DeFi & Law: What Regulation Should and Shouldn’t
summary
Argues regulation should follow functional control not labels, showing specific failure modes: upgradable contracts with admin keys, centralized front ends that let teams delist assets, multisigs treated as custodians and DAOs with 60% voting power concentrated facing fiduciary risk. Claims truly permissionless protocols—immutable, censorship‑resistant code that outlives creators—should be protected, while regulated oversight targets blockchain services that retain centralized control; opposes bank‑style licensing and blanket KYC for fully decentralized systems.
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