystem.

In this letter to the UK's HM Treasury, we comment on important questions such as whether validation activities should be regulated, what are the challenges of regulating DeFi, and whether industry best practices should be formalised into regulation.

Just as the web today is a product of the contributions from many people working on a broad computer programming spectrum, so too is Ethereum a product of the disparate work of thousands of people working on different ideas.

FSB’s proposed global standards for crypto activities need to be adapted to make them suitable for DeFi.

In this response to the UK tax authority's Call to Evidence, we argue that we need to create clear tax rules for staking and other DeFi activities, rather than extending the current rules for securities lending to DeFi activities.